Murphy Oil Corp.'s president, CEO to step down

EL DORADO, Ark. Murphy Oil Corp. says Steve Cosse plans to step down as president and CEO.

The El Dorado, Ark.-based company said Monday that Roger Jenkins will succeed him.

Jenkins is currently the company's executive vice president and chief operating officer.

Jenkins joined Murphy Oil in 2001. The company says he has played a critical leadership role in its exploration and production operations, including development in Malaysia and South Texas.

The company says Cosse plans to step down following the completion of a plan to spin off to its stockholders its U.S. downstream operations into an independent and separately traded company.

That spinoff is expected to wrap up in the second half of the year.

Cosse was appointed president and CEO last year. He was elected to Murphy's board of directors in 2011.