New Mexico Oil Production

Overview

  • New Mexico is the 2nd largest oil producer in the U.S.

  • Oil revenues provided 34.5% of state revenue in 2023

  • Crude oil production grew from ~100 million barrels in 2010 to ~745 million barrels in 2024

  • The Permian Basin in southeastern NM is the most prolific production area

  • Only 6% of oil is refined in-state (down from 52% in 2000)

New Mexico has become the second-largest oil producer in the United States, contributing 14% of national crude oil output since 2013.

From 2010 to 2024, New Mexico has increased its annual oil production by 645 million barrels, mainly driven by furthering operations in the Permian Basin. The value of the industry has surged to approximately $110 billion in 2022.

In 2000, 52% of extracted crude oil was refined within the state, but by 2023, this figure has dropped to only 6%, making New Mexico’s output becoming almost entirely crude oil.

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 Production of Crude Oil in New Mexico

Crude Oil Price Trends and Estimated Total Production Value for the State of New Mexico (1981-2022)

Data Source: U.S. Energy Information Administration