Murphy Oil Chooses President for Its Downstream Spinoff
EL DORADO, Ark. -- Murphy Oil Corp. has appointed R. Andrew Clyde president and CEO of Murphy Oil USA Inc., its U.S. retail marketing subsidiary.
Clyde is a partner in consulting firm Booz & Co.'s global energy practice and has more than 20 years of experience in management consulting, with specific focus on the downstream value chain and gasoline and convenience retailing, according to the announcement. He was instrumental in the performance review and analysis of Murphy's U.S. retail business and has provided recommendations and assisted with implementation of operational improvements to the business and capital allocation for development projects to grow the network, stated Murphy.
Additionally, Clyde has been leading the development of the business strategy for Murphy Oil USA to move forward as a separate entity.
"Andrew has been intimately involved with the Murphy USA business for several years and has been instrumental in preparing the retail business for our upcoming spin-off," said Steven A. Cossé, president and chief executive officer of Murphy Oil Corp., in a statement. "I look forward to working with him to complete the process of separating into two strong but distinct businesses."
Clyde received a Bachelor of Business Administration degree in accounting with minor in geology from Southern Methodist University, as well as a Master of Business Administration degree in management with distinction from the Kellogg School of Management at Northwestern University. He joined the Energy, Chemicals and Utilities practice with Booz & Co. in Dallas in 1993. He has served as managing partner of the Dallas office since 2007, as well as practice leader of the North American energy, chemicals and utilities practice since 2010.
As president and CEO, Clyde will report directly to Cossé until the spinoff of Murphy Oil USA, at which time he will report to the board of directors of the new independent company.
Murphy Oil USA Inc. currently has more than 1,150 retail locations within the United States. It recently signed a deal with Wal-Mart Stores Inc. to provide access to more than 200 new locations within its core market area covering the Midwest and Southeast United States.