Item 5.02. Departure of directors or Principal Officers; Election of directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

On December 3, 2008, the Executive Compensation Committee of the Board of Directors of Murphy Oil Corporation took the following actions in conjunction with the previously announced (August 6, 2008) retirement of the Company's President and Chief Executive Officer, Claiborne P. Deming, effective December 31, 2008 and the election of David M. Wood as his successor, effective January 1, 2009:

• In order to facilitate the transition of his duties to Mr. Wood, Mr. Deming will be a non-executive full time employee of the Company through June 30, 2009, during which time he will receive his regular salary. At the close of business on June 30, 2009, Mr. Deming will retire from employment with the Company; he will continue to serve on the Board of Directors and the Board's Executive Committee and, effective January 1, 2009, he will chair the Executive Committee. Consistent with the Company's long-standing support of education, the Board of Directors, on December 4, 2008, approved a $2,000,000 contribution to a major national university to endow a chair in Energy Policy in honor of Mr. Deming.

• Effective with his promotion to President and Chief Executive Officer on January 1, 2009, David M. Wood's salary is increased to $1,150,000 and his target bonus under the Company's Annual Incentive Plan is increased to 125% of base salary. As part of his compensation package Mr. Wood is permitted twelve (12) personal trips per year in Company aircraft, limited to mainland North America.

• Also effective January 1, 2009, the salary of Harvey Doerr, Executive Vice President, Worldwide Downstream Operations is increased to $750,000 and his target bonus under the Company's Annual Incentive Plan is increased to 100% of base salary. As part of his compensation package Mr. Doerr is permitted six (6) personal trips per year in Company aircraft, limited to mainland North America.

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