Eddy County’s oil and gas tax receipts collections rose nearly $800,000 from September to October, according to County budget data.
Eddy County Finance Director Roberta Smith said $5.4 million from oil and gas was collected during the fourth month of the 2022 fiscal year.
When the new fiscal year started in July, $3.5 million was collected during the first month. Followed by $4 million in August and $4.7 million in September, read county budget figures.
“That $5.4 (million) was almost 17 million barrels around $70 a barrel,” Smith said. “Pretty high month.”
Eddy County received over $17 million in oil and gas taxes at the end of October, according to budget data.
“The outlook continues to be strong from a revenue standpoint,” said Eddy County Manager Allen Davis. “Looking toward the future and kind of watching what that outlook looks like.”
He said oil and gas production volumes appeared steady.
“The coming calendar year will be interesting to see what investment does to sustain that process. It’s been a little soft the last 18 months,” Davis said. “The outlook is good.”
Smith said Eddy County’s monthly gross receipts tax (GRT) collections rose from September to October.
Per Eddy County budget, $3.4 million GRT was collected in October compared to $2.6 million in September.
“We did have two returns in October and that was the jump for the gross receipts tax,” she said.
Smith the GRT fluctuation from September to October was due to a reporting system change with New Mexico State government.
“So they shorted that one month and gave those days back in another month,” she said.
She said Eddy County collected nearly 51 percent of its $123 million budgeted revenue at the end of October.
Eddy County used 33 percent of its $170 million budgeted revenue as of the end of October, budget figures stated.
Mike Smith can be reached at 575-628-5546 or by email at [email protected] or @ArgusMichae on Twitter.