Murphy USA(MUSA) completed its first day of trading yesterday following its spinoff from Murphy Oil(MUR). The business, which is primarily Murphy’s retail gas station network, will be led by R. Andrew Clyde. Former parent Murphy Oil has new leadership as well, with the retiring Steven Cosse being replaced by Roger Jenkins. The spinoff, which was completed after the market close last Friday, gave holders one share of Murphy USA for every four held of Murphy Oil. In the first day of trading, both stocks were up, with the total value of one MUSA share + four MUR shares up 2.6% over Friday’s closing value for four MUR shares.
Since we’ve neglected to mention it until now, and we like citing spinoff history, we’ll mention that Murphy previously spun off Deltic Timber Corp.(DEL) in 1996. Deltic owns nearly 450,000 acres of timberland and is also engaged in real estate development of its unneeded acreage.
Disclosure: The author holds no position in any stock mentioned
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