May 11, 2020
Citing the “extraordinary drop” in crude oil prices, exploration and production company Murphy Oil Corporation is consolidating corporate operations to its existing offices at MetroNational’s 9805 Katy Freeway in Houston. It will close its El Dorado, AR headquarters as well as its longstanding office in Calgary.
“We realize, reluctantly, that we need to consolidate our offices to capture additional cost savings to remain competitive in this unprecedented industry environment,” said Murphy chairman Claiborne P. Deming. “We simply do not have a choice and came to this decision only after exhausting all other cost-saving measures. “
He added, “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.”
The company expects to complete the closures and consolidation in the third quarter.
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