News

How NM stacks up on revenue from oil and gas

How NM stacks up on revenue from oil and gas - New Mexico Oil & Gas Association

Albuquerque Business First | Ron Davis | January 18, 2019

 

New Mexico tapped into billions of dollars out of its oil hotbeds this past fiscal year.

According to a report from the New Mexico Tax Research Institute and Moss Adams, a Seattle-based accounting, consulting and wealth management firm, the state collected more than $4 billion in revenue from activities related to oil and natural gas production in FY18, which is more than $1 billion higher than what New Mexico took the year before. The revenue was made up of royalties and taxes, land income and investment income.

The Tax Research Institute examined oil and gas production in New Mexico and eight surrounding states. It found the Land of Enchantment to have the greatest percentage share of total oil and gas production value directly contributed to government revenue compared to the other states.

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New Mexico oil producers drilling more as prices plummet

New Mexico oil producers drilling more as prices plummet - New Mexico Oil & Gas Association

Carlsbad Current-Argus | Adrian C Hedden | December 28, 2018

The end of the year brought the lowest oil prices of 2018, as global market tensions and a lack of infrastructure caused a significant decline in the price per barrel even as one of the largest underground shale deposits ever discovered was found in the Permian Basin.

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Why The Permian Basin May Become The World's Most Productive Oil Field

Why The Permian Basin May Become The World's Most Productive Oil Field - New Mexico Oil & Gas Association

Forbes |  Robert Rapier | December 27, 2018

Many people will tell you that the production rate of Saudi Arabia’s Ghawar oil field, which has yielded 5 million barrels of petroleum per day for decades, will never be surpassed. In fact, no other oil field has ever come close to topping the production rate of Ghawar, and up until recently I would have agreed its production would never be topped.

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Lea No 3 oil producer in US

Lea No 3 oil producer in US - New Mexico Oil & Gas Association

Hobbs News Sun eEdition | Curtis C. Wynne | January 3, 2019

 ‘Bragging rights is one thing and it’s always nice to have bragging rights, but what it means to the county is more revenue. The bottom line is it’s going to increase the revenue to the county and it’s going to increase the revenue to the state. It’s real simple.’ - Chip Low, Lea Finance Director

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Get ready for Michelle Lujan Grisham

Get ready for Michelle Lujan Grisham - New Mexico Oil & Gas Association

Santa Fe New Mexican | Associated Press | December 29, 2018 

Starting Tuesday, Lujan Grisham will be in charge. May she take control with her can-do attitude, ability to work cooperatively with others and, most of all, with a sense of priorities that put big things first — tax reform, filling vacant state jobs, education, infrastructure, the welfare of children, protecting the environment — and make investments that will strengthen New Mexico.

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EIA: US crude, NGL production broke records in November

EIA: US crude, NGL production broke records in November

Oil & Gas Journal | Nick Snow | December 28, 2018

Reported total US crude production through Nov. 30 averaged more than 10.8 million b/d in 2018, 16.4% more than the monthly average of almost 9.3 million b/d for the comparable 2017 period, according to figures from EIA’s December 2018 Monthly Energy Review. Average monthly NGL production through November of more than 4.3 million b/d was almost 14.8% more than average monthly NGL production in 2017’s first 11 months, it said.

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