Deltic's history dates back to 1907 when C.H.
Murphy, Sr. began investing in timberland and built a sawmill in south Arkansas.
Mr. Murphy continued to acquire land through the years and in September 1952, he
transferred his land holdings to the Murphy Corporation in exchange for common
stock. With this transaction, Deltic Farm & Timber, Inc. was formed as a
wholly-owned subsidiary of Murphy Oil. In 1971, Deltic entered the lumber
business with the construction of a sawmill in Ola, Arkansas. A second mill
in Waldo, Arkansas, was added in 1974. In 1989, Deltic began marketing
residential property in Chenal Valley, its real estate development in west
Little Rock, Arkansas. During 1996, construction began on the Company's medium
density fiberboard joint venture in El Dorado, Arkansas. In late 1996, Murphy Oil declared
a stock dividend to spin off Deltic Farm & Timber, which was reincorporated as
Deltic Timber Corporation.