January 7, 2025      3:54 PM

Texas oil and gas industry paid record $27.3 billion in state and local taxes, state royalties

President Staples said lawmakers can do more to work with the industry this session including investments in critical infrastructure like rural broadband, roads, pipelines, processing plants, LNG facilities, carbon capture and storage facilities

The Texas Oil and Gas Association’s annual energy and economic impact report once again revealed the energy industry is booming.

According to the report, the industry paid $27.3 billion in state and local taxes and state royalties last year, the highest total in Texas history and surpassing the previous year’s total by a billion dollars.

“Remarkably, 2024 was yet another record-breaking year as the Texas oil and natural gas industry does its part to help reach Governor Abbott’s goal for our state’s economy to surpass France as the 7th largest economy in the world,” said TXOGA President Todd Staples. “From tax revenues and production to pipelines, storage, processing, refining, and exports, Texas’ oil and natural gas industry has achieved record-breaking performance across every sector.”

He credited state lawmakers’ approach to the industry as an asset, part of a partnership and “not an adversary.”

By James Russell

Copyright January 07, 2025, Harvey Kronberg, www.quorumreport.com, All rights are reserved