Record-Breaking Oil Revenues for New Mexico in 2018
Record-Breaking Oil Revenues for New Mexico in 2018
In 2018, New Mexico achieved $2.2 billion in state revenue from oil & gas production. This surpassed revenue in 2017 by $465 million, equating to 26 percent growth. The high growth can be contributed to investment, interest, and increased oil production in the Permian Basin. The Permian Basin is the hub for the influx of oil production and has a very favorable future through continued development.Oil and Gas Revenue’s BenefactorsRevenues from this year’s oil and gas production funded 32 percent of New Mexico’s General Fund, which significantly benefited the education system. Of the $2.2 billion of oil and gas revenue, $1.06 billion went towards education funding. Primary and secondary education received $822 million, while higher education institutions including colleges and universities were recipients of $241 million. New Mexico also took advantage of additional funds to build new roads, invest in new diverse opportunities and other measures to improve the state.Pivotal Time for New MexicoThere is still production momentum and investment opportunities within New Mexico. Analysts forecast that the United States will be the top exporter for crude and petroleum products. Already, the United States carries the title of largest oil producer with most of the production coming from Texas and New Mexico. New Mexico is expected to remain a highly desirable location for natural gas and oil investors if policies and bills remain constant. Currently, there is a proposed four-year moratorium on new hydraulic fracturing permits. This moratorium would hinder any new growth and could deter investors. Currently, New Mexico is on a path that could lead to two very different destinations: expansive growth or a production hiatus. We encourage all New Mexico citizens to voice their opinion on Senate Bill 459 to their local representatives. Find your local representative.
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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
