Eddy County Sheriff's Office spokesman Lt. Matt Hutchinson told the newspaper the barrels disappeared from Conchos Resources, most likely between September and December.
The theft was reported to authorities Jan. 31 by Ramiro Martinez, Concho Resources' supervisor, the Current Argus reported.
The loss is estimated loss at nearly $7,000, the newspaper said.
It is not the first time barrels of crude oil have been stolen, Hutchinson said.
"Every time it happens, we're kind of at a loss for trying to figure out why that much crude oil is going to get taken. It's not the easiest thing to sell," Hutchinson told the Current Argus. "There's a limited amount of people that want to use it, other than the people working in the oilfield."