EL DORADO, Ark. - Murphy Oil Corp. announced on Wednesday their plans to move their headquarters to Houston. 

The company said the decision was made after exhausting all other cost saving measures. 

Gabino Olivares, owner of Laredo Grill in El Dorado, said Murphy Oil is the heartbeat of the city. He said it's hard to believe they are leaving. 

"It was a little bit of a shock and surprise. Because, you know, Murphy Oil's always been here," Olivares said. "It's part of the town...so we will miss them. We pretty much consider them family."

Olivares said he believes the business community, churches and schools will be greatly affected by Murphy Oil's move. 

Murphy USA, the gasoline company, will remain in Arkansas. 

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