Revenue Climbs $465 Million from 2017 to 2018
SANTA FE, NEW MEXICO – New Mexico state revenue from oil and natural gas production has reached a record high according to a new analysis from the nonpartisan New Mexico Tax Research Institute. The report shows that New Mexico’s General Fund and public schools benefitted from $2.2 billion in oil and natural gas taxes and revenues in fiscal year 2018, an all-time high and an increase of $465 million from fiscal year 2017.Read more
The U.S. added nine oil and gas rigs this week, indicating activity in the nation's shale fields may have slightly recovered after last week saw the biggest drop in total rigs since 2016.
The nation added 10 oil rigs and lost one gas rig, the Houston oilfield services company Baker Hughes reported. Texas, home to 517 oil and gas rigs, lost four this week. New Mexico, which has 112 rigs, led the increase, adding four. In all, there were 1,059 active rigs in the U.S. this week.
Drillers pulled more than 25 oil and gas rigs out of service last week, the biggest drop since the low point of the last oil bust. Losing rigs can be a sign of slowing activity in the nation's shale fields.Read more
ALBUQUERQUE, N.M. - According to a study of the nine oil-producing states, New Mexico gets the biggest cut from taxing oil and gas in the entire nation.
New Mexico’s tax rate is 20 percent, compared to about 15 percent for Wyoming and Texas, which get the second and third highest cuts.
“The government gets the largest share of oil and gas revenue as a percentage of production,” President of the New Mexico Tax Research Institute Richard Anklam said.
The estimated amount of money from last year is estimated in the billions.Read more
New Mexico is No. 1 in the share of oil and gas revenue it captures from local production, compared with eight other Western states, according to a new study released Thursday by the New Mexico Tax and Research Institute and Moss Adams.
The study, to be presented today to the House Appropriations and Finance Committee, shows that state and local governments reaped 20.7 percent of all revenue generated from oil and gas in 2017 through taxes and royalties. That’s significantly higher than the percentage for all other states in the study, including Texas, the runner-up, with a 14.9 percent share of revenue.
New Mexico received more than $3 billion from oil and gas last year, contributing to a record surplus of more than $1 billion to state coffers as the Legislature begins debate over next year’s budget.Read more
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.Read more