In recent years, New Mexico has witnessed a remarkable surge in oil production, solidifying its position as the United States’ second-largest oil producer. This dramatic growth has not only brought recognition to the state but has also significantly contributed to its economic prosperity. As an energy producer actively engaged in Eddy and Lea Counties, Coterra is proud to be a key player in this economic expansion.
In a recent analysis conducted by economists for the New Mexico Legislative Finance Committee, New Mexico’s recurring revenues for the fiscal year 2024 are projected to be a staggering $12.611 billion, marking an increase of $790.7 million from the previous estimate. This impressive growth in revenue is largely attributed to the thriving oil and gas industry, which has become a cornerstone of the state’s economic success. In fact, it’s estimated that around 40% of the state’s revenue is derived from oil and gas taxes alone, underscoring the pivotal role of this sector in fueling New Mexico’s economy.
“I appreciate the team members of Coterra Energy for all they do to provide excellent jobs for the people of Lea County and to help meet national energy needs. They work diligently and collaboratively to build relationships here in Lea County,” remarks Jonathan Sena, Lea County Commissioner- District 4.
The economic forecast for New Mexico continues to be promising. In the same analysis, economists anticipate nearly $3.5 billion in “new money” in 2025. Resilient consumer spending, a robust labor market, and a positive outlook for oil production have all contributed to this optimism. Coterra, as a key player in this landscape, has not only contributed to the state’s economic growth but has also demonstrated its commitment to the well-being of the region by providing employment opportunities and actively investing in education and the community.
“Companies such as Coterra make an important difference at a local level as well. We have especially enjoyed working with Coterra as a partner interested in education initiatives. We believe, very strongly, that the oil and gas industry plays a critical role in New Mexico achieving success,” acknowledges Carlsbad Mayor, Dale Janway.
In 2023 alone, Coterra sponsored Mobile Energy Learning Unit visits to 2,100 middle and high school students across Southeast New Mexico. Through Coterra’s support of the Permian Strategic Partnership, the Career and Technical Education Center of Hobbs has achieved developing local talent right in the heart of the Permian Basin, meeting future workforce needs Further, Coterra has developed a presence at both Eddy and Lea Counties Fairs and Rodeos, supporting students in local 4-H chapters and well as with the New Mexico Future Farmers of America (FFA).
Education and agriculture are two of Coterra’s most important pillarsfor reinvesting in the community. Our counties in New Mexico have provided many opportunities for us to engage and establish meaningful relationships aside from our financial contribution as an industry.
“Coterra is committed to investing in New Mexico, to advance the state’s economy and elevate the communities that are delivering these newfound opportunities,” said George Stark, Director of External Affairs at Coterra Energy. “Our employees are the backbone of Coterra, and they deserve to live and work in communities they can be proud of. .”
As the oil and gas industry works to shape the economic landscape of New Mexico, Coterra will remain an economic driver, premier employer, and community partner. Through the efforts of every team member, Coterra will continue making impactful growth and progress for all New Mexicans.
