Oil & Gas Revenue Provided Big Tax Savings to New Mexico Residents
Oil & Gas Revenue Provided Big Tax Savings to New Mexico Residents
Recent data released from New Mexicans for Economic Prosperity shows that $852 million in revenue was generated in 2018 from state trust land with the majority coming from oil & gas activity. These record-breaking revenues went to New Mexico’s Land Grant Permanent Fund & Land Maintenance Fund which are estimated to have saved New Mexican households up to $1,100 on their taxes last year. While last year’s revenues were the highest historically, these two funds have had generous capital increases over the past decade due to increased activity in the Permian Basin. Combined these two funds contributed $3.5 billion towards the state in the last five years and $6.5 billion over the last decade. These revenues not only discounted individual households’ taxes, but also improved New Mexico’s communities by funding education, infrastructure, and more.State Trust LandsThe oil and gas industry accounted for 93.5% of revenue generated on New Mexico’s state trust lands in 2018 while using less than a quarter of the land. This should be no surprise to the New Mexico community – oil and gas activity has been thriving in New Mexico, specifically within the Permian Basin. One oil and gas segment, pipelines, have generated $15.4 million in state revenue alone. State trust lands’ activity is very important to New Mexico communities because not only does it generate revenue to help improve the state, but it also creates jobs directly and indirectly.
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Chase Energy Services
Chase Energy Services is one of the largest privately held integrated oilfield services company in the US, providing end-to-end oilfield services through an experienced management team, innovative technologies and an unrelenting focus on safety. With more than 500 employees, the company serves customers across Southeast New Mexico and West Texas in frac and acidizing, well construction and completion, cementing solutions and well servicing. Learn.More
Chase Energy Services, Inc.11344 Lovington HWYArtesia, NM 88210(575) 748-1288
