The New Mexico Oil and Gas Association recently published its top five highlight list for 2021 energy producers in The Land of Enchantment. They include:
Economic Recovery
Thanks to the industry’s resilience, oil and natural gas production in New Mexico roared back to pre-pandemic levels. The oil and natural gas industry is the bedrock of New Mexico’s economy, supporting 134,000 jobs.
Rising Rig Count
New Mexico ended 2020 with 65 active rigs. That steadily rose over the year to a peak of 93 rigs in December.
Historic Production
New Mexico cemented itself at the center of domestic energy production by becoming the 2nd largest oil producer in the country. The state produced more than a million barrels per day. The Permian Basin of New Mexico and Texas currently accounts for nearly one third of national production.
Energy Security
New Mexico helped the U.S. to retain its status as a net energy exporter. Oil and gas natural production in New Mexico has solidified American energy security, making the U.S. less reliant on foreign countries to fuel our own economy, infrastructure and public safety.
Record Revenues
Oil and natural gas production in New Mexico delivered $5.3 billion in state and local tax revenue – the highest figure ever recorded in New Mexico history. Revenue grew $500 million on the strength of production, returning drilling activity, and rebound in market prices.