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REFILE-UPDATE 1-Murphy Oil CEO to leave after retail business spinoff
May 6, 2013 / 1:55 PM / 4 years ago

REFILE-UPDATE 1-Murphy Oil CEO to leave after retail business spinoff

* COO Roger Jenkins to succeed Steve Cosse

* Cosse to step down in second half of 2013

* Cosse to continue on Murphy’s board

May 6 (Reuters) - Murphy Oil Corp said Chief Executive Steve Cosse will step down after the completion of a spinoff of the company’s retail gasoline business in the second half of this year.

Chief Operating Officer Roger Jenkins will lead the company focused solely on oil and gas exploration and production after the spinoff, Murphy said.

Cosse - appointed CEO in June last year - led Murphy Oil through the spinoff, announced in October to improve the stock’s valuation.

Rivals ConocoPhillips, Marathon Oil Corp and Hess Corp have also tried to increase value by separating their production and refining businesses.

Cosse will continue to serve on Murphy’s board.

Jenkins joined Murphy in 2001 and was named the executive vice president of exploration and production in 2009.

The oil and gas producer’s shares were up nearly 1 percent at $61.95 on the New York Stock Exchange in early trading on Monday morning.

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