Murphy Oil Corporation (NYSE:MUR) ("the Company") announced today that it has entered into a variable term, capped accelerated share repurchase transaction (the "ASR") with Wells Fargo Bank, National Association, to repurchase an aggregate of $250 million of the Company's common stock. The ASR is part of the board authorized program announced on August 6, 2014, to repurchase up to $500 million of the Company's stock.
The total aggregate number of shares of Company common stock to be repurchased pursuant to the ASR will be determined by reference to the Rule 10b-18 volume-weighted price of the Company's common stock, less a fixed discount, over the term of the ASR, subject to a minimum number of shares. The ASR is expected to be completed no later than approximately three months following execution. All shares of the Company's common stock delivered under the ASR will be immediately retired or converted to treasury shares.