New Mexico oil and gas royalties set highest monthly record
Associated Press 8 hrs ago
ALBUQUERQUE, N.M. (AP) New Mexico has set a record for the highest monthly royalty earnings from oil and gas leases, state officials announced Tuesday.
The State Land Office reported that nearly $110 million was earned in April, which was more than any month in state history. The previous record was nearly $109 million in February 2020, just before a global price war and pandemic market forces disrupted the oil industry.
Land Commissioner Stephanie Garcia Richard said the revenue boon will benefit public schools, hospitals and other programs that are funded by drilling and other development on state trust land.
New Mexico oil and gas royalties set highest monthly record
washingtontimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtontimes.com Daily Mail and Mail on Sunday newspapers.
New Mexico oil and gas royalties set highest monthly record
sfgate.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sfgate.com Daily Mail and Mail on Sunday newspapers.
Oil and gas was a precious commodity in New Mexico for decades, generating billions of dollars in revenue for the state each year.
Amid the COVID-19 pandemic, the value of fossil fuels to New Mexico remained unchanged as the State Land Office reported continued high levels of production and revenue from extraction on state land.
Land continued to be leased to operators in monthly sales as operations focused on the Permian Basin region to the southeast.
But New Mexico Commissioner of Public Lands Stephanie Garcia Richard said the resource was “finite” and would run out eventually.
To her, that meant New Mexico’s economy and use of its State-owned public land needed to diversify.
Oil and gas was a precious commodity in New Mexico for decades, generating billions of dollars in revenue for the state each year.
Amid the COVID-19 pandemic, the value of fossil fuels to New Mexico remained unchanged as the State Land Office reported continued high levels of production and revenue from extraction on state land.
Land continued to be leased to operators in monthly sales as operations focused on the Permian Basin region to the southeast.
But New Mexico Commissioner of Public Lands Stephanie Garcia Richard said the resource was “finite” and would run out eventually.
To her, that meant New Mexico’s economy and use of its State-owned public land needed to diversify.