Record oil and gas production in New Mexico in FY 2022 resulted in record revenue of more than $2 billion for the state. The State Land Office said in FY 2022 that ended June 30 the state produced 132 million barrels of oil and 659 billion cubic feet of natural gas. Production has grown since 2013 when New Mexico produced 35 million barrels of oil and 219 billion cubic feet of gas.
Carlsbad Current Argus said monthly earnings from extraction of oil and gas climbed steadily since October 2021 when oil and gas royalties to the state reached $127 million to June 2022 when the state received $260 million and August 2022 when the state received $258 million. FY 2022 had the most royalties of the last decade with $2.3 billion – about double the $1.2 billion of 2021. Assistant commissioner Greg Bloom of State Land Office told Current Argus the revenue helps fund public services such as schools and hospitals.