Land Office audit brings in $1.5M in oil royalties

Land Office audit of oil producer results in $1.5M in royalties for New Mexico

Associated Press

SANTA FE, N.M. (AP) -- The State Land Office says it's received $1.5 million in royalties because of an audit of oil and natural gas production in southeastern New Mexico.

Land Commissioner Ray Powell said the royalties from Concho Oil and Gas are for production on state trust land in Eddy County since 2010. The company is affiliated with Concho Resources Inc., which is based in Midland, Texas.

Powell said the agency's audits of energy production have netted more than $3 million royalties this year.

The Land Office collected $494 million in oil and gas royalties in the last fiscal year.

Royalties from energy production and other income from land given to New Mexico by the federal government at statehood help finance schools and other public institutions, including universities and state hospitals.

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