Murphy Oil Corporation says the recent drop in crude oil prices is responsible for its decision to close its longstanding office in Calgary and relocate its corporate headquarters from El Dorado, Arkansas to an existing office in Dallas, Texas.

The independent oil and natural gas exploration and production company said in a Wednesday news release that the Calgary office is home to approximately 110 employees, while the El Dorado office has about 80.

According to Murphy Oil, the company has taken several steps in the past several months to reduce its capital expenditures by 50 per cent, including lowering the company’s dividend by 50 per cent (or $76.5 million on an annualized basis) and lowering executive officers’ salaries on average 22 per cent — with the chief executive officer’s reduced by 35 per cent.

Source: Read Full Article