The largest oil and gas producers in New Mexico and their impact on the economy

The oil and gas industry has a big impact on the New Mexico economy.

In 2018, the oil and gas industry contributed $2.2 billion to the state's revenue, according to the New Mexico Oil and Gas Association, an increase of $465 million from the previous fiscal year.

Production for both oil and gas hit record highs in 2018, as reported by the Energy, Minerals and Natural Resources Department's Oil Conservation Division. Total oil production for the year was 248 million barrels, which includes a 75 million barrel increase from 2017 by the state's top producers. Meanwhile, the state's top gas producers ended 2018 with 1.5 billion MCFs of natural gas, a 390 million MCF increase in production over the previous year.

Not only has the oil and gas industry made waves in the state, but across the country as well. Currently, New Mexico ranks 3rd in the nation for oil production, and 9th in natural gas production.

The growth of the oil and gas industry in southeastern New Mexico has spilled over into several needs for its growing economies, namely the housing and retail markets. 

Take a look at the accompanying slideshow to see the top 5 oil and gas companies in New Mexico, as reported in Albuquerque Business First's weekly featured List. Each company is ranked based on their oil or gas production numbers from 2018.