Home / Where We Buy / New Mexico / Eddy County
New Mexico · Permian Basin · Delaware Sub-Basin

Sell Mineral Rights
in Eddy County,
New Mexico.

Eddy County is the second-largest oil-producing county in the United States and is projected to cross one million barrels per day in 2025. Together with Lea, Eddy accounts for roughly 17 percent of all onshore US oil production. We are happy to help you understand what you have.

~1MMbpd
Approaching
Projected 2025 milestone
~10,000ft
Wolfcamp Depth
typical TVD
10,000ft
Standard Lateral
with longer pilots
Heavy
Federal Lands
BLM Carlsbad
Avalonshale
Distinct Eddy Target
stronger here than Lea
01 The Basin

The other half of the
New Mexico Permian.

Eddy County sits in southeastern New Mexico, immediately west of Lea County, in the heart of the Delaware sub-basin of the Permian. While Lea is the production leader, Eddy is close behind and is projected to cross one million barrels per day in 2025. The two counties together drive New Mexico's status as the second-largest oil-producing state in the country.

Eddy County's distinguishing characteristics relative to Lea include a higher proportion of federal land, the presence of Carlsbad Caverns National Park along the southern boundary, the Waste Isolation Pilot Plant (WIPP) nuclear waste repository in the southeast, and the Pecos River corridor running north-south through the county. Each of these creates different regulatory considerations than Lea sees.

Eddy County is the rest of the New Mexico Permian story. Same play, same stacked pay, but with more federal land in the mix and some unique surface considerations that affect drilling decisions.

If you are reading this, you may own a piece of that. Maybe you inherited minerals from a family chain that goes back to original homestead patents. Maybe you have been receiving royalty checks for years. Maybe an operator just sent you a letter asking to lease unleased acreage. This page walks through the rock, the operators, the geography, valuation, and the regulatory landscape including the substantial role of federal land in Eddy County.

Starting point

Have minerals in Eddy County? Send us what you have and we will take a look.

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02 The Rock

Stacked pay across the
Permian column.

Eddy County's productive geology mirrors Lea's stacked unconventional system: Wolfcamp at depth, three Bone Spring sands above it, Avalon shale, and shallower targets. The Avalon shale tends to be more consistently productive in Eddy than in Lea, and modern operators routinely develop multiple horizons from the same surface pad with as many as a dozen or more wells per pad.

WolfcampPermian unconventional core

The Wolfcamp formation is the deepest and most productive unconventional target in Eddy County. Like Lea, Eddy's Wolfcamp is divided into multiple distinct benches (A, B, C, and D), each capable of supporting horizontal development. Wolfcamp A and B are the primary current targets, with operators drilling multiple horizontals per spacing unit across the two benches.

For mineral owners, Wolfcamp development typically means multiple wells per spacing unit drilled over the life of development, with each well representing a separate revenue stream tied to the same minerals. Eddy County's Wolfcamp benches tend to be slightly deeper than Lea's in some areas, reflecting structural differences in the Delaware Basin.

Depth Range
9,500 to 12,500 ft
Type
Calcareous mudstone
Active Benches
Wolfcamp A and B primarily
Typical Lateral
10,000 ft, longer pilots
Bone Spring1st, 2nd, and 3rd Sands

Above the Wolfcamp sit the three Bone Spring sands, each a separate horizontal target. The 2nd and 3rd Bone Spring are the most consistently developed in Eddy County. Some spacing units have horizontals in all three Bone Spring intervals plus multiple Wolfcamp wells.

For mineral owners, Bone Spring inventory in Eddy carries strong development support across multiple operators. The depth of remaining locations across multiple intervals supports continued royalty income for many years even after early Wolfcamp development is complete.

