Ring Energy Relocates Its Headquarters from Midland, Texas to The Woodlands, Texas
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Ring Energy relocated its corporate headquarters to the greater Houston area effective January 19, 2021. 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. These initiatives will result in meaningful annual general and administrative cost savings as the company is decreasing its overall office space and lease costs.
“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. We wanted to reduce our fixed G&A costs, while increasing our accessibility to the diverse and experienced energy workforce in the greater Houston area, and this move accomplishes both objectives. In addition, we are consolidating all of our executive management team and relocating all accounting functions into our new Woodlands headquarters,” said 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. We look forward to continuing to lower our break-even costs while increasing our free cash flow generation with our long-lived conventional assets in the heart of the Permian Basin,” added McKinney.
The new address of the company’s headquarters is 1725 Hughes Landing Blvd, Suite 900, The Woodlands, Texas 77380.
About Ring Energy
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the conventional development of its Permian Basin assets in West Texas and New Mexico.
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