The Texas Oil and Gas Association’s annual report highlights the state’s energy industry’s robust performance despite increasing federal environmental regulations. The report reveals record levels of crude oil production, with oil and gas companies paying $26.3 billion in state and local taxes in 2023, a $1.5 billion increase from the previous year. The industry employed over 480,000 Texans, with an average annual income of $124,000. Texas supplied 42% of the nation’s oil in 2023, with the Permian Basin being a significant source.
The report also emphasizes the industry’s economic impact, job creation, and contribution to global stability. It underscores the industry’s commitment to environmental progress and collaboration. The report’s findings reflect the resilience and continued growth of the Texas oil and gas sector despite regulatory challenges.
The Texas Oil and Gas Association (TXOGA) is a statewide trade association representing every facet of the Texas oil and gas industry, including small independents and major producers. It was founded in 1919 and is a 501(c)(6) nonprofit organization. The association’s mission is to promote a robust oil and natural gas industry and advocate for sound, science-based policies and free-market principles.
TXOGA’s membership produces approximately 90% of Texas’ crude oil and natural gas, operates nearly 90% of the state’s refining capacity, and is responsible for the vast majority of the state’s pipelines. In fiscal year 2022, the Texas oil and natural gas industry supported 443,000 direct jobs and paid $24.7 billion in state funding. The association’s work is concentrated in legislation, regulation, judicial affairs, and public/industry affairs.
Further Reading
https://www.txoga.org
https://www.txoga.org/2023eeir/
https://www.linkedin.com/company/texas-oil-and-gas-association
https://projects.propublica.org/nonprofits/organizations/204669692
https://www.texastribune.org/2024/01/30/texas-oil-gas-association-annual-report/