Murphy Oil announced Wednesday it will close its Calgary office as well as its headquarters in Arkansas, and move all business to Houston, due to the collapse in oil prices. The independent oil and natural gas exploration and production company employs 110 people in Calgary, and 80 in El Dorado, Arkansas. The company said it didn't come to the decision lightly, and made other cuts like halving capital expenditures by $700 million. It also lowered executive salaries on average by 22 per cent, and cut the CEO's salary by 35 per cent. The company reported a net loss of $416 million US in the first quarter of this year.

Source: CBC News May 07, 2020 01:30 UTC