Energy revenue tops $1 billion for New Mexico State Land Office in FY 2019

State Land Office in New Mexico said last month it expects to receive about $1.1 billion in revenue from energy development in fiscal year 2019. That’s an increase over the record $852 million in FY 2018. Funds will become available this fall when oil and gas royalties are collected. Stephanie Garcia Richard, state land commissioner, told the Carlsbad Current Argus the revenue will be used to support public schools, universities and other institutions in the state in addition to operational costs for the State Land Office.