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New Mexico produced record $2.2 billion in oil revenue in 2018
(OILPRICE.COM & Albuquerque Journal) - New Mexico received $2.2 billion in revenues from oil production last year, data from the state’s Tax Research
IPANM pushing back on legislative bill that proposes Fracking Ban
IPANM & Western Wire (Hydraulic Fracturing) - IPANM is pushing back on SB459, a legislative bill that proposes a four-year
Rep. Brown's bills to improve roads in SE New Mexico move forward
Carlsbad Current Argus (Infrastructure) - Two bills intended to draw funds for statewide road projects were given a due pass Thursday
IPANM tracking potential tax increase proposals
Santa Fe New Mexican/ABQ Journal (Taxes) - Week 3 of the Legislative Session has included behind-the-scenes rumors of potential tax
New Mexico gets highest percentage of oil revenues compared to other states
IPANM (Royalties) - A new study conducted by the non-partisan Tax Research Institute shows that New Mexico oil and gas
U.S. Shale Oil And Natural Gas, Underestimated Its Whole Life
FORBES -  Naysayers said the development of tight shale formations to extract oil and gas was too costly and would
How an Oil Boom in New Mexico is Reshaping the World
TIME (INFRASTRUCTURE) - In the Permian Basin, the heart of American oil country, the massive oil and gas boom is
NM State Legislators respond to methane regulation discussion
LOS ALAMOS MONITOR (METHANE) - State Senator John Arthur Smith and House Minority Leader James Townsend have reacted to Gov.
Both Governor and Legislative Committee recommend $7 billion-plus state budgets
Santa Fe New Mexican - Top lawmakers on Monday rolled out a proposed $7 billion state budget that would include $600
Oil Conservation Division sets 2019 hearing schedules
IPANM - With the change in administration and the beginning of 2019, the New Mexico Oil Conservation Division (OCD) and

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Independent Petroleum Association of New Mexico

IPANM Administrative Offices
P.O. Box 6101, Roswell, New Mexico, 88202
Bus. - 575-622-2566 | Fax. - 575-622-2566

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Independent Petroleum Association of New Mexico

IPANM Administrative Offices
P.O. Box 6101, Roswell, New Mexico, 88202
Phone 575-622-2566

Search

Website designed by Siarza Social Digital

Natural Gas

WTI Crude Oil

(OILPRICE.COM & Albuquerque Journal) – New Mexico received $2.2 billion in revenues from oil production last year, data from the state’s Tax Research Institute showed. This was a 26-percent increase on the year, which amounted to $465 million more money than 2017. The total amount represented 32.3 percent of the New Mexico State General Fund recurring revenue.

New Mexico produced record $2.2 billion in oil revenue in 2018

 

IPANM & Western Wire (Hydraulic Fracturing) – IPANM is pushing back on SB459, a legislative bill that proposes a four-year moratorium on hydraulic fracturing. “I would immediately expect that if this legislation were to pass, you would see the mass exodus of both large and small oil and gas producers away from New Mexico to other states,” Jim Winchester, Executive Director of the Independent Petroleum Association of New Mexico (IPANM), told Western Wire.

IPANM pushing back on legislative bill that proposes Fracking Ban

 

Carlsbad Current Argus (Infrastructure) – Two bills intended to draw funds for statewide road projects were given a due pass Thursday in the House Transportation and Public Works Committee and proceeded to other committees for further review ahead of a final vote on the House floor.  Carlsbad’s State Rep. Cathrynn Brown (R-55) introduced House Bill 188 and House Bill 189 at the start of the ongoing 60-day legislative session.

IPANM strongly supports both bills, as they represent a commitment to keep infrastructure dollars going to their intended targets, in this case roads. IPANM also strongly supports any legislation that will help address deteriorating roads in Southeast New Mexico. As the Southeast is the generator of millions of dollars of tax revenue and largely responsible for the massive $1.2 billion budget surplus, it is necessary that this money go back to this area to support the area’s need for improved public safety on their roads.

Carlsbad Current Argus – Good roads are good business

 

 

 

 

Santa Fe New Mexican/ABQ Journal (Taxes) – Week 3 of the Legislative Session has included behind-the-scenes rumors of potential tax increases that could be part of a revised House Bill 6 (HB6). The Santa Fe New Mexican & ABQ Journal published the linked story below that summarizes the latest details.

