New Mexico oil and gas royalty audits net $2.3M | KOB 4

New Mexico oil and gas royalty audits net $2.3M

New Mexico oil and gas royalty audits net $2.3M

The Associated Press
Created: January 05, 2021 11:14 AM

SANTA FE, N.M. (AP) — Officials with the New Mexico State Land Office say audits of oil and natural gas royalty collections turned up an additional $2.3 million for the state in 2020. That marks a nearly 48% increase over the previous year.

About 85% of all royalty revenue collected by the land management agency is audited every five years.

Analysts look for mistakes and errors in reporting.

Due to the coronavirus pandemic, all the audits initiated after March were done remotely rather than traveling to company offices out in the field.

Money generated by leases on state trust land help support public schools.


(Copyright 2021 by The Associated Press. All Rights Reserved.)

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