Murphy Oil Announces Dividend Increase

Murphy Oil declared a quarterly dividend on the Common Stock of Murphy Oil Corporation of $.1875 per share, or $.75 per share on an annualized basis. The previous annualized dividend level was $.60 per share. The dividend is payable September 3, 2007 to holders of record August 15, 2007.

In commenting on the 25% dividend increase, Claiborne P. Deming, President and Chief Executive Officer, said, "We are very pleased to increase the dividend by 15 cents per share for the second consecutive year. Our informal practice is to consider dividend increases every two years; however, in light of our financial performance, strong crude oil prices and imminent production growth, our Board elected to accelerate our biennial review to this year."