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State of New Mexico Revenue Forecast Surges $1.2 Billion, Driven By Growing Oil & Gas Industry

State of New Mexico Revenue Forecast Surges $1.2 Billion,  Driven By Growing Oil & Gas Industry - New Mexico Oil & Gas Association

NMOGA

 

 

SANTA FE, NEW MEXICO – Today, economists with state agencies and legislature released new revenue estimates for the fiscal year beginning July 1, predicting revenue will outpace spending obligations in the coming year by an “astonishing” $1.2 Billion. Growth in the oil and gas industry was cited as a key driver. New Mexico Oil and Gas Association Executive Director Ryan Flynn offered a perspective from the industry on the heels of the announcement:

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4 Permian Basin counties each have 50 drilling rigs or more

4 Permian Basin counties each have 50 drilling rigs or more - New Mexico Oil & Gas Association

Kirsten Geddes | KTRE | August 3, 2018

The oil and gas industry in the Permian Basin continues to grow as more and more drilling rigs pop up.

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Power to the Permian: Xcel sees record numbers during oil boom

Power to the Permian: Xcel sees record numbers during oil boom - New Mexico Oil & Gas Association

Adrian Hedden | Carlsbad Current-Argus | August 1, 2018

Amid a heat wave and ongoing expansion in the oil and gas industry, one of southeast New Mexico’s primary electricity providers reported its highest volume ever transmitted earlier this month.

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Intelligent Drones Push The Boundaries Of Oil And Gas Inspection

Intelligent Drones Push The Boundaries Of Oil And Gas Inspection - New Mexico Oil & Gas Association

Mark Venables | Forbes | July 24, 2018

Drones are not new to industry or the oil and gas sector. They have been used by companies that are offering full-service video, or to capture survey photographs for some time.  However, Renner Vaughn, director of oil and gas at commercial drone operator, Cape, believes that there is a major gap between what companies are hoping for and achieving in the use of drones.

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NM oil gushes to new highs

NM oil gushes to new highs  - New Mexico Oil & Gas Association

Kevin Robinson-Avila | Albuquerque Journal | July 24, 2018

ALBUQUERQUE, N.M. — New Mexico oil production is gushing to a new record this year, with output up 31 percent in the first five months of 2018, according to the latest statistics from the state Oil Conservation Division.

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America's Oil and Gas Industry Is on Pace for a Record Smashing Year in 2018

America's Oil and Gas Industry Is on Pace for a Record Smashing Year in 2018 - New Mexico Oil & Gas Association

Matthew DiLallo | Motley Fool | July 14, 2018

Energy companies in America are on pace to produce 10.8 million barrels of oil per day (BPD) this year, according to a forecast by the U.S. Energy Information Administration (EIA). Not only would that sandwich the country between Russia and Saudi Arabia as one of the three largest oil producers in the world, but it would smash the record of 9.6 million BPD set in 1970. It marks a remarkable comeback for a country that had seen its output steadily decline for more than two decades before embarking on an epic rebound out of the ashes of the 2008-9 financial crisis.

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