News

ConocoPhillips | May 2022NEW MEXICO – ConocoPhillips recently announced $100,000 to be allocated to the All Together NM Fund and other relief agencies in support of New Mexico’s wildfire disaster relief efforts. The All Together NM Fund was established in 2020 by the New Mexico Coalition of Community Foundations in conjunction with the Governor’s office to help New Mexico respond to and eventually recover from the COVID-19 pandemic. The All Together NM Fund has now been reactivated to coordinate statewide relief for the ongoing wildfires.

Rystad Energy, OilPrice.com | May 19th, 2022Total hydrocarbon production in the Permian Delaware Basin, the top-producing play in the Permian, will hit a record 5.7 million barrels of oil equivalent per day (boepd) average in 2022, according to Rystad Energy research. Spurred on by high oil prices and appealing well economics, total production is set to grow by around 990,000 boepd, almost half of which – 433,000 boepd – is new oil production. Investments in the basin are also expected to jump, surging more than 40% from 2021 levels to reach $25.7 billion this year. A significant contributor to this growth is the majors – ExxonMobil, Chevron, BP and ConocoPhillips – who last year cut Permian Delaware investments by 33% vs. 2020. This year, the majors are expected to raise investments in the basin by 60%, bringing their total to $7.4 billion. Private operators’ share is also set to balloon in 2022, rising 50% from $5.8 billion in 2021 to nearly $9 billion in 2022. Cost inflation on the services side, which is expected to range between 10% and 15% this year, is also a contributor to the higher spend levels.

Morgan Lee, Chicago Sun Times | May 17th, 2022SANTA FE, N.M. — Thanks to oil tax revenues, government budgets are booming in New Mexico.

Mike Cook, The Las Cruces Bulletin | May 16th, 2022The new president and CEO of the New Mexico Oil and Gas Association (NMOGA) wants to “show people what we’re doing” for the state’s economy, the environment and the average American who fills his or her vehicle with gasoline to get work every day.

Chevron | May 16th, 2022Chevron Corporation (NYSE: CVX) today announced a contribution of $250,000 from the Chevron Global Community Fund to the All Together NM Fund and Taos Community Foundation to support relief efforts for wildfires in New Mexico.

Talia Kaplan, Fox Business | May 11th, 2022Mike Sommers, the American Petroleum Institute president and CEO, argued on Wednesday that a long-term energy strategy is needed to reduce prices and stressed that the U.S. has resources that can be developed quickly "if we get the policies right."