News

Oil Industry Sets New Record With $3.1 Billion in Revenue for 2019 New Mexico Budget

William Allison, Energy In Depth | January 17, 2020

Public schools, highways, and healthcare in New Mexico can expect to see more funding in 2020, thanks to the oil and gas industry. A new report by the New Mexico Tax Research Institute reveals that the oil and natural gas industry contributed more than $3.1 billion in tax revenue for fiscal year 2019 — a dramatic increase of $910 million from 2018. Now, oil and natural gas represent 39 percent of New Mexico’s General Fund revenues, the highest share of all industries in recent history.

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Oil and gas generated $3.1 billion in state revenue last year

Adrian Hedden, Carlsbad Current-Argus | January 16, 2020

State revenue from New Mexico’s oil and gas industry continued to grow last year, reaching an all-time high as production continued to boom in the Permian Basin.

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NM earned $3.1B in oil, gas revenue in FY 2019

Kevin Robinson-Avila, Albuquerque Journal | January 16, 2020

State revenue from oil and gas activity soared to a record $3.1 billion in fiscal year 2019, up 41% from the $2.2 billion generated the year before, according to the latest annual report from the New Mexico Tax Research Institute.

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2019 Top Stories #1: NM cashes in on the world’s most productive oil field

Kendra Chamberlain, NM Political Report | December 31, 2019

The Permian Basin became the world’s most productive oilfield in 2019, and New Mexico is reaping the financial benefits. The state saw a significant revenue surge this year, resulting in a projected $7.8 billion collected.

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The Shale Revolution

David Wethe, Bloomberg | December 27, 2019

Even big oil companies say solar and wind will be the energy of the future. But while we wait, the energy of the present is being transformed — for better and for worse — by technologies that unlock fuel from underground rocks known as shale.

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2019 End of Year Recap

2019 has been a banner year for New Mexico’s oil and natural gas industry.

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