EL DORADO, Ark. — El Dorado-based Murphy Oil Corp. said Wednesday afternoon (May 6) it will close its home office in south Arkansas and relocate the corporate headquarters to its existing offices in Houston.
The El Dorado office is home to 80 employees, according to a corporate news release. The company is also relocating 110 employees from its Canadian office in Calgary to Houston.
“Over the past several months, we have taken several actions to significantly reduce costs, including cutting this year’s capital expenditures by approximately 50 percent, or $700 million, lowering the company’s dividend by 50 percent, or $76.5 million on an annualized basis, and lowering executive officers’ salaries on average 22 percent, with the chief executive officer’s reduced by 35 percent. We realize, reluctantly, that we need to consolidate our offices to capture additional cost savings to remain competitive in this unprecedented industry environment. We simply do not have a choice and came to this decision only after exhausting all other cost saving measures,” Claiborne P. Deming, Chairman of the Board, said in a statement. “The El Dorado office closure is particularly painful and difficult, because the company was founded here by C.H. Murphy, Jr. and has been an integral and important part of the community for many years.”
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