Depth Range
7,500 to 10,000 ft
Type
Mixed sandstones and shales
Active Sands
1st, 2nd, 3rd
Status
Heavily developed
Avalon Shalean Eddy County strength

The Avalon shale is more consistently productive across Eddy County than across Lea County. It sits between the Bone Spring and the shallower formations and has been a meaningful horizontal target for operators in northern and central Eddy. Some spacing units include Avalon horizontals as part of the routine stacked development pattern.

For Eddy mineral owners, the Avalon represents an additional layer of inventory beyond what Lea County typically offers. Whether your specific section sees Avalon development depends on the local geology and operator program, but the play is real across substantial parts of the county.

Depth Range
~7,000 ft
Type
Calcareous shale
Status
Established target
Where Active
Northern and central Eddy
03 The Operators

Who is drilling on your
Eddy County minerals.

Eddy County's operator landscape overlaps substantially with Lea's. The same major operators are active in both counties, with positions concentrated in different specific townships. The five operators below are leaders in current Eddy activity, but Eddy has many more meaningful operators than this list captures.

i.
Devon Energy
Devon Energy is one of the largest operators in Eddy County, with extensive Wolfcamp and Bone Spring development across the county. Devon's New Mexico Permian operations are concentrated in the Delaware Basin core spanning both Lea and Eddy.
Public · Major NM operator
Top 5 in Eddy
ii.
ConocoPhillips
ConocoPhillips holds substantial Eddy County acreage from its 2021 acquisition of Concho Resources. Concho had been one of the most active New Mexico Permian operators before the acquisition, and ConocoPhillips has continued the development program at scale.
Major · Concho legacy
Top 5 in Eddy
iii.
Coterra Energy
Coterra Energy was formed by the 2021 merger of Cabot Oil and Cimarex Energy. Cimarex had a substantial New Mexico Permian position at the time of the merger, and the combined company has remained one of the more active Eddy County operators.
Public · Cimarex legacy
Top 5 in Eddy
iv.
Mewbourne Oil Company
Mewbourne is one of the largest private operators in Lea and Eddy, with substantial acreage in both counties. The company has been a consistent Permian developer for decades and reports less public information than the public majors but maintains an active drilling program.
Private · Major Permian
Top Private Operator
v.
Long Tail of Public and Private Operators
Eddy County has many additional meaningful operators including ExxonMobil through XTO Energy and the 2024 Pioneer acquisition, Chevron, Diamondback (now combined with Endeavor), Permian Resources, EOG Resources, Matador Resources, Continental Resources, and various private operators. Mineral owners may see different operator names on different wells within the same general area.
Mixed · Many active
Many Active Operators
See a familiar name?

We know how these operators develop in Eddy County. Happy to give you context on yours.

Ask About Your Operator →
04 The Geography

Not all Eddy County
minerals are built the same.

Eddy County covers about 4,200 square miles in southeastern New Mexico. Carlsbad is the county seat and largest city. The Wolfcamp and Bone Spring trends run through the central and northern parts of the county, with Carlsbad Caverns National Park, the Pecos River corridor, and substantial federal land all shaping where development happens. Where in the county your minerals sit shapes everything.

