ALBUQUERQUE, N.M. (AP) — New Mexico land managers say the state is on track to have another banner year as a result of oil and gas drilling and other activities on state trust lands.
The State Land Office announced Tuesday that revenue for the recent fiscal year is expected to top $1 billion. Officials say back-to-back billion-dollar years are breaking revenue records despite a decline in oil prices and economic uncertainty resulting from the coronavirus pandemic.
While the agency saw a 5% decrease in oil and gas royalty payments, it reported more than $885,000 — or a 118% increase — in revenue from wind energy projects and lease payments.