Permian driller Ring Energy has decided it no longer wants to be headquartered in Midland, Texas. It’s moving the corporate headquarters to Houston and also closing an office located in Tulsa, Oklahoma.
The move was actually effective on Jan. 19 when the company operations were based out of The Woodlands, Texas, a suburb of Houston.
Additionally, Ring has closed its Andrews, Texas field office, downsized its Midland office and will be closing its Tulsa office at the end of the first quarter 2021. The company said the moves will result in annual cost savings. It did not indicate whether any employees will lose their jobs in the moves.
“We are implementing a new strategic vision for Ring and relocating our headquarters to The Woodlands is one of the key first steps in this process,” said Mr. Paul D. McKinney, Ring’s Chief Executive Officer and Chairman of the Board.
“The combination of these actions is expected to result in a 15 percent annualized office-related G&A cost savings.”
The company’s primary focus has been on oil and gas exploration, development and production in the Permian Basin in West Texas and New Mexico.
The firm’s Tulsa office is located on South Lewis Avenue next to the Southern Hills Country Club.
Source: Business Wire