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Murphy Oil Corp. has announced that it plans to cut more jobs both from its domestic and international offices, according to a report by Bloomberg.
Kelly Whitley, spokeswoman for Murphy, said that the company will be cutting jobs in "every location" in an effort to shrink its expenses.
As we pointed out in our Feb 2016 company review, this was expected as the company has drastically reduced activity YOY. The company went from spending $2.3 billion in 2015 to just $580 million planned for 2016. The company will continue to allocate most of its capital to the Eagle Ford shale in south texas.
CEO Pay Cut
According to the proxy document CEO Roger Jenkins will have his base salary frozen at $1.3 million and his targeted annual bonuses and long-term incentives reduced from $9m to $4m in 2016.
Whitley did not specify how many positions will be eliminated.
At year-end 2015, Murphy Oil had ~1,300 employees.
Murphy's Assets:
| Category | 2023 | 2024Est. Initial | Updated 2024 Guidance | %Difference (2023 vs 2024) |
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| Production Daily Equivalent(boe/d) |
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| Production Oil(bbls/d) |
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Related Categories :
Job Cuts / Downsize / Layoff
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