Oil and Natural Gas Production Taxes Up 41 and 91%, respectively, over last September
AUSTIN – Texas Comptroller Glen Hegar’s recently released tax collections data reveals oil and natural gas producers paid more than $1 billion in production taxes in September.
According to the Comptroller’s data, in September, Texas oil producers paid $552 million in production taxes, up 41 percent from September 2021. Natural producers paid $480 million, up 91 percent from September 2021.
“The oil and natural gas industry is meeting our energy needs more responsibly than any other nation in the world, while directly funding public education, essential services, and our state’s robust Rainy Day Fund,” said Todd Staples, president of the Texas Oil & Gas Association. “Oil and natural gas are irreplaceable in our lives, our economy and our future.”
Production taxes are only one of the many taxes that the Texas oil and natural gas industry pays. The industry also pays billions in property taxes on all assets from producing minerals properties to pipelines to refineries and gas stations. State and local sales taxes also apply to many purchases made by the industry, raising billions more. There are further taxes, including the state’s franchise tax and gross receipts taxes imposed on natural gas utilities and pipelines, and millions of dollars in fees imposed by state government.
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Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.