EL DORADO, Arkansas – Murphy Oil Corp. (NYSE:MUR) plans to exit the refining business. The refineries at Superior, Wisconsin; Meraux, Louisiana and Milford Haven, Wales along with the retail system in the UK will be placed for sale. 

The three plants–with a combined refining capacity of 280,000 barrels per day–could sell for upwards of $1.5 billion, according to analysts. Currently, the plants only generate 0.5% of company's income.

The company anticipates a transaction being completed in the first quarter of 2011. President and CEO David Wood commented, “Murphy’s upstream and US retail businesses have demonstrated marked growth and financial performance over the last several years. By exiting the refining business, we can fully focus our attention and resources on continuing that growth, developing a premier international upstream business and a top quartile US retail franchise.” 

Goldman, Sachs & Co. is serving as exclusive financial advisor to Murphy during the process.