Southeastern New Mexico's Carlsbad Caverns National Park (CAVE) has increasingly experienced summertime ozone (O3) exceeding an 8‐hr average of 70 parts per billion by volume (ppbv). The park is located in the western part of the Permian oil and natural gas (O&G) basin, where production rates have increased fivefold in the last decade. We investigate O3–precursor relationships by constraining the F0AM box model to observations of nitrogen oxides (NOx = NO + NO2) and a suite of volatile organic compounds (VOCs) collected at CAVE during summer 2019. O&G‐related VOCs dominated the calculated VOC reactivity with hydroxyl radicals (OH) on days when O3 concentrations were primarily controlled by local photochemistry. Radical budget analysis showed that NOx levels were high enough to impose VOC sensitivity on O3 production in the morning hours, while subsequent NOx loss through photochemical consumption led to NOx‐sensitive conditions in the afternoon. Maximum daily O3 was responsive to both NOx and O&G‐related VOC reductions, with NOx reductions proving most effective. The model underestimated observed O3 during a 5‐day high O3 episode that was influenced by photochemically aged O&G emissions, as indicated by back‐trajectory analysis, low i‐/n‐pentane ratios, enhanced secondary VOCs, and low ratios of NOx to total reactive oxidized nitrogen (NOy). Model‐observation agreement was improved by constraining model NOx with observed NOy, which approximates NOx at the time of emission, indicating that a large fraction of O3 during this episode was formed nonlocally.