Magnum Hunter Resources Corp. plans to relocate its corporate headquarters from Houston to the Dallas area effective on or about Dec. 31.
The move includes its finance, treasury, and reservoir engineering departments. The company also will consolidate its accounting department, currently in Grapevine, Tex., to the new corporate headquarters.
Eureka Hunter Pipeline LLC, Magnum Hunter’s majority owned subsidiary, will continue to maintain its corporate headquarters in Houston.
“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,” said Gary C. Evans, Magnum Hunter chairman and chief executive officer. The company sold 40,600 gross acres in the play to Penn Virginia Corp. for $400 million (OGJ Online, Apr. 8, 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,” Evans explained, mentioning the Colinas area of the Metroplex as a possible location.