ALBUQUERQUE, N.M. (AP) — New Mexico has set a record for the highest monthly royalty earnings from oil and gas leases.
The State Land Office says the nearly $110 million that was earned in April was more than any month in state history. Land Commissioner Stephanie Garcia Richard said Tuesday that the revenue boon will benefit public schools, hospitals and other state programs that are funded by drilling, development and other activities on state trust land.
The previous record for royalty earnings was nearly $109 million in February 2020. That record was set before a global price war and pandemic market forces disrupted the oil industry.