New Mexico reports more than $2B in revenue for the third year in a row
5 Dec 2024
News
Oil and gas revenue earned New Mexico more than $2.5 billion last fiscal year, state officials announced Thursday. It was the third straight year the state broke the $2 billion threshold from its land, and its second-biggest windfall of that type ever.
With record production, New Mexico has risen to become the second-highest producer of oil and gas in the U.S., just behind Texas. The state’s revenue from its 9 million acres of land and 13 million acres of below-ground holdings goes to its Land Grant Permanent Fund. The fund holds money in trust for public schools, universities and a handful of other beneficiaries. This year, it paid out more than $1 billion.
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