Jan. 26 (Bloomberg) -- Shares of Murphy Oil Corp., the U.S. integrated oil company based in El Dorado, Arkansas, recovered after Chief Executive Officer David Wood announced its retail business may be spun off, sold or placed in an initial public offering.
Murphy rose 2.1 percent to $61.91 at the close in New York after touching $64.50, its highest price since Nov. 28. Earlier, shares fell as low as $59.40 after the company announced that fourth-quarter output of oil and natural gas missed its forecast.
Murphy has about 1,128 fueling stations in the U.S., many of them located at Wal-Mart Stores Inc. outlets, Wood said on the call. Murphy has been trying to sell its fueling stations in the U.K., along with its refinery in Milford Haven, Wales, to focus on more profitable oil production.
Wood said a decision on separation of the retail business will be taken to Murphy’s board about mid-year.
Also on today’s call, Wood reported a successful well drilled in the oil-bearing Three Forks Formation in the Canadian provide of Alberta. Producers such as Continental Resources Inc. have been tapping the same formation in North Dakota.
--Editors: Susan Warren, Jasmina Kelemen
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