Magnum Hunter Resources Corp. (NYSE: MHR) said on Aug. 7 that its corporate headquarters is scheduled to move from Houston to Dallas on Dec. 31.
The finance, treasury and reservoir engineering departments, as well as the accounting department, will make the move. The accounting department, located in Grapevine, Texas, will be consolidated, the company noted.
"Our board of directors and senior management have been considering this move for over a year, following the sale of our Eagle Ford assets in April 2013. Because our future growth potential is focused primarily in the Marcellus Shale and Utica Shale in West Virginia and Ohio, there is no longer any strategic reason to maintain both a corporate office in Houston and accounting department offices in the Dallas area,” said Gary C. Evans, chairman of the board and CEO.
“Additionally, not only do we gain the synergies of having all corporate personnel under one roof, we also expect to achieve significant [general and administrative] G&A savings, including a reduction in travel expenses. Senior management is actively reviewing available office lease space, predominantly in the Las Colinas area of the Dallas/Fort Worth Metroplex," he added.
Magnum Hunter Resources Corp. explores and produces oil, natural gas and NGL in North America.
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