$326MM in Bonus Bids and a Record $218K per Acre Define the January 6, 2026 BLM New Mexico Lease Sale

The January 6, 2026 federal oil and gas lease sale conducted by the Bureau of Land Management New Mexico State Office and hosted on the Efficient Markets platform generated more than $326 million in total bonus bids. That number stands out on its own, but the more telling story is how broadly bidders participated, how long competition persisted, and how aggressively pricing was tested before parcels ultimately closed for bidding.

Thirty one parcels totaling 20,398.84 acres were offered, and every parcel received bids. Eighty three companies registered to participate, with fifty one placing at least one bid. In total, 632 bids were submitted. Parcels drew repeated engagement as prices moved higher, with bidders reentering across multiple rounds. Bid histories show sustained escalation on the most competitive tracts, reflecting overlapping technical assessments and strong conviction in core New Mexico acreage, ultimately resulting in record setting per acre bids.

The prior federal record of $180,001 per acre, set just two months earlier during the November 2025 BLM New Mexico lease sale, was surpassed twice. One parcel closed at $211,263 per acre, and another established a new all time federal record at $218,751 per acre, won by Devon Energy. These prices were not reached in a single step. They emerged through sustained competition, with multiple bidders continuing to engage as pricing moved into territory never previously reached in a BLM lease sale.

Devon’s record setting win aligns with its long standing focus on high quality Delaware Basin inventory. The bidding pattern indicates that other participants saw similar value and were willing to test those same assumptions before ultimately stepping aside.

Aggregating results by total capital committed adds further context. Buffalo Frontier, LLC was the largest spender in the sale, committing $174.8 million in total bonus bids across eleven leases. Devon Energy Production Company, L.P. ranked second, investing $79.2 million to secure three leases, including the record priced tract. Longleaf Resources, L.L.C. followed with $33.8 million on a single lease that cleared above $211,000 per acre.

Beyond the headline records, the overall structure of the sale is notable. Every parcel offered received a bid. Total bonus bids exceeded $326.6 million, and the most competitive tracts translated into individual parcel bonuses exceeding $70 million. The $326 million figure will be referenced often. The bid history behind it is more instructive. Competition was deep, pricing was tested repeatedly, and the results reflect where operators are willing to commit capital as 2026 gets underway.

For more information about this sale and other federal and state oil and gas lease sales hosted nationwide, visit www.efficientmarkets.com or contact government@efficientmarkets.com.