EL DORADO, Ark. (AP) — Murphy Oil Corp. is closing its El Dorado, Arkansas, headquarters and is moving to Houston.
The independent oil and natural gas exploration and production company on Wednesday cited the steep drop in crude oil prices in its decision to close the El Dorado office, which has about 80 employees.
The company said the move came after it exhausted other cost-saving measures, including cutting capital expenditures in half.
The firm also is closing an office in Canada that employs 110 people and is consolidating all worldwide staff activities in its Houston office.