Murphy Oil Corp., the Arkansas-based global oil and gas company which operates retail fuel chains at Walmart stores and independently, has brought in PR support as activist hedge investor Daniel Loeb shows an interest in its operations.
Murphy is working with Brunswick Group as it manages suggestions by Loeb and other shareholders that it shed its retail operation and focus on exploration.
Brunswick managing partner Steve Lipin and partner Michael France are handling media relations for Murphy, which acknowledged today that it met with investors including Loeb’s Third Point LLC. “The board and management have been working to evaluate opportunities to illuminate the value in our stock price for the benefit of all of our shareholders,” chairman Claiborne Deming said in a statement.
Reuters obtained a copy of a letter Loeb sent to his fund’s investors, outlining a series of changes Murphy could execute, including a spin-off of its retail operation, which Loeb said has been delayed for too long.
News of the letter spiked Murphy shares four percent on Oct. 3.
Loeb pushed a proxy contest with against Yahoo! earlier this year.
Murphy posted 2011 revenue of nearly $17.5B on net income of $223.6M.