AUSTIN – Texas’ production of oil, natural gas, and natural gas liquids (NGLs) has achieved new record highs, according to a recent monthly energy economic analysis prepared by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.
TXOGA estimates that Texas set new production records in August 2023, with Texas’ crude oil production rising to 43.2% of oil production in the U.S. and 28.5% of natural gas marketed production.
Specifically, TXOGA estimates that:
• Texas’ oil production reached a record high 5.7 million barrels per day (mb/d) in August; and
• Texas’ natural gas marketed production reached 34.1 billion cubic feet per day (bcf/d) of natural gas gross withdrawals, including 30.9 bcf/d of marketed production, 26.35 bcf/d of dry gas production, and 3.2 mb/d of NGLs.
“Texas’ production of oil and natural gas has achieved records despite relatively modest drilling activity. Productivity gains and leveraging wells that have been drilled but not yet completed have provided a tailwind,” said Foreman. “Texas’ increased importance to U.S. energy production, processing, transportation and exports has become evident this year–and holds implications for cogent domestic energy policies to support U.S. energy and economic security.”
“Oil and natural gas are irreplaceable in powering our modern lives, providing affordable, reliable electricity, fueling transportation, and serving as the building block of 96% of the products we use every day,” said TXOGA president Todd Staples. “The Lone Star State’s oil and natural gas industry continues to lead the nation, driving U.S. energy production and ensuring energy security that benefits every American as well as our allies abroad.”
Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.