Murphy Oil Corporation was founded in the early 1900’s by Charles H. Murphy as a lumber company. The company owned thousands of acres of timberland along the Arkansas-Louisiana border.
Murphy drilled his first oil well in Louisiana in 1907. However, his oil exploration efforts did not actually begin until the discovery of two large oil fields by his associates in Southern Texas and Arkansas. This is when Murphy realized that his land had more value for oil than timber.
Charles H. Murphy was succeeded by his son, Charles H. Murphy, Jr. in the 1950’s. He reincorporated the company as Murphy Corporation.
Charles H. Murphy, Jr. helped found the Ocean Drilling and Exploration Company (ODECO), which was a pioneer in off-shore drilling.
In the early 1960’s Murphy began to expanding the company’s drilling network. In 1964 he changed the name of the company to Murphy Oil Corporation to reflect its concentration on fossil fuels.
The OPEC oil embargo of 1973 was a boon to Murphy Oil, with profits ballooning from $14.3 million to $60 million. The company reached $1 billion in sales for the first time in 1977.
Today Murphy Oil has three major subsidiaries: Murphy Oil and Exploration Company, which is engaged in crude oil and natural gas activities worldwide, Murphy Oil Company, Ltd. which is engaged in crude oil and natural gas activities in Canada, and Murphy Oil USA, which markets petroleum products in the United States.
Murphy Oil has 8,600 employees worldwide and had $27.7 billion in revenue in 2011.
Murphy Oil CorporationMurphy Oil Corporation was founded in the early 1900’s by Charles H. Murphy as a lumber company. The company owned thousands of acres of timberland along the Arkansas-Louisiana border.
Murphy drilled his first oil well in Louisiana in 1907. However, his oil exploration efforts did not actually begin until the discovery of two large oil fields by his associates in Southern Texas and Arkansas. This is when Murphy realized that his land had more value for oil than timber.
Charles H. Murphy was succeeded by his son, Charles H. Murphy, Jr. in the 1950’s. He reincorporated the company as Murphy Corporation.
History
Charles H. Murphy, Jr. helped found the Ocean Drilling and Exploration Company (ODECO), which was a pioneer in off-shore drilling.
In the early 1960’s Murphy began to expanding the company’s drilling network. In 1964 he changed the name of the company to Murphy Oil Corporation to reflect its concentration on fossil fuels.
The OPEC oil embargo of 1973 was a boon to Murphy Oil, with profits ballooning from $14.3 million to $60 million. The company reached $1 billion in sales for the first time in 1977.
Today Murphy Oil has three major subsidiaries: Murphy Oil and Exploration Company, which is engaged in crude oil and natural gas activities worldwide, Murphy Oil Company, Ltd. which is engaged in crude oil and natural gas activities in Canada, and Murphy Oil USA, which markets petroleum products in the United States.
Murphy Oil has 8,600 employees worldwide and had $27.7 billion in revenue in 2011.