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The Board of Directors of Murphy Oil Corporation has authorized a share repurchase program of up to $125 million of the Company's shares of common stock.
This program is in addition to the previous board authorized program to repurchase up to $1 billion of the Company's shares of common stock, which was recently completed. Murphy may utilize a number of different methods to effect the repurchases, including but not limited to, open market purchases, accelerated share repurchases and negotiated block purchases, and some of the repurchases may be effected through Rule 10b5-1 plans. The timing and amount of the repurchase will depend upon several factors, including market, financing and business conditions, and the repurchases may be discontinued at any time.
The program is expected to be completed by December 31, 2014.