Murphy Oil Corporation’s executive leadership has shifted in response to two departures.
Murphy Oil Corporation’s general counsel and executive vice president will be retiring from the company at the end of May. Effective June 1, Walter K. Compton will be stepping down from his roles as executive vice president and general counsel.
“Walter joined the Law Department over 32 years ago. During his distinguished law career, he has led numerous strategic transactions on behalf of the company, including the spin-off of Murphy USA, as well as many complex upstream and downstream acquisitions and divestitures. I wish him all best in his retirement,” Roger W. Jenkins, Murphy Oil CEO and president, said in a statement.
Following Compton’s retirement, E. Ted Botner will assume Compton’s responsibilities while maintaining his current duties. Botner, who will report directly to Jenkins, will serve as Murphy Oil’s senior vice president, general counsel and corporate secretary.
In 2001, Botner joined Murphy Oil’s law department as an attorney, and he has held multiple positions in both the United States and Malaysia. He previously served as the commercial manager for Murphy Sarawak and as general manager for Murphy Oil’s Malaysia operations.
He holds bachelor degrees in arts and business administration from the University of Texas, a Master’s of Business Administration from Southern Methodist University and a law degree from the University of Arkansas.
In addition, Michael K. “Mike” McFayden will also be departing the company on June 1. He served as the executive vice president of Murphy Oil’s offshore division.
“Mike has been a key member of the executive team, making several important contributions to Murphy’s success over his 18-year tenure. He spent several years helping build our Malaysia assets into a multi-billion dollar business and then was instrumental in growing our onshore portfolio in the US and Canada. I wish him all the best in his retirement,” Jenkins said.
The current executive vice president of onshore operations will take over McFayden’s role. Eric Hambly will be assuming McFayden’s duties, and he will be become Murphy’s new executive vice president of operations.
Hambly has had a 14-year tenure at Murphy Oil, focusing on the company’s former Malaysia assets. The company divested its business interests in Malaysia in July 2019 in a deal worth $2.127 billion.
Murphy Oil most recently made headlines when it announced its plans to close its legacy headquarters in El Dorado and move all corporate operations to Houston, Texas. In addition, the company closed its office in Calgary, Alberta, Canada.
According to Murphy Oil board chairman Claiborne P. Deming, the decision to close the El Dorado office came down to costs. In recent months, Murphy Oil has reduced its capital expenditures by roughly 50 percent in response to challenges imposed by COVID-19. In the first quarter of 2020, Murphy Oil had a net loss of $416 million and an adjusted net loss of $46 million.