Northern Eddy / Lea Border
T20S-T22S R27E-R32E
Northern Eddy transitions toward Lea County and shares the geology of the Permian core. Activity here is among the highest in the county, with Devon, ConocoPhillips, Coterra, and others all running active programs across the county boundary.
Activity: Highest Development: Active, infill
Carlsbad & Central Core
T22S-T25S R26E-R30E
Carlsbad is the regional service hub. Surrounding spacing units have seen multi-vintage Wolfcamp and Bone Spring development, with continuing infill activity. Carlsbad sits at the intersection of major drilling activity and the regulatory considerations from nearby federal lands.
Activity: High Development: Mature, active infill
Pecos River Corridor
Running north-south
The Pecos River cuts through Eddy County north to south. Surface access, water resource considerations, and crossing easements affect drilling near the corridor without preventing development. Mineral interests in the corridor area can still be highly productive.
Activity: Moderate Development: Permit-sensitive
WIPP Vicinity (Southeast)
T22S-T23S R30E-R32E
The Waste Isolation Pilot Plant is a federal nuclear waste repository in southeastern Eddy County. Development around WIPP is subject to specific surface and subsurface restrictions that operators must navigate. Mineral interests in the area are typically still developable but with additional regulatory considerations.
Activity: Constrained Development: Permit-sensitive
Carlsbad Caverns Buffer
Southern Eddy
Carlsbad Caverns National Park sits along the southern boundary of Eddy County. Surface use restrictions and groundwater considerations affect development in the immediate vicinity. Mineral interests adjacent to the park can still be valuable, but development requires more navigation.
Activity: Constrained Development: Surface-sensitive
Federal Mineral Acreage
Scattered · Heavy in west
Eddy County has substantially more federal mineral acreage than Lea County, much of it administered by the BLM Carlsbad Field Office. Federal lease auction timing and federal royalty rate changes (from 12.5 percent to 16.67 percent on newer leases) affect development economics on federal acreage.
Activity: Active federal lease auctions Development: Major land status
05 Your Valuation

What your Eddy County
mineral rights are worth.

Valuation in Eddy County reflects its position as the second-largest US oil county. Multiple stacked formations, deep remaining inventory, well-capitalized operators, and the additional Avalon shale upside all support strong valuations. The four scenarios below cover what we see most often.

01
Producing Minerals with Active Royalty Income
Valued on cash flow plus deep remaining inventory
If your Eddy County minerals are actively producing, valuation typically starts with the trailing twelve months of royalty income. A buyer applies a multiple based on expected remaining well life, future drilling potential across stacked Wolfcamp, Bone Spring, and Avalon intervals, and commodity outlook. Eddy multiples are comparable to Lea, supported by the depth of inventory across multiple zones.
What shapes the number: well vintage and remaining life across multiple existing wells, how many additional Wolfcamp, Bone Spring, and Avalon locations remain undrilled, your royalty rate, the operator quality, and your lease cost-deduction language.
02
Unleased Minerals in Active Development
Valued on drilling proximity and future potential
Unleased Eddy County minerals are valued aggressively on expected development timing. The county's high operator density and stacked-pay inventory support strong lease bonus and royalty rate negotiations.
What shapes the number: nearby permit activity, the operator's recent drilling pace in your township, formation quality beneath your specific section, comparable lease bonuses paid on surrounding tracts, and whether the section is part of an operator's near-term drilling plan.
03
Federal Mineral Royalties
Common in Eddy, valued similarly with BLM specifics
Many Eddy County minerals are federal, administered by the BLM. If you receive royalty income from a federal lease (often this means royalties paid through the federal Office of Natural Resources Revenue), valuation works similarly to fee royalties but with federal-specific considerations including the royalty rate (12.5 percent on older leases versus 16.67 percent on newer ones) and the BLM Carlsbad Field Office's process.
What shapes the number: the specific federal lease vintage and royalty rate, current production trajectory, remaining drilling inventory on the unit, and whether your interest is a record-title interest or an overriding royalty.
04
Small Fractional Interests & Inherited Positions
Often worth substantially more than expected
Many Eddy County mineral owners hold small fractional interests inherited across multiple generations. Eddy's deep stacked pay and high operator activity mean even small fractional interests can carry meaningful value. We pay these interests the same attention as larger ones and are comfortable doing the title research.
What shapes the number: net mineral acre count, royalty rate if leased, producing status, accumulated unpaid suspense, and whether other heirs holding the same chain are also active.
Your specific situation

We would rather look at real facts than speak in generalities. Send us what you have.

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06 The Regulatory Landscape

New Mexico rules,
federal-heavy Permian.

Eddy County operates under the New Mexico oil and gas regime for state and private minerals, the BLM Carlsbad Field Office for federal minerals, and a series of federal surface-use considerations from Carlsbad Caverns National Park, the WIPP nuclear waste facility, and substantial BLM-managed surface acreage. The combination makes Eddy more federally-influenced than Lea.

