Another top producer is opening Hobbs office

Follows XTO Energy opening regional HQ in Carlsbad

Another major Permian oil and gas producer plans to open an office in southeast New Mexico, as production continued steadily in the region.

Devon Energy – headquartered in Oklahoma City – announced an office will open in Hobbs this summer to employ 40 of the company’s 225 workers in the region, according to a news release from the Economic Development Corporation of Lea County.

The office is planned to be in Bender Plaza in Hobbs, operating in 7,300 square feet of a former law firm and featuring private offices, conference rooms and an advanced technology data center.

The new office would be one of five owned by Devon in the Permian Basin region of southeast New Mexico and West Texas.

In New Mexico, Devon has offices in Artesia and Roswell.

Senior community relations specialist Shannon Johnson said the company already employs residents of Lea County and the new office will strengthen its position in the community.

“We appreciate being part of the fabric of Hobbs,” she said. “We look forward to opening our new office and expanding our presence in the community.”

Hobbs Mayor Sam Cobb said investments from major oil companies are essential to the city’s economic growth.

“The City of Hobbs is excited and pleased to see Devon continue to invest in the region and make Hobbs home to its employees,” he said.

The EDCLC also assisted in brokering the deal to bring the office to Hobbs, and board chair Finn Smith commended the two companies for collaborating.

Devon’s operations in the Delaware Basin, a western portion of the Permian, operate on about 280,000 net acres with production in the area accounting for 14 percent of the company and reserves accounting for 13 percent, records show.

Those operations brought in about $900 million in capital for 2019, per information on Devon’s website.

The company’s current focus in the Permian is on the Wolfcamp and Bone Spring formations.

XTO Energy, a subsidiary of Exxon Mobile recently entered into an agreement with the Carlsbad to build its regional headquarters on 47 acres in the Carlsbad Airport Industrial Park, accommodating up to 300 employees.