FOR IMMEDIATE RELEASE
March 6, 2020
Contact:
Angie Poss, Assistant Commissioner of Communications
505.470.2965
aposs@slo.state.nm.us
Monthly Oil and Gas Royalty Revenue Tops $100 Million for First Time
SANTA FE, NM – The New Mexico State Land Office has broken yet another revenue record after receiving $108,916,517 in royalty payments for oil and gas operations on state trust land in the month of February. Revenue received from royalty payments are distributed from the State Land Office to the State Investment Council for investment in the Land Grant Permanent Fund.
“As projected, the Land Office is on track to raise another billion dollars this year for our public schools, hospitals, universities, and other public institutions. For the first time in history, our monthly royalty revenue will be near or over $100 million for four months in a row,” Commissioner Garcia Richard said. “The money that we receive in this office is vital to all New Mexicans – whether that money is from royalty payments from oil and gas, outdoor recreation permits, renewable energy, or rights of way easements – almost every penny goes to making our state a better place all while saving taxpayers money that would otherwise be needed to pay for our public institutions.”
The State Land Office’s Royalty Management Division reports royalty revenue three months after production. The $108,916,517 royalty revenue reported for the month of February, 2020 is royalty paid on production from November, 2019.