The NMOCD and how spacing works

The New Mexico Oil Conservation Division (NMOCD), part of the Energy, Minerals and Natural Resources Department, regulates oil and gas activity on state and private minerals in Eddy County. NMOCD permits wells, conducts hearings on spacing and unitization applications, and maintains the public well database. Modern horizontal development in Eddy uses spacing units sized to accommodate two-mile or longer laterals.

BLM Carlsbad Field Office and federal minerals

Federal minerals in Eddy County are administered primarily by the BLM Carlsbad Field Office, which handles a substantial share of total county acreage. Federal lease sales are quarterly. Standard federal lease royalty rates are 12.5 percent for older leases and 16.67 percent for newer leases under the Inflation Reduction Act. Eddy has more federal mineral exposure than most Permian counties, which makes the BLM's process particularly relevant.

Surface considerations: Caverns, WIPP, and Pecos

Eddy County hosts Carlsbad Caverns National Park along its southern boundary, the WIPP nuclear waste repository in the southeast, and the Pecos River corridor running through the central and eastern parts of the county. Each creates surface-use considerations that affect where operators drill and from which surface locations they reach the target acreage. Mineral interests near these features remain developable but require more navigation than open private acreage.

Methane rules and cost deductions

New Mexico has been one of the more active states in regulating methane emissions and venting. Royalty owners may see cost deductions related to gas processing, gathering, and compliance with state rules depending on lease language. Reading your specific lease's post-production cost language matters in New Mexico more than in some other states.

07 Questions We Hear Often

The real questions
mineral owners ask.

We have been through these conversations hundreds of times. Below are honest answers to the things people actually want to know.

