2023 New Mexico Statutes › Chapter 7 - Taxation › Article 32 - Oil and Gas Ad Valorem Production Tax › Section 7-32-2 - Definitions.

As used in the Oil and Gas Ad Valorem Production Tax Act:
A. "commission", "department" or "division" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;
B. "production unit" means a unit of property designated by the department from which products of common ownership are severed;
C. "severance" means the taking from the soil any product in any manner whatsoever;
D. "value" means the actual price received for products at the production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act;
E. "product" or "products" means oil, including crude, slop or skim oil and condensate; natural gas; liquid hydrocarbon, including ethane, propane, isobutene, normal butane and pentanes plus, individually or any combination thereof; and non-hydrocarbon gases, including carbon dioxide and helium;
F. "operator" means any person:
(1) engaged in the severance of products from a production unit; or
(2) owning an interest in any product at the time of severance who receives a portion or all of such product for the person's interest;
G. "purchaser" means a person who is the first purchaser of a product after severance from a production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act;
H. "person" means any individual, estate, trust, receiver, business trust, corporation, firm, copartnership, cooperative, joint venture, association or other group or combination acting as a unit, and the plural as well as the singular number;
I. "interest owner" means a person owning an entire or fractional interest of whatsoever kind or nature in the products at the time of severance from a production unit or who has a right to a monetary payment that is determined by the value of such products;
J. "assessed value" means the value against which tax rates are applied;
K. "tax" means the oil and gas ad valorem production tax; and
L. "volume" means the quantity of product severed reported using:
(1) oil, condensate and slop oil in barrels; and
(2) natural gas, liquid hydrocarbons, helium and carbon dioxide in thousand cubic feet at a pressure base of fifteen and twenty-five thousandths pounds per square inch.
History:
1953 Comp., § 72-22-2, enacted by Laws 1959, ch. 55, § 2; 1977, ch. 249, § 56; 1980, ch. 97, § 7; 1986, ch. 20, § 101; 2005, ch. 130, § 9; 2021, ch. 65, § 33.
ANNOTATIONS
The 2021 amendment,
effective July 1, 2021, defined "volume" and revised the definition of "product", as used in the Oil and Gas Ad Valorem Production Tax Act; in Subsection E, after "means oil", deleted "natural gas or liquid hydrocarbon, individually or any combination thereof, carbon dioxide, helium or a non-hydrocarbon gas" and added the remainder of the subsection; and added Subsection L.
The 2005 amendment,
effective July 1, 2005, in Subsection E, defined "product" to include helium or non-hydrocarbon gas; and Subsection K, defined "tax" to mean the oil and gas ad valorem production tax.