Special Report: Updated Oil and Revenue Forecast

14 December, 2024

 

Fueled by New Mexico’s continued record oil and gas production, the Legislative Finance Committee increased its General Fund Consensus Revenue Estimate by $243 million, for a total of $13.26 billion of recurring revenues for Fiscal Year '25.

NMOGA is grateful the oil and gas professionals whose dedication to innovation and excellence continues to Energize New Mexico and move our state forward. The estimated funding increase continues the industry’s growing contribution to New Mexico’s education, public safety, infrastructure and numerous programs that improve quality of life for all New Mexicans.

The elevated estimate also reflects the strength the industry to exceed production demands while adhering to state regulations to protect New Mexico’s environment. Look to NMOGA for ongoing Legislative updates all throughout the 2025 legislative session.