01
How much are mineral rights worth in Eddy County, New Mexico?
Values in Eddy County tend to carry strong multiples comparable to Lea, supported by the same stacked Wolfcamp and Bone Spring inventory plus generally stronger Avalon shale productivity. Values vary widely depending on where in the county you own, whether your minerals are leased or producing, the operator, your royalty rate, and lease cost-deduction language. The only way to know what your specific minerals are worth is to look at the actual facts. We are happy to do that for you, at no cost and with no obligation to sell.
02
How is Eddy County different from Lea County for mineral owners?
The two counties share most of the same geology and operator landscape. Three things stand out as genuinely different. First, Eddy has more federal land than Lea, which means more BLM-administered minerals and more federal-lease royalty considerations. Second, Eddy has stronger Avalon shale productivity, adding an extra layer of inventory in some sections. Third, Eddy has more surface-use complications (Carlsbad Caverns, WIPP, Pecos River) that shape operator drilling locations. Practical valuation outcomes are usually similar, but the regulatory and surface considerations differ.
03
My minerals are federal. What does that mean for me?
Federal minerals are administered by the BLM, with leasing through quarterly federal sales and royalty payments typically flowing through the federal Office of Natural Resources Revenue. The royalty rate is 12.5 percent for older federal leases and 16.67 percent for newer leases. The processes for understanding production, lease status, and your specific royalty interest differ from fee minerals but are workable. We have experience with federal mineral interests and can help you understand what you have.
04
I inherited mineral rights in Eddy County but I do not have any documents. What do I do?
Start by gathering anything you do have: old letters from operators, tax statements, probate records, royalty stubs, division orders. The Eddy County Clerk's office in Carlsbad keeps deed records for fee minerals. The NMOCD maintains a public database of wells and operators. For federal minerals, the BLM and ONRR have records on lease and royalty interests. We can usually identify what someone owns with just a name and a rough idea of where the minerals are located.
05
Should I sell my Eddy County mineral rights now or hold them?
That depends on your situation. People who hold typically want long-term royalty income, do not need cash for other priorities, and are comfortable with commodity price volatility. People who sell typically want to convert future uncertain income into certain present value, simplify their estate, or use the capital for something else. Eddy County's deep stacked-pay inventory makes the holding case strong, but the same characteristics also support strong sale valuations. Neither is wrong. We can help you think through the tradeoffs without pressure to pick a side.
06
What is the difference between an offer to lease and an offer to buy my minerals?
Leasing gives an operator the right to develop your minerals for a period of time, typically three to five years, with extension if production is established. In exchange you receive a bonus payment per net mineral acre and a royalty percentage on any production. You still own the minerals. Buying transfers ownership entirely, in exchange for a lump sum. After a sale, you no longer own the minerals and you receive no future royalties. Both have their place. Buying typically delivers more value up front, leasing preserves long-term upside.
07
My royalty statements have a lot of cost deductions. Is that normal in New Mexico?
It is more common in New Mexico than in some other states because state methane rules have shaped operator economics and gas processing arrangements. Whether your specific lease permits which deductions depends entirely on the lease language. Reading your lease carefully and checking how the operator is calculating deductions is worth doing. We can help review your statements and lease language together if helpful.
08
Can I sell mineral rights I inherited if other family members inherited the same minerals?
Yes, you can sell your undivided fractional interest without needing the other heirs to participate. This is extremely common in Eddy County. A good buyer will work with your specific interest, not require you to round up cousins. We do this all the time.
09
How does the sale process actually work?
Step one, we do the research. You send us what you have, we pull NMOCD and BLM records, we check operator activity in the spacing unit, and we build an analysis. Step two, we send you a written summary with our reasoning. Step three, if you want to proceed, we handle the mineral deed preparation, you sign at a notary, and funds are wired at close. We move on your timeline, whether that is quick or deliberate. There is no charge for the research and no obligation to sell.
10
Why should I sell to Timberline Minerals specifically?
We are a family-owned office with roots in Texas and Montana. We work across the primary US basins and we are comfortable with New Mexico Permian specifics including federal mineral status, BLM Carlsbad processes, methane rule cost deductions, and the surface considerations near Caverns, WIPP, and the Pecos. We work with mineral interests of all sizes including small fractional federal positions. You should always get multiple offers and we encourage it. If ours is not the best one you receive, that is useful information for you. Either way, we are happy to help you understand what you have.

Find out what your
Eddy County minerals
are actually worth.

Send us what you have, or what you think you have. We will pull NMOCD and BLM records, check operator activity in your section, and put together a plain-English summary with our reasoning laid out. If it makes sense to go further, we move on your timeline. If not, you have a free breakdown you can take anywhere.

Request a Valuation (512) 626-7267
Free · No Obligation · Your Timeline
08 Keep Reading

More for Eddy County
mineral owners.

Guide · 6 min read
I inherited mineral rights. What now?
A walkthrough of the first few things to look at, whether you just found out or have been sitting on it for years.
Read the guide  →
Guide · 8 min read
How mineral rights are valued
The core inputs that go into a mineral valuation. Production, inventory, operator, lease terms, and what each one actually means in practice.
Read the guide  →
Guide · 5 min read
What to look for in an offer
Reading an offer letter, understanding what is and is not included, and the questions worth asking before responding.
Read the guide  →
Market Pulse

Permian status, April 2026

The Permian produced approximately 6.7 million barrels per day of crude oil in March 2026, the most recent month with confirmed data, accounting for roughly forty-eight percent of total US crude production. Year-over-year growth has slowed from prior peaks but remains positive. For Lea and Eddy mineral owners, the practical takeaway is that operator activity continues to be concentrated in stacked Wolfcamp and Bone Spring development across the Delaware sub-basin, with consolidation among public producers reshaping who operates which spacing units.

12 month oil production trend
6,700
thousand barrels per day
Latest month
+20(+0.3%)
thousand barrels per day
Month over month
+280(+4.4%)
thousand barrels per day
Year over year
Last updated April 2026. Source: US Energy Information Administration, Short-Term Energy Outlook (April 2026).