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Murphy Oil to make further cost savings

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Oilfield Technology,

Murphy Oil Corp. has made an additional reduction in the 2020 capital plan down to the new midpoint of US$780 million from the previously announced US$950 million in March 2020. This represents a 46% decrease from the original guidance midpoint of US$1.45 billion. Further details of the revised plan will be released at a later date.

The company has also announced reductions in its quarterly cash dividends and salaries for company executives.

“Murphy recognises the reality of the current situation in the commodity markets, and we believe the reduction in dividends, capital expenditures, salaries and retainers are prudent steps to sustain the company for the long-term,” said Claiborne P. Deming, Chairman of the Board for Murphy Oil Corporation. “We will continue to review our dividend and other items throughout the course of the year and make further adjustments if warranted.”

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