Six New Mexico Individuals Plead Guilty to Crude Oil Theft Scheme
Six individuals pleaded guilty to their roles in a conspiracy to steal crude oil from producers in the Permian Basin and resell it for profit. The scheme involved stealing tens of thousands of barrels of crude oil, with some conspirators admitting to selling the stolen oil at significantly below market prices.
The defendants, who are from New Mexico, admitted to stealing oil from producers in eastern New Mexico and selling it to buyers Louis George Edgett and Brenden Floyd Strickland. According to court documents, Edgett and Strickland paid between $10 and $15 per barrel, a fraction of the West Texas Intermediate market price.
The scheme resulted in significant profits for the conspirators, with one individual admitting to selling 10,975 barrels of stolen crude oil between June 2022 and July 2024. The oil had an estimated market value of $888,975 but was sold to Edgett and Strickland for $164,625.
The defendants face up to five years in federal prison and fines of up to $250,000. Some also face restitution for victims and forfeiture.