Murphy Oil said Friday that it will cut jobs across its operations as part of a cost saving effort.
The Arkansas-based company told Bloomberg that it plans to cut an unspecified number of jobs at all of its locations as it seeks to trim costs.
“Head count has been lowered across all functions in every location to match our lower capital spend,” Murphy Oil spokesperson said Kelly Whitley told Bloomberg.
The company said in its 2015 annual report that it expects to reduce its capital spend by more than 70 percent worldwide in 2016.
Murphy Oil told the CBC on Friday that it was still in the process of reducing its headcount.
The company had 1,258 employees as of the end of December.
Murphy Oil has operations in the United States, Canada, Malaysia, Vietnam, Brunei, Namibia and Australia.
Last year, Murphy Oil withdrew from blocks in Indonesia, Cameroon and Suriname, according to the company’s annual report.
The company said in its 2016 proxy statement that it froze the 2015 base salary of its CEO Roger Jenkins at 2014 levels, citing low oil prices and market conditions.
Jenkins is slated to earn a base salary of $1.3 million in 2016 and a total direction compensation of about $7.1 million, down from $12.1 million in 2015, the CBC said.
Murphy booked a 2015 net loss of $2.27 billion, or a loss of $13.03 per share, down from a net income of $905.6 million in 2014.
The company reported a $2.25 billion net loss from continuing operations compared to a net income of $1.025 billion in 2014.
Murphy said its 2015 net loss was primarily caused by impairments on properties in the Gulf of Mexico, Western Canada and Malaysia, lower energy prices and sales volumes and costs related to exiting deepwater rig contracts in the Gulf of Mexico.