Murphy Oil Corporation announced that its President and Chief Executive Officer, Steve Cossé, has informed its Board of Directors that he intends to step down from that position following the completion of the previously announced plan to spin off to its stockholders its U.S. downstream operations into an independent and separately traded company. Murphy will continue in the exploration and production business following the spin-off, which is expected to be completed in the second half of 2013. The Board of Directors announced that it plans for Roger Jenkins to succeed Mr. Cossé as the company's President and Chief Executive Officer. Mr. Jenkins is currently Murphy's Executive Vice President and Chief Operating Officer. Mr. Jenkins joined Murphy in 2001. He was named Executive Vice President, Exploration & Production in 2009 and has played a critical leadership role in Murphy's worldwide exploration and production operations, including the development of the Kikeh field in Malaysia and the Eagle Ford Shale in South Texas. Prior to joining Murphy, Mr. Jenkins spent 17 years with a major oil company. Steve Cossé was appointed President and Chief Executive Officer on June 20, 2012. He was elected to Murphy's Board of Directors on August 3, 2011, following his retirement from the management of Murphy on March 1, 2011 after over 40 years of service. He will continue to serve as a member of Murphy's Board of Directors after stepping down as President and Chief Executive Officer.

Murphy Oil Corporation (NYSE:MUR) said that it does not intend to sell its 5% stake in Syncrude Canada Ltd. An unidentified executive said, “Those are two really, really great assets. (If) we didn't have them, certainly we would be out trying to buy them. If we were to receive a compelling offer, and I think I'd know what a compelling offer was if we saw it, and barring that and some of the strategic need for the proceeds. We really don't see it, a (sale) process, being started”. Shares of Murphy dropped down 40 cents to $60.4 in afternoon trading on the New York Stock Exchange on May 2, 2013.

Murphy Oil Corporation reported unaudited consolidated production and earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $6,639,954,000 against $6,956,936,000 a year ago. Income from continuing operations was $207,970,000 or $1.08 per diluted share against $281,438,000 or $1.44 per diluted share a year ago. Net income was $360,599,000 or $1.88 per diluted share against $290,071,000 or $1.49 per diluted share a year ago. Income from continuing operations declined in the 2013 quarter compared to 2012 due primarily to higher expenses for exploration, administration, financing and income taxes. For the quarter, the company reported total BOE production volume of 201,876 BOE per day against 195,096 BOE per day. For the second quarter of 2013, the company anticipates total worldwide production volumes of 202,000 barrels of oil equivalent per day. For the second quarter of 2013, the company expects income from continuing operations in the range between $1.50 and $1.65 per diluted share.