Murphy Oil set to close El Dorado headquarters
Murphy Oil Corp. said Wednesday that it's closing its El Dorado headquarters and consolidating operations with its office in Houston. The company announced the move just before releasing its first-quarter results, reporting a net loss of $416 million.
Citing the "extraordinary drop in crude oil prices," the oil and gas exploration and production company said that it also will close its Canadian office in Calgary, Alberta, which has about 110 employees. The El Dorado office employs about 80 workers.
Murphy Oil said April 1 that because of ongoing weakness in the oil sector, it was cutting executive pay, lowering its annual capital spending guidance and reducing its quarterly cash dividend by 50%.
Board Chairman Claiborne Deming said in a news release Wednesday that those cuts weren't enough to allow Murphy Oil to stay competitive in the current market.
Read more: https://www.texarkanagazette.com/news/arkansas/story/2020/may/13/murphy-oil-set-close-el-dorado-headquarters/827390/
Murphy Oil has been in Arkansas for more than a century.