Texas oil and gas industry poured $24.7 billion into state coffers in 2022, breaking previous record by more than 50%
Texas Oil and Gas Association President Todd Staples presented their annual energy and economic development report today, highlighting what he said is the industry’s extraordinary role in everyday life.
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Texas Oil and Gas Association President
Todd Staples presented their annual energy and economic development report today, highlighting what he said is the industry’s extraordinary role in everyday life.
2022 was a record-breaking year for the industry with also record tax rolls. The industry paid $24.7 billion in state and local taxes and royalties, beating 2019’s high of slightly more than $16 billion. $24.7 billion breaks down to roughly $67 million every day. Production taxes and royalties to state funds more than doubled over 2021. Production taxes grew by $5.8 billion and oil and natural gas production taxes exceeded $10 billion for the first time in Texas history. Those figures do not include payroll, property taxes and other ripple effects of economy, he said. Beneficiaries include the Texas the so-called Rainy Day Fund , which received $1.5 billion, the Permanent School Fund and the Permanent University Fund , which each received $2.1 billion. Other highlights include a whopping $1.65 billion to School districts and $608.6 million to counties.
He also outlined the association’s priorities for the 88th legislative session.
They include an economic development and incentive policy to continue attracting businesses to the state. “Economic development policy to keep Texas competitive is a must,” he said.
Other priorities include a framework allowing Texas to lead in carbon capture and sequestration, electricity market redesign policy that keeps the grid reliable and rates affordable, policies to fund key regulatory agencies, such as the Railroad Commission and Texas Commission on Environmental Quality and fighting policies against hurting the industry.
“The Texas oil and natural gas industry plays an extraordinary role in securing our state and national economy and advancing global stability. However, growth is not guaranteed, and policy can promote prosperity, or can hinder it,” Staples said. “Policies and politics in Texas and across our nation will determine if we can continue to deliver for Texans while meeting our nation and the world’s energy needs.” The full report is here .