Texas’ Oil and Natural Gas Production Continues at Record Highs in October

AUSTIN – Texas’ energy exports and production of oil, natural gas and natural gas liquids (NGLs) have again achieved new record highs, according to the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.

Marketed natural gas production achieved record highs of 33.6 billion cubic feet per day (bcf/d) in August per the Energy Information Administration (EIA) and even higher at 33.8 bcf/d in October by TXOGA’s estimates. Other Texas records in August 2024 included crude oil production of 5.8 million barrels per day (mb/d), NGLs of 3.85 mb/d, natural gas gross withdrawals of 36.1 bcf/d, and 4.5 mb/d of petroleum refined products, per EIA and U.S. International Trade Commission (USITC) data.

“Abundant energy resources, world-leading infrastructure, and a strong business climate continue to deliver unmatched results making Texas a remarkable energy leader. Our energy abundance–and the policy framework that supports it–directly contributes to safety, security and stability in America and beyond,” said TXOGA President Todd Staples. “Science-based regulation, market access and a commitment to free trade remain key factors that have propelled the Lone Star State’s continued investments and innovation.”

“A recurrent theme in 2024 has been that Texas’ oil and natural gas production has continued to exceed expectations, pushing the envelope by setting new records.” said Foreman. “What’s most remarkable from August 2024, however, is the record high in Texas’ refined product exports of 4.5 million barrels per day, according to USITC data. If Texas were a country, these exports would rank #1 in the world.”

TXOGA’s estimates for October 2024 place Texas crude oil production at 5.7 mb/d, with natural gas marketed production at a record 33.8 bcf/d, and NGLs production at 3.8 mb/d.

For the year-to-date through October 2024, Texas accounted for 43% of U.S. crude oil and 29% of U.S. natural gas marketed production, marking an increased share of both U.S. and global output.

August 2024 Highlights

Based on EIA data released on October 31, 2024, covering August 2024:

  • Record highs in petroleum production and exports. Texas produced 5.8 mb/d of crude oil and maintained record-high NGL field production at 3.85 mb/d. Refined product exports reached a record 4.5 mb/d.
  • Robust natural gas flow. Texas produced 28.1 bcf/d of dry natural gas, meeting local consumption of 16.5 bcf/d for industry and electricity generation, while exporting 11.4 bcf/d. Exports included 7.6 bcf/d of LNG and 3.8 bcf/d to Mexico, as reported by the USITC.
  • Strong Texas energy exports. Through August 2024, Texas’ energy exports reached $154.3 billion, according to USITC data—on track for annual 2024 energy exports in excess of $230 billion.

Read the full analysis.

+++

Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.

Stay Updated

Get quick updates in our e‑newsletter.

Related Updates

December 3, 2024

In this episode, TXOGA President Todd Staples and Shana Joyce, Vice President of Government and Regulatory Affairs are joined by Omar Garcia, Chief External Affairs...

November 18, 2024

AUSTIN – Newly-released data from the Texas Workforce Commission (TWC) indicates that upstream oil and natural gas employment rose by an additional 1,700 jobs in September. These new numbers extend the strength of 2023’s job growth to date, with 14,300 jobs added so far this year.

November 11, 2024

In this episode, TXOGA President Todd Staples and Shana Joyce, Vice President of Government and Regulatory Affairs, are joined by U.S. Oil & Gas Association...

Subscribe to our mailing list!

Sign up for our newsletter to stay updated on all the latest news and events.

NOTE: Fields with an asterisk * are required.

Contact us

If you are interested in Affiliate Membership please complete the form and we will be in touch shortly.

NOTE: Fields with an asterisk * are required.

Contact us

If you are interested in Formula Membership please complete the form and we will be in touch shortly.

NOTE: Fields with an asterisk * are required.