New revenue streams may include tax increase proposals

 

 

IPANM (Royalties) – A new study conducted by the non-partisan Tax Research Institute shows that New Mexico oil and gas operators already contribute the greatest percentage share of total oil and gas production value to the government compared to the other states. The findings were presented on Friday, January 18, 2019 to the New Mexico House Appropriations & Finance Committee. Despite these findings, IPANM anticipates the New Mexico State Land Office will continue to push for higher royalty rates during this 2019 Legislative Session.  See links below for actually study results and news coverage.

New Mexico Tax Research Institute Final Report – New Mexico  
New Mexico Tax Research Institute Final Report – New Mexico Compared to Other States
Albuquerque Business Journal – How NM stacks up on revenue from oil and gas

FORBES –  Naysayers said the development of tight shale formations to extract oil and gas was too costly and would never amount to any significance. Many years have passed, and the reality is that shale production has surpassed all expectations.  Shale oil and gas development has completely upended the conventional thought that domestic crude oil and gas production peaked in 1970 and 2005, respectively.

U.S. Shale Oil And Natural Gas, Underestimated Its Whole Life

 

TIME (INFRASTRUCTURE) – In the Permian Basin, the heart of American oil country, the massive oil and gas boom is changing not just New Mexico and Texas, but also the nation and the world. There’s nothing quite like oil country in boom times. Across the Permian, gas stations, retail shops and fast-food restaurants advertise perks like $15-per-hour pay and 401(k) benefits as they compete to lure workers.

How An Oil Boom in New Mexico Is Reshaping the World

 

 

LOS ALAMOS MONITOR (METHANE) – State Senator John Arthur Smith and House Minority Leader James Townsend have reacted to Gov. Michelle Lujan Grisham’s plans to push for new methane regulations. IPANM will be closely monitoring these proposals and taking positions that will protect, defend and promote independent producers in regards to this issue.

NM State Legislators respond to new governor’s methane regulation discussion

Santa Fe New Mexican – Top lawmakers on Monday rolled out a proposed $7 billion state budget that would include $600 million for public works projects around New Mexico as the government’s coffers swell with a windfall of revenue from an oil and gas boom. The Legislative Finance Committee’s proposed budget would mark almost an 11 percent increase in spending by the state. That is less than what Gov. Michelle Lujan Grisham has proposed in her own version of the state budget, which would raise spending by about 13 percent.

Both Governor and Legislative Committee recommend $7 billion-plus state budgets

 

IPANM – With the change in administration and the beginning of 2019, the New Mexico Oil Conservation Division (OCD) and New Mexico Oil Conservation Commission (OCC) has updated hearing schedules.

Please also note the Special OCC Meeting that has been called for Jan. 8, 2019 regarding the Well Density Application.

At this time, OCD has approximately 250 pending cases to be heard to begin 2019.  To manage this growing caseload with the limited resources available to OCD, the OCD will set future dockets as follows:

  • January 10 and 11, 2019: Approximately 100 new cases previously filed before December 11, 2018.  Approximately 100 past continued cases where continuances were requested by the applicant/parties.  The 100 new cases will be heard first.
  • January 24 and 25, 2019:  Any cases not heard January 10 and 11, 2019 will be set.  Any remaining cases will be set for February 21 and 22, 2019.
  • February 7 and 8, 2019: New applications received before January 10, 2019 and any other cases as determined by the OCD.
  • February 21 and 22, 2019:  Continued or unheard cases from January 24 and 25, 2019.
  • Beginning March 2019, the first docket of each month will be reserved for new case applications filed 30 days before the hearing dates.
  • Applications for new cases filed after the 30-day deadline will be set on the following month’s first docket.
  • The second docket of each month will be reserved for continued cases from prior dockets and any other cases determined by the OCD.
  • Requests for “special” hearing dockets will be docketed based on OCD availability.

Please contact Gabriel Wade at (505) 476-3451 with any questions.

The Oil Conservation Commission will meet on the following days in 2019:

  • January 17
  • February 14
  • March 14
  • April 11
  • May 9
  • June 6
  • July 18
  • August 15
  • September 12
  • October 10
  • November 7
  • December 5

All of the latest updated information can be found at the NMOCD Hearing Webpage.