Murphy Oil Announces Dividend Increase
Wednesday, August 6th 2008
The Board of Directors of Murphy Oil Corporation declared a quarterly dividend on the Common Stock of Murphy Oil Corporation of $.25 per share, or $1.00 per share on an annualized basis. The previous annualized dividend level was $.75 per share. The dividend is payable September 2, 2008 to holders of record August 18, 2008.
In commenting on the 33% dividend increase, Claiborne P. Deming, President and Chief Executive Officer, said, “We are very pleased to announce to our shareholders that we will increase the dividend by 25¢ per share, following two consecutive years of 15¢ per share increases. The ability to increase our payout is due to healthy net income and cash flow generated during a period of strong production growth for our Company. Importantly, we still maintain financial flexibility to continue our multiple ongoing development projects.”
