EL DORADO, Ark. (AP) — Murphy Oil Corp. on Wednesday said it's closing its El Dorado, Arkansas, headquarters and moving to Houston.
The independent oil and natural gas exploration and production company cited the steep drop in crude oil prices in its decision to close the El Dorado office, which has about 80 employees, and another office in Canada that employs 110 people. The company said it's consolidating all worldwide staff activities to its existing office in Houston.
The decision came after the company said it made other cuts, including halving capital expenditures, lowering the company's dividend and reducing executive salaries.
“We simply do not have a choice and came to this decision only after exhausting all other cost saving measures,” board chairman Claiborne P. Deming said in a statement. The company said it expected to complete the closures early in the third quarter of this year.
The company said it intended to keep funding the El Dorado Promise, a scholarship program it set up in 2007 that pays the tuition of every college-bound graduate of El Dorado's public schools.
Before you consider Murphy Oil, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Murphy Oil wasn't on the list.
While Murphy Oil currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
