Top Story | Job Cuts / Downsize / Layoff | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Murphy Consolidates All Offices to New Houston HQ; Lowers Exec Salaries, Capex Cut 50%
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Due to low commodity prices, Murphy Oil Corp. is closing its HQ offices in El Dorado, Arkansas, as well as its office in Calgary, Alberta, Canada.
Office Closures
Approximately 190 employees were based in those two offices. It is unclear if the employees were laid off or relocated to Houston. All worldwide staff activities will now take place at its existing office location in Houston, Texas as the new corporate headquarters.
The company noted the office closures will not impact field activities.
Salary Reductions / Capex Cut
The company also announced it has made other cost-cutting decisions, including salary cuts and a 2020 capex cut of 50% (or $700 million).
Executive salary reductions include:
- CEO salary cut by 35%
- Other officer salaries cut by 22%
Roger Jenkins, CEO, said: "This decision is one we take with sadness, but with the understanding that our only path forward is to consolidate into one office in Houston. The company recognizes the hardship this decision causes to many in El Dorado and Calgary, and we are committed to treating all those impacted consistent with past practices and plan to offer appropriate severance arrangements. These actions will not impact our field operations in the US and Canada, and we anticipate these office closures to be completed early in the third quarter 2020."
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