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New Mexico counties lead in Permian Basin oil, gas output

HOBBS, N.M. — The latest data from two state agencies shows that a pair of New Mexico counties continues to lead others in the Permian Basin in oil and gas production.

Data from Texas and New Mexico state agencies show Lea County leads the Permian Basin in oil while Eddy County tops in natural gas, the Hobbs News-Sun reports (https://goo.gl/qY4s7b). The agencies say both exceed production of the more than two dozen Texas counties in the Permian Basin.

The Texas Railroad Commission and the New Mexico Oil Conservation Division track and publish production data for their respective states.

NMOCD reported crude oil production in Lea County topped 70.9 million barrels in 2015, compared to Eddy County’s 65.8 million. Meanwhile, Midland County, Texas, produced 47.3 million barrels of crude in 2015.

Production of natural gas from Eddy County reached 311.9 million thousand cubic feet in 2015. Lea County produced 27 percent less at 227.2 million.

By comparison, Midland County, Texas, produced 155.9 million in 2015.

Preliminary data through September suggests similar numbers for both counties by the end of 2016.

Oil production in Lea County was at 5.6 million barrels for the month of September and 53.6 million barrels for the year to date. Oil production in Eddy County in September was 5.2 million barrels, with a total of 47.6 million for the year to date.

Depressed energy prices have curtailed exploration, although the rig count has been rising in recent weeks. The drop in prices have hurt New Mexico’s budget as state lawmakers eye further cuts.

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Information from: Hobbs News-Sun, http://www.hobbsnews.com



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