New Mexico moves up in oil and gas rankings

January 3, 2018

Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation's top producing states.

Industry officials in New Mexico on Wednesday celebrated the latest figures released by the U.S. Energy Information Agency, saying billions of dollars of investment by energy companies in the state over the past year is paying off as production is reaching record highs.

The figures show monthly production hitting more than 16.3 million barrels of oil in New Mexico in late 2017, and experts say the state is on pace to set an annual production record for the year. Those figures have yet to be released.

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