Reuters (May 18, 2023) – New Mexico’s crude oil production grew more last year than any other U.S. state, including top producer Texas, and accounted for half the nation’s overall gain, signaling its importance in expanding U.S. oil output. The state’s production rose by a record 300,000 barrels per day (bpd) in 2022, to 1.6 million bpd, the U.S. Energy Information Administration said on Thursday. It was the third consecutive year that New Mexico’s increase outpaced other states. Overall U.S. crude oil production grew by 600,000 bpd in 2022, averaging 11.9 million bpd, the EIA said. “New Mexico is like the new frontier, and there’s a lot of upside potential,” said Phil Flynn, an energy analyst at Price Futures Group. “Some people argue that some of (Texas’s) best wells have been drilled.” Texas is still the largest oil-producing state with output totaling nearly 5.3 million bpd in February, far ahead of New Mexico’s 1.8 million bpd, the most recent EIA data showed.
Various News Articles Appeared on May 18 & 19, 2023:
Reuters: New Mexico Oil Output Delivered Half of U.S. Growth in 2022
Oil Price: NM Accounted for 50% of U.S. Oil Production Growth in 2022
Energy Information Administration’s Summary of New Mexico Production – 2022
