Murphy Oil Corporation (NYSE:MUR): Damage Control In The British Isles by Sally Murdock - on May 2nd 2014
Tomahawk, WI 05/02/2014 (Basicsmedia) – The income from the Murphy Oil Corporation (NYSE:MUR) put a leash on its operations as it went down to $169.3 million in 1Q2014, down about 7% from a year before.
In Milford Haven, Wales, their crude oil refinery was the largest chunk of a $14 million loss from discontinued operations
that had pulled down Murphy’s net income for 1Q down to $155.25 million. Revenue figures were around $1.28 billion, the company stated on April 30, which were flat from the 1Q2013.
Performing A Proverbial Appendectomy On Its Refinery Business
Murphy has since been trying to pawn off the refinery since 2010. More recently, the company broadcasted that it was experiencing a phase of consultation
regarding the facility after conversations regarding a potential buyer did not lead to anything. According to release from the company,
the consultation is taking place between certain employees and their representatives,
including a few who at the work at the refinery in question, which is presently operated by a Murphy subsidiary called Murco Petroleum Limited.
The release also mentioned that the consultation would undoubtedly be a rough time for everyone tied to it.
Back In 2010, Murphy had made its plans regarding its exit from refining business, public. Since that point, it sold off its refineries in Meraux, La. and Superior, Wisc.,
but has failed to sell the refinery in Milford Haven. In the past, Murphy Oil Corporation (NYSE:MUR) has the discussed closing down the refinery and converting it into a storage facility.
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