New Mexico's oil and gas industry honored at awards - Albuquerque Journal

New Mexico’s oil and gas industry honored at awards

For years, NAIOP’s Chuck Gara Community Leader Award, one of the highest honors at the commercial real estate group’s annual Awards of Excellence event, was given to an individual from New Mexico’s business community who exemplified the longtime real estate professional’s leadership and generosity.

“It was a recognition of the kind of man Chuck was,” said Lynne Andersen, president of NAIOP.

This year, however, the awards committee took a different approach. Rather than singling out an individual who led the state forward, the award was presented to the New Mexico Oil and Gas Association as an organization. Andersen described the choice as a way of honoring the economic and philanthropic contributions of the state’s entire booming oil and gas industry. She described the industry as sometimes overlooked and denigrated by state and local officials.

“There is this industry that helps New Mexico work,” Andersen said. “And without them, we would be in a world of hurt.”

Over the last several years, new extraction technologies have helped make the Permian Basin, spanning much of West Texas and southeastern New Mexico, one of the most productive oil fields in the world. The changing industry has reshaped communities in New Mexico’s southeastern corner, while providing a massive wave of new funding for state programs. According to new revenue figures from the state, New Mexico legislators will have an estimated $797 million in “new” money available in the budget year that starts July 1, which has been driven heavily by growth in the oil and gas industry. Oil and gas revenue now makes up about 38% of direct state revenue collections, and around 47% of all revenue sources, according to the Legislative Finance Committee.

Ryan Flynn, executive director of the New Mexico Oil and Gas Association, announces the $1 million Brighter Future Fund. (Theresa Davis/Albuquerque Journal)

Ryan Flynn, executive director of the oil and gas association, said the industry has battled low oil prices for much of the year, but infrastructure advancements have helped the boom persist.

“It’s a testament to the resiliency of the industry,” Flynn added.

Flynn said the industry has learned from prior boom-and-bust cycles, and has prioritized improving communication and support in communities feeling the effects of the growth, as well as in cities like Albuquerque that are farther away from the oil fields.

NMOGA launched the Brighter Future Fund in September, which allows the association to provide grant funding to nonprofit and educational organizations in other parts of the state. NMOGA and the American Petroleum Institute have committed $1 million to the fund through 2024, and the fund will distribute $200,000 annually.

“So many of the people in our industry, they give for the purpose of giving,” Flynn said.

The awards ceremony also honored contributions from technology giants in and around Albuquerque.

The Chairman’s Award, which is designed to honor the project deemed to have the most impact on the physical and economic development environment of the state, went to Facebook’s massive $1 billion data center project in Los Lunas. The first building in Facebook’s planned six-building complex was completed in February. The data center complex is expected to be complete by 2023, and is expected to be home to more than 150 employees and contractors.

The Vision Award went to Netflix’s Albuquerque Studios project. The streaming giant finalized its acquisition of Albuquerque Studios in January, committing to spend $1 billion over the course of a decade and add 1,000 jobs per year.

Joe Farr

Additionally, NAIOP announced that the incoming 2020 chair of its board of directors will be Joe Farr, founder and president of Duke City Commercial. Farr has been a licensed real estate broker in New Mexico since 1994. Farr replaces outgoing chair Debbie Harms, of NAI Maestas and Ward.

Andersen praised Farr, noting that he brings a unique blend of private-sector experience and focus on economic development initiatives.

“He’s very knowledgeable and just a plain hard worker,” Andersen added.

NAIOP’S 2019 Best of the Best


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

Nativo Sponsored Content

taboola desktop

MORE ARTICLES LIKE THIS

1
One-on-One: Engineering firm CEO's past trauma helps him lead
ABQnews Seeker
Army veteran helps other find healing ... Army veteran helps other find healing at the Grand Canyon
2
New Mexico firm's gaming universe inspires thousands
ABQnews Seeker
Ganymede Games' "Xenotheria" appeals to grown-up ... Ganymede Games' "Xenotheria" appeals to grown-up gamers' nostalgia.
3
J. Crew bids adieu to Albuquerque
ABQnews Seeker
J. Crew first opened its doors ... J. Crew first opened its doors for New Mexicans in 2012, according to earlier reporting, and specialized in men's and women's fashion.
4
As AI progresses, keep humanity, humility in mind
ABQnews Seeker
When my business partner and I ... When my business partner and I launched our company in the mid-1990s, we debated whether to install ...
5
NM tech firms awarded state matching grants
ABQnews Seeker
The NM SBIR grants are designed ... The NM SBIR grants are designed to support local science and technology companies in achieving their commercialization goals, according to a news release from ...
6
New ABQ lifestyle shop aims to offer Old Town ...
ABQnews Seeker
Retailer focuses on providing customers with ... Retailer focuses on providing customers with items ranging from small-batch printed cards to jewelry to beauty products made with New Mexican ingredients
7
College athlete deals risk tax-free scholarships
ABQnews Seeker
The college football bowl season is ... The college football bowl season is over.
8
Albuquerque restaurant inspections for Jan. 31, 2022
ABQnews Seeker
Crepes and Waffles, 3211 Coors SW ... Crepes and Waffles, 3211 Coors SW (Jan. 14)
9
Briefcase: Wealth management firm hires Santa Fe vice president
Outlook
Robert H. Hoffman has joined Morgan ... Robert H. Hoffman has joined Morgan Stanley Wealth Management's Santa Fe Office as vice president and financial advisor.