Murphy USA Spinoff to Join S&P MidCap 400
EL DORADO, Ark. – Murphy USA Inc. (MUSA) will join the Standard & Poor’s MidCap 400 index at the close of stock trading on Aug. 30. MUSA is being officially spun off from Murphy Oil Corp. earlier that same day.
The new company will comprise Murphy Oil’s retail division and will operate 1,179 convenience stores with a goal to have more than 2,000 c-stores and gas stations by the end of 2013.
MUSA will replace Strayer Education Inc. in the S&P MidCap 400 index, and Strayer will shift to the S&P SmallCap 600 index. The S&P MidCap 400 includes the top 400 publicly-traded U.S. companies with stock market capitalizations between $2 billion and $10 billion.
Murphy Oil Corp. will remain in the S&P 500 index, which is considered a benchmark stock market index, along with the Dow Jones Industrial Average.
El Dorado, Ark.-based MUSA will be distributed to those who own shares of Murphy Oil Corp. as of Aug. 21. R. Andrew Clyde has been tapped as the new company’s president.
On Aug. 30, Murphy USA Inc. will begin trading under the ticker symbol MUSA on the New York Stock Exchange.