Murphy Oil to slash workforce with 3Q loss of $1.6B

El Dorado, Ark.-based Murphy Oil Corp. (NYSE: MUR) reported a third-quarter loss Wednesday of $1.6 billion, or $9.26 per share. The quarterly report was announced alongside company plans to streamline operations by slashing its workforce by 23 percent.

The third-quarter earnings loss compares to profits of $246 million, or $1.38 per share, in the same quarter last year. Revenue was roughly half of what it was for the third quarter of 2014, landing at $715 million compared to $1.4 billion last year.

Company officials said the cuts are designed to gain operational efficiencies in response to low energy prices, Arkansas Business reports.

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