ExxonMobil's development of assets in the Permian Basin is estimated to provide $64 billion benefiting New Mexico over the next four decades, according to a report released by the company Friday.
The company said its investment in the Permian will represent $55 billion in capital expenditures in Eddy and Lea counties.Read more
New Mexico is raking in record revenue hand over fist from activities on state-owned lands.
The State Land Office collected $852 million from leases, royalties and other payments in fiscal year 2018, a 28% increase from FY 2017 and the highest amount ever recorded, according to a new report from the economic advocacy group New Mexicans for Economic Prosperity.Read more
U.S. oil production will hit 13.1 million barrels a day in 2020, the Energy Information Administration says in a new forecast.
That's a 19 percent increase over last year's average of 11 million barrels a day, with the forecast projecting most of the gains will come from the Permian Basin, which spans West Texas and Eastern New Mexico.Read more