b'2019 State ReportNew Mexico NotesNM2019 A Great Convention!The Annual NMPMA Convention andCONVENTIONTrade Showwas held August 19-21, 2019,at Sandia Resort and Casino in Albuquerque,SCHEDULE New Mexico. Thanks to all our sponsors thathelped make this convention possible. Pleaselook for any additional convention highlightsMONDAY - AUGUST 19 in the upcoming Winter issue of the WPMA News.56 p.m WELCOME ReceptionEvening Open Supplier Hospitalitymore .TUESDAY - AUGUST 20 New Mexico Notes8 a.m GOLF TOURNAMENTOil production continues to grow at a rapid Shotgun Start at Sandia Golf Course Lunch following at course pace,increasing 45.5 percent in the first five months 37 p.mTRADE SHOW Open of FY19 compared to the same period a year ago. 5:307 p.m RECEPTIONDespite oil price declines in November and December on Trade Show Floor 2018, rig counts exceeded the previous peaks of late 7:15 p.m.DINNER2014 and continued to grow, with the state reaching 112 with active rigs by early February 2019. Even with modest Keynote Speakerproduction growth assumptions for the remainder of Patricio Ruiloba, Chairman NM House FY19, oil production in the state is on track to reach Transportation Committee275 million barrels this fiscal year. While oil pricesare expected to remain below previous estimates,WPMA UpdateNew Mexico oil production is estimated to grow toLeland Gould, WPMA 2nd VP310 million barrels, or by nearly 13 percent, in FY20.Marathon Petroleum Corp, AlbuquerqueNatural gas production, particularly from southeastern wells, continues to exceed expectations, leading to WEDNESDAY - AUGUST 21 increased natural gas volume expectations for FY19 9 a.m.GENERAL MEMBERSHIP Meetingand FY20. with Speakers Although oil prices fell nearly $30 from October to Drive S.A.F.E.RDecember 2018 before recovering to the mid-$50s in Sam Moore, Federated Insurance early 2019, the states oil production and rig counts did Account Executive not respond in the same ways as the state experienced in the past. Oil producers in the Permian basin have Human TraffickingA Lifeline significantly lowered break-even costs, meaning many (How to Stop Human Trafficking)wells can remain profitable at lower prices. Addition-Nita Belles, C-Stores Againstally, technological efficiencies and a significant rise inTrafficking (CSAT) drilled-button completed wells, as well as new pipe-Founder & Executive Director lines, allow for production increases even if future rig Dana Bahar, Petroleum Storage Tank counts plateau.Bureau Chief Gross Receipts Taxes (GRT) See You Next Year! Production growth and rising rig countscontinue to drive increases in gross receipts.For FY19 through November 2018, Eddy and Lea Counties and out-of-state receipts account for 89 percent of all growth in matched taxable gross receipts. Receipts in Eddy County are up 49 percent, and Lea 44 www.wpma.com / Autumn 2019'