Oil and gas companies, including those from Oklahoma with operations in the Permian Basin of New Mexico might soon be forced to pay higher royalties after the state’s legislature passed a bill calling for the increase.
The New Mexico House of Representatives voted recently 37-31 to raise the maximum royalty rate on premium parcels from 20% to 25% and sent the bill to the Governor for her signature.
Gov. Michelle Lujan Grisham has yet to act on the measure.
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