AUSTIN – Texas’ production of oil, natural gas, and natural gas liquids (NGLs) has once again achieved new record highs, according to Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D’s most recent monthly energy economic analysis.
Texas’ new annual records for 2023, based on U.S. Energy Information Administration (EIA) data, include crude oil production of 5.5 million barrels per day (mb/d), NGL production of 3.3 mb/d, and natural gas marketed production of 29 billion cubic feet per day (bcf/d). At the same time, Texas natural gas underground storage capacity grew to a record 863.4 bcf.
In addition, Texas also established new monthly records in December 2023, including natural gas marketed production at 32.6 bcf/d, refiner and blender net inputs of 5.69 mb/d, refined petroleum product exports of 4.39 mb/d, and the greatest crude oil supply (in-state production plus imports and interstate net receipts) at 9.9 mb/d.
“Texas’ new production and export milestones continue to highlight the Lone Star State’s role as a global energy leader, showcasing that energy leadership starts–and should stay–in Texas,” said TXOGA President Todd Staples. “In the face of global instability and ever-increasing demand for energy and the products that make modern life possible, Texas remains committed to delivering the affordable, reliable oil and natural gas that our state, nation, and world need.”
“Texas’ strong performance across the energy value chain has meant that U.S. energy increasingly depends on our state,” said Foreman. “Ample production has replenished oil and natural gas inventories and kept downward pressure on consumer prices despite solid domestic consumption and record-highs for oil and natural gas exports. It’s a remarkable productivity narrative.”
Read the analysis.
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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.