The Texas Oil & Gas Association (TXOGA) has released its 2024 Annual Energy & Economic Impact Report, revealing significant contributions from the oil and natural gas industry to the state's economy. According to TXOGA, the industry paid a record $27.3 billion in state and local taxes and state royalties in fiscal year 2024, surpassing last year's figures by nearly $1 billion.
"Texas oil and natural gas makes an outsized and unmatched contribution to the financial might of our state–and the energy leadership of our nation," said TXOGA President Todd Staples.
The report highlights that Texas Independent School Districts received $2.92 billion, while counties collected $1.03 billion in property taxes from oil and natural gas production, pipelines, and utilities.
Staples emphasized the industry's role in supporting public services: "The $27.3 billion translates to an extraordinary $74.8 million every day that pays for Texas’ public schools, universities, roads, first responders, and other essential services."
In addition to economic contributions, the report notes environmental progress within the industry. Methane emissions have decreased significantly in key production regions across the U.S., with a 42% drop between 2015 and 2022.
Looking ahead to the upcoming legislative session, Staples outlined several policy priorities for TXOGA, including infrastructure development, water management innovations, electricity grid improvements, and tax relief efforts.
"We look forward to working with our lawmakers to advance policy that promotes continued prosperity, security and progress for every Texan," concluded Staples.
