ExxonMobil’s development of assets in the Permian Basin is estimated to provide $64 billion benefiting New Mexico over the next four decades, according to a report released by the company Friday.
The company said its investment in the Permian will represent $55 billion in capital expenditures in Eddy and Lea counties.
“The Permian Basin is the engine of America’s energy renaissance and New Mexico residents will see direct economic benefits and opportunities from our planned investments,” said Chairman and CEO of ExxonMobil Corporation Darren W. Woods, in a news release.
“We will be a significant, long-term economic contributor to the state of New Mexico and will work hard to be a trusted member of the community.”
The figures are the result of a study conducted by Impact Data Source for the company, which assumes the price of a barrel at $40.
Approximately $44 billion of the estimated revenue for the state will be the result of new oil and gas developments.
The study estimated another $8.5 billion will be generated by state oil and gas severance taxes.
It also estimates that $1.8 billion in net tax revenue will be contributed to communities in southeast New Mexico where ExxonMobil operates.
Gov. Michelle Lujan Grisham said the study results mean great things for New Mexico’s future economic stability.