Texas Oilfield Directory

Texas Oil and Gas Industry Sets New Record, Contributes $26.3 Billion to State and Local Taxes

Feb 6, 2024 | News

The Texas oil and natural gas industry has made a historic contribution to the state’s economy, paying a record $26.3 billion in state and local taxes and state royalties in fiscal year 2023. This amount translates to an extraordinary $72 million every day, supporting essential services such as public schools, universities, roads, and first responders.

The industry’s tax contributions have surged, with state and local sales taxes rising by $1.6 billion, reflecting its ongoing investment in Texas. Since 2007, the industry has paid over $230.3 billion in state and local taxes and state royalties. The Permian Basin, particularly Reeves County, received a significant portion of this revenue.

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