The Bureau of Land Management held a federal oil and gas lease sale in the Delaware Basin of southeastern New Mexico on May 20 that shattered every previous record. The final tally exceeded $4 billion in high bids and rental payments, more than four times the prior New Mexico lease sale record of $972 million. Devon Energy alone committed roughly $2.6 billion, demonstrating that even after industry consolidation, companies remain eager to secure high-quality Permian acreage.
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