BP America

The production company has agreed to a $30 million settlement with the state of New Mexico. The settlement stems from unpaid royalties to the state from BP America, a large natural gas and oil company. The royalties are from areas of land used by the company for the drawing out of carbon dioxide. $6 million of the settlement will go towards funding for the University of New Mexico, as well as funding for public schools. Almost a $1 millions is to be given to the university, while the rest will be given to public schools across the state. The other $24 million of the settlement will be given to the state of New Mexico. As well as BP America, many other oil and gas companies, such as ExxonMobil, have settled with the state over royalties since 1993. $5.4 million was given to the state in 2000 alone. Over a twenty year period, $4.5 billion dollars has been given to schools by the state, most of which was earned through land use royalties (June-12-02) [NEW MEXICO BUSINESS WEEKLY]

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