Oil production in New Mexico hit a record high in a recent 12-month period, according to state economists, with even steeper heights expected in the coming years. New Mexico has surged past North Dakota to become the No. 2 oil-producing state in the nation, behind only Texas.
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Wells Drilled in New Mexico July 2023
Delaware Account List
Detailed list of Operators active in the Delaware Basin
Wells Drilled in the Delaware Basin in 2023
Detailed list of wells drilled in the Delaware basin in 2023
Fueled by an incredible oil and gas boom and strong consumer spending, New Mexico’s financial reserves reached about 52% of ongoing state spending this summer — a financial cushion of nearly $4.4 billion.
This year’s revenue growth continues a string of robust financial years for New Mexico policymakers. Oil and gas revenue makes up roughly 40% of the state general fund, though estimates vary, and the income is volatile.
New Mexico legislators and Gov. Michelle Lujan Grisham can expect almost $3.5 billion in “new money” in next year’s budget — the difference between current spending levels and projected revenue for the fiscal year beginning next summer.
“We’re living in unprecedented, historic times in the state of New Mexico,” Wayne Propst, secretary of finance and administration, told lawmakers Wednesday.
The budget approved for this year, for example, boosts ongoing spending by about 14% — to roughly $9.6 billion — over last year.
New Mexico is part of the Delaware Basin – The basin’s areal extent covers 13,000 square miles, most of which is sparsely populated. The northern end of the basin lies in New Mexico, giving it exposure to federal land which typically carries a lower royalty rate compared the private leases in Texas and some regions of New Mexico.
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