New Mexico State Land Office Commissioner Aubrey Dunn Patrick Padilla Assistant Commissioner for Oil, Gas & Minerals.

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Presentation transcript:

New Mexico State Land Office Commissioner Aubrey Dunn Patrick Padilla Assistant Commissioner for Oil, Gas & Minerals

FY2016 Revenue Breakdown FY 2016 earnings marked $495.4 million, distributing over $477.6 million to beneficiaries. 9/20/2018

Royalties 9/20/2018

WTI & Royalties 9/20/2018

Royalty Revenue Projections 9/20/2018

Rig Count 9/20/2018

Top Ten Oil & Gas Producers Gas (MMCF) Oil (MMBO) 9/20/2018

SLO Joins the 21st Century Technological enhancements will…. Increase return to beneficiaries Maximize SLO operational efficiency Reduce SLO overhead 9/20/2018

Online Oil & Gas Lease Sales EnergyNet chosen through RFP process First SLO online sale closes tomorrow SLO will also host onsite oral auctions in Santa Fe 9/20/2018

ONGARD Replacement Keep Tri-Agency functionality, improve user interface Industry feedback: NMOGA & IPANM Contractor projected start date: March 2017 Projected rollout: November 2018 9/20/2018

LIMS Rollout Successful cutover in July, 2016 Functionality improving daily through user input Excellent template for ONGARD project Increased SLO land management capability 9/20/2018

Oil Well Shut-In Rule October 31 – target effective date for new rule allowing shut-in of oil wells on State Trust Lands; hearing date 10/6/16 Rule will be in effect for two years, unless earlier terminated by the Commissioner; could be extended for another two years if low oil prices persist Must timely notify the Commissioner as to the shut-in of each well and pay annual shut-in royalty (greater of twice the annual rental or $320) on a per well basis 9/20/2018

2017 Legislation State Trust Lands Restoration and Remediation Fund Many problems in a low commodity price environment No dedicated remediation fund Would divert a percentage of existing maintenance fund revenues, no additional fees for industry Early Childhood Education Fund SLO administration of unleased federal subsurface SLO is quantifying economic viability Alternative to raids on Permanent Fund principal 9/20/2018

Early Childhood Fund 9/20/2018

FY 2016 Distribution Of State Trust Land Revenue 9/20/2018

SLO Goals & Objectives Administer State Trust Land to generate the highest possible level of revenue for our beneficiaries to continue this endowment for generations to come. Conservation and enhancement of trust asset values through diligent land management. Conduct the operations of the State Land Office in a manner consistent with strong fiscal accountability, efficiency, and customer service. 9/20/2018

Working with Industry Regulatory Certainty Open Door Policy Solution-Driven Outcomes Feedback on Improvements to the Process 9/20/2018

New Mexico State Land Office Thank you! Questions? 9/20/2018