News

Oil boom may provide windfall to New Mexico, public schools

Morgan Lee | Associated Press | August 22, 2018 

SANTA FE - A surge in New Mexico’s income linked to an oil boom may give legislators an extra $1.2 billion to work with as they craft the next annual budget, state economists announced Wednesday.

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Oil boom drives NM revenues to record high

Record High

Dan Boyd | Albuquerque Journal | August 22, 2018 

TAOS – After several cash-lean budget years that prompted spending cuts and other austerity measures, a big revenue boom has hit New Mexico. 

State lawmakers will have an estimated $1.2 billion in “new” money available in the coming budget year due to unprecedented oil production levels and overall economic growth, according to new revenue figures released Wednesday by legislative and executive economists.

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No oil bust in sight for booming Permian Basin

Hobbs News-Sun | August 9, 2018 

At least for the foreseeable future, the series of oilfield boom/bust cycles is over, according to an industry expert speaking in Hobbs to the New Mexico Association of Counties board of directors last week.

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EIA: Permian region expected to drive US crude oil production growth through 2019

Green Car Congress | August 24, 2018

The US Energy Information Administration (EIA) August Short-Term Energy Outlook (STEO) forecasts that US crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.7 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970.

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State of New Mexico Revenue Forecast Surges $1.2 Billion, Driven By Growing Oil & Gas Industry

NMOGA

 

 

SANTA FE, NEW MEXICO – Today, economists with state agencies and legislature released new revenue estimates for the fiscal year beginning July 1, predicting revenue will outpace spending obligations in the coming year by an “astonishing” $1.2 Billion. Growth in the oil and gas industry was cited as a key driver. New Mexico Oil and Gas Association Executive Director Ryan Flynn offered a perspective from the industry on the heels of the announcement:

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4 Permian Basin counties each have 50 drilling rigs or more

Kirsten Geddes | KTRE | August 3, 2018

The oil and gas industry in the Permian Basin continues to grow as more and more drilling rigs pop up.

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