Eddy County’s September oil and gas revenue collections rose nearly $800,000, according to data from the Eddy County Finance Department.
Finance Director Roberta Smith said tax receipts from oil and gas activity in Eddy County totaled $4.7 million in September as Eddy County’s oilfields produced nearly 6 million barrels of oil at around $68 a barrel.
“Commodity prices have been very firm the last couple of months trading at just under $80 a barrel,” said Eddy County Manager Allen Davis during the Nov. 16 Eddy County Board of County Commissioners meeting. “Production volumes are steady and increasing slightly.”
Oil and gas tax collections rose during the first the three months of the 2022 fiscal year, that began July 1.
County records indicated $3.5 million was collected in July and $4 million collected in August.
Smith said Eddy County had collected 43 percent of its project annual oil and gas revenue by September.
“October we’re about 62 percent collected and I would beg to say we’re going to be close to our $28 million target already by December,” she said.
Smith said Eddy County had collected nearly 35 percent of projected gross receipt tax revenue as of September, well over the original goal of 25 percent GRT collections set by Eddy County.
“GRT has been relatively steady for this fiscal year,” Davis said. “Revenue looks good.”
At the end of September, Smith said Eddy County collected 41 percent of its $123 million budgeted revenue for the 2022 fiscal year and used 25 percent of its $170 million budgeted expenses.
Mike Smith can be reached at 575-628-5546 or by email at [email protected] or @ArgusMichae on Twitter.