Murphy Oil declared a quarterly dividend on the Common Stock of Murphy Oil Corporation of $.275 per share, or $1.10 per share on an annualized basis. The previous annualized dividend level was $1.00 per share. The dividend is payable September 1, 2010 to holders of record August 16, 2010.
In commenting on the 10% dividend increase, David M. Wood, President and Chief Executive Officer, said, "We are pleased to announce to our shareholders that we will increase the dividend by 10¢ per share. The increase in our dividend payout is attributable to a combination of consistent production growth, good cash flow from our operating assets, and our expected ability to continue to fund our ongoing growth initiatives, including a robust exploration program, oil and gas development projects, and U.S. retail marketing build out."
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