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Posted 07 February, 2024

MURPHY OIL CORP appointed new CEO

CEO Change detected for ticker NYSE:MUR in a 8-K filed on 07 February, 2024.


  On February 7, 2024, the Board of Directors (the "Board") of Murphy Oil Corporation (the "Company") appointed Mr. Eric M. Hambly, the Company's current Executive Vice President, Operations, to the role of President and Chief Operating Officer of the Company, effective as of February 1, 2024. Roger W. Jenkins, who held the role of President, continues to serve as the Company's Chief Executive Officer and a member of the Board.  

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Overview of MURPHY OIL CORP
Companies on the Energy Service • Major Oil & Natural Gas Companies
Murphy Oil Corp. is a holding company, which engages in the exploration and production of oil and natural gas. It operates through the Exploration and Production and Corporate and Other segment. The Exploration and Production segment includes the United States, Canada, and all other countries. The Corporate and Other segment focuses on interest income, other gains and losses, interest expense, and unallocated overhead. The company was founded by Charles H. Murphy Jr. in 1950 and is headquartered in Houston, TX.
Market Cap
$6.28B
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MURPHY OIL CORP by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On February 7, 2024, the Board of Directors (the "Board") of Murphy Oil Corporation (the "Company") appointed Mr. Eric M. Hambly, the Company's current Executive Vice President, Operations, to the role of President and Chief Operating Officer of the Company, effective as of February 1, 2024. Roger W. Jenkins, who held the role of President, continues to serve as the Company's Chief Executive Officer and a member of the Board.


Mr. Hambly, age 49, joined the Company in 2006 in the Corporate Reserves department earning roles with increasing responsibility. He was named Senior Vice President, US Onshore in 2016, promoted to Executive Vice President, Onshore in 2018 and Executive Vice President, Operations in 2020, and has played a critical leadership role in the Company's worldwide exploration and production operations, primarily focusing on offshore operations in the Gulf of Mexico and Malaysia, as well as onshore operations in the US and Canada. In his new role, Mr. Hambly will continue to report to Roger W. Jenkins, Chief Executive Officer.


In connection with his appointment, the Compensation Committee (the "Committee") of the Board adjusted Mr. Hambly's compensation arrangement to include (i) an annual base salary of $650,000, (ii) an annual bonus target opportunity of 100% of Mr. Hambly's base salary, and (iii) an annual long-term incentive target opportunity of $3,000,000, each effective as of February 1, 2024. The long-term incentive compensation opportunity is comprised of time- and performance-based restricted stock units granted under the terms of the Company's 2020 Long-Term Incentive Plan.


Mr. Hambly (i) has no family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer, (ii) is not a party to any related person transaction with the Company, and (iii) has no arrangements or understandings with any other person pursuant to which he was selected as an officer of the Company.


A full text of a news release announcing the details of this matter is attached as Exhibit 99.1 and incorporated herein by reference.