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Wednesday, November 5, 2014

UK Milford Haven refinery sale fails; plant shuttered, (NYSE: MUR)

A deal to rescue the UK's Milford Haven oil refinery has collapsed, forcing operator Murphy Oil to shut the plant with the loss of hundreds of jobs, the latest victim of a slump in the European refining industry.Emphasising the political cost of jobs being axed in the run up to a UK general election next year, British Prime Minister David Cameron called the decision "very disappointing"."We will continue to work with the company concerned and try to find employment opportunities for all those who work there," Cameron told lawmakers.Sources said a significant majority of the 450 staff would lose their jobs.

Murphy Oil Corporation is a worldwide oil and gas exploration and production company with retail and wholesale gasoline marketing operations in the United States and refining and marketing operations in the United Kingdom. Shares of MUR fell by 0.55% or $-0.28/share to $50.96. In the past year, the shares have traded as low as $49.38 and as high as $68.43. On average, 1411290 shares of MUR exchange hands on a given day and today's volume is recorded at 81861.