Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Murphy Oil Cuts Exec Salaries, Cash Retainers; Lowers 2020 Capex Again
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Murphy Oil Corp. has announced further cost-cutting initiatives including salary reductions and another cut to its 2020 capex.
Cuts Another $170MM from CapexMurphy has made an additional reduction in the 2020 capital plan down to the new midpoint of $780 million, down 18% from its previously adjusted 2020 budget of $950 million.
It's a 46% decrease from the original 2020 guidance midpoint of $1.45 billion and down 58% from 2019 spending of ~$1.85 billion.
This is a reduction of $170 million from its March capex amendment and a reduction of $670 million from its original 2020 budget.
This represents Further details of the revised plan will be released at a later date.
Executive Salaries, Retainers CutConcurrently, the Board of Directors has approved significant salary reductions for…
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