Murphy Oil has announced that it is closing its legacy headquarters in Arkansas and shuttering an office in western Canada, due the extraordinary drop in oil prices.

The O&G exploration company is closing its offices in El Dorado, Arkansas, home to 80 workers and Calgary, Alberta, home to 110 workers.

All activities will be consolidated in the company’s offices in Houston, Texas.

The closures are needed “to capture additional cost savings to remain competitive in this unprecedented industry environment,” said Claiborne Deming, chairman of the board of trustees, in a statement.

The company lost $416 million in the first quarter2020 and revenues were down from $1 billion in 1Q 2019 to $630.5 million in 1Q 2020.

It has announced plans to reduce its 2020 capital spending by $700 million or 50%. It has reduced the company’s dividend by 50% and cut executive salaries.

It is an active driller in the Eagle Ford Shale in South Texas and in Canada.