The El Dorado Promise was established in January 2007 by Murphy Oil Corporation to give students in the El Dorado, Arkansas school district- regardless of their economic situation or academic merit - the opportunity to pursue a college degree, free of financial burden.

The El Dorado Promise awards every EHS graduate, who has been continuously enrolled in the El Dorado School District since at least the ninth grade, a scholarship covering tuition and mandatory fees equal to the highest in-sate, public university rate. Scholarship amounts are paid based on the length of continuous enrollment in the El Dorado School District.

The scholarship is renewable over five consecutive years if the student maintains a 2.0 cumulative grade point average and successfully completes 12 credit hours per semester. The El Dorado Promise can be used at any regionally accredited U.S. public or private college or university for students working towards an associate's or bachelor's degree.

As of fall 2016, 2,025 EHS graduates have used the El Dorado Promise Scholarship in 129 different colleges and universities in 29 states.