As published in the Albuquerque Business Journal May 29, 2018.
When the stampede for acreage in the Delaware Basin began in 2016, many across southern New Mexico had already given up on the state’s oil patch and left for jobs elsewhere. Despite a steady recovery, the previous two years of free-falling prices clearly took a toll on the local economy.
Eighteen months later, New Mexico is firmly at the center of a broader national comeback by the oil and gas industry. Last year, New Mexican output was nearly 470,000 barrels a day, up 17 percent from the previous year and more than doubling since 2011. New Mexicans haven’t seen an upswing in output like that since the 1960s.