Murphy Oil Ups Dividend on Common Stock by 33%

The Board of Directors of Murphy Oil Corporation declared a quarterly dividend on the Common Stock of Murphy Oil Corporation of $.25 per share, or $1.00 per share on an annualized basis. The previous annualized dividend level was $.75 per share. The dividend is payable September 2, 2008 to holders of record August 18, 2008.

"We are very pleased to announce to our shareholders that we will increase the dividend by 25¢ per share, following two consecutive years of 15¢ per share increases," said President and CEO Claiborne P. Deming of the 33% dividend increase. "The ability to increase our payout is due to healthy net income and cash flow generated during a period of strong production growth for our Company. Importantly, we still maintain financial flexibility to continue our multiple ongoing development projects."