HOBBS, N.M. (AP) – An East Texas-based energy company is investing more than $6 million in a new Permian Basin headquarters despite the oil and gas downturn.
The Hobbs News-Sun reports that Mewbourne Oil started construction on a 32,000-square-foot office facility in Hobbs, New Mexico.
Mewbourne Oil President Ken Waits says the company’s current facility is just getting old, and employees are running out of space.
Mewbourne employs close to 120 people in Hobbs and does not plan to hire more with the new facility. However, if the company ever did need to hire more people, officials say the facility would be able to accommodate them.
Mewbourne Oil is headquartered in Tyler, Texas, and operates in the Permian Basin and in the Anadarko Basin in the Texas Panhandle, Kansas and Oklahoma.