The oil and natural gas industry plays a significant role in New Mexico's economy, providing energy resources and supporting various sectors. The industry employs over 100,000 residents, indirectly benefiting around 400,000 people when considering family dependencies. It also bolsters non-oil and gas jobs through its use of construction services and other sectors such as healthcare, hospitality, and retail.

In terms of economic contributions, the industry added an estimated $13.04 billion to the state's budget in 2023. This funding supports essential public services including education, infrastructure maintenance, and emergency response. Companies within the sector actively engage with local communities; for instance, ConocoPhillips donated more than $760,000 to 48 organizations in New Mexico during 2024. These charitable grants supported scholarships for students, veterans' programs, teacher education initiatives, community centers enhancements, and equipped first responders.

Safety and environmental responsibility are priorities for the oil and natural gas industry. It invests in innovative technologies aimed at reducing environmental impacts. Water recycling techniques are employed by the industry which uses less than 1% of the state's freshwater supply. Advancements in these technologies help decrease freshwater consumption further while offering support to water-intensive industries like agriculture. Additionally, carbon capture technology developments allow the sector to cut emissions significantly while aiding other industries such as manufacturing by offering solutions to reduce their environmental impact.

These efforts highlight how individuals and companies within the oil and natural gas sector contribute to New Mexico's development.