Oil boom drives NM revenues to record high

Record High

Dan Boyd | Albuquerque Journal | August 22, 2018 

TAOS – After several cash-lean budget years that prompted spending cuts and other austerity measures, a big revenue boom has hit New Mexico. 

State lawmakers will have an estimated $1.2 billion in “new” money available in the coming budget year due to unprecedented oil production levels and overall economic growth, according to new revenue figures released Wednesday by legislative and executive economists.

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No oil bust in sight for booming Permian Basin

Hobbs News-Sun | August 9, 2018 

At least for the foreseeable future, the series of oilfield boom/bust cycles is over, according to an industry expert speaking in Hobbs to the New Mexico Association of Counties board of directors last week.

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EIA: Permian region expected to drive US crude oil production growth through 2019

Green Car Congress | August 24, 2018

The US Energy Information Administration (EIA) August Short-Term Energy Outlook (STEO) forecasts that US crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.7 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970.

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State of New Mexico Revenue Forecast Surges $1.2 Billion, Driven By Growing Oil & Gas Industry

NMOGA

 

 

SANTA FE, NEW MEXICO – Today, economists with state agencies and legislature released new revenue estimates for the fiscal year beginning July 1, predicting revenue will outpace spending obligations in the coming year by an “astonishing” $1.2 Billion. Growth in the oil and gas industry was cited as a key driver. New Mexico Oil and Gas Association Executive Director Ryan Flynn offered a perspective from the industry on the heels of the announcement:

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4 Permian Basin counties each have 50 drilling rigs or more

Kirsten Geddes | KTRE | August 3, 2018

The oil and gas industry in the Permian Basin continues to grow as more and more drilling rigs pop up.

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Power to the Permian: Xcel sees record numbers during oil boom

Adrian Hedden | Carlsbad Current-Argus | August 1, 2018

Amid a heat wave and ongoing expansion in the oil and gas industry, one of southeast New Mexico’s primary electricity providers reported its highest volume ever transmitted earlier this month.

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Intelligent Drones Push The Boundaries Of Oil And Gas Inspection

Mark Venables | Forbes | July 24, 2018

Drones are not new to industry or the oil and gas sector. They have been used by companies that are offering full-service video, or to capture survey photographs for some time.  However, Renner Vaughn, director of oil and gas at commercial drone operator, Cape, believes that there is a major gap between what companies are hoping for and achieving in the use of drones.

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NM oil gushes to new highs

Kevin Robinson-Avila | Albuquerque Journal | July 24, 2018

ALBUQUERQUE, N.M. — New Mexico oil production is gushing to a new record this year, with output up 31 percent in the first five months of 2018, according to the latest statistics from the state Oil Conservation Division.

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America's Oil and Gas Industry Is on Pace for a Record Smashing Year in 2018

Matthew DiLallo | Motley Fool | July 14, 2018

Energy companies in America are on pace to produce 10.8 million barrels of oil per day (BPD) this year, according to a forecast by the U.S. Energy Information Administration (EIA). Not only would that sandwich the country between Russia and Saudi Arabia as one of the three largest oil producers in the world, but it would smash the record of 9.6 million BPD set in 1970. It marks a remarkable comeback for a country that had seen its output steadily decline for more than two decades before embarking on an epic rebound out of the ashes of the 2008-9 financial crisis.

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US expected to become world's top oil producer next year

David Koenig | Petoskeynews | July 15, 2018

The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world's biggest oil producer for the first time in more than four decades.

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