An oil company announced that it was putting up $50 million for college scholarships for nearly all high school graduates over the next 20 years in El Dorado, where it is based. The company, Murphy Oil, said it wanted to increase the number of students who attended college and perhaps attract new businesses to El Dorado, with the scholarships a selling point. Under the program, students can use the scholarship money at any college. The annual scholarships will be capped at the highest resident tuition rate at an Arkansas public university, currently $6,010. Students who have attended school in El Dorado since kindergarten are eligible for the full amount; students who have attended for all four years of high school get 65 percent. Those who have been in the district for less than four years are ineligible.