A Texas-based oil company is constructing a $6 million headquarters in southeastern New Mexico’s Permian Basin.
HOBBS, N.M. (AP) A Texas-based oil company is constructing a $6 million headquarters in southeastern New Mexico's Permian Basin.
The Carlsbad Current-Argus reports that the Mewbourne Oil Company said it is building the 32,000-sq.-ft. (2,973 sq m) headquarters in Hobbs to provide more space for its 120 employees in the region.
Mewbourne operates about 2,000 total wells. It has added modular offices and trailers to accommodate its growth.
Ken Waits, Mewbourne Oil president, said the private company was doing very well before the downturn in the oil and gas industry.
He said Mewbourne is working with Carlsbad-based NPSR Architects and Hobbs-based Lasco Construction. Construction is expected to take a year to complete.
Steve Vierck, Economic Development Corporation of Lea County president, said the project is a vote of confidence in southeastern New Mexico.