AUSTIN – Texas’ production of oil, natural gas, and natural gas liquids (NGLs), refinery activity and exports have 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.
By TXOGA’s estimates for May 2024, Texas produced a record-high 5.7 mb/d of crude oil, plus 32.5 billion cubic feet per day (bcf/d) of natural gas marketed production and 3.5 mb/d of NGLs.
Texas’ new monthly records established in March 2024, based on data from the Energy Information Administration (EIA) and U.S. International Trade Commission, include:
- Record-high NGL field production: 3.7 million barrels per day (mb/d)
- Record-high refinery activities, including net production of 5.5 mb/d
Moreover, after Texas’ petroleum products exports exceeded 4.0 mb/d for the first time in December 2023, the Lone Star State has sustained its petroleum products exports above 4.0 mb/d for five straight months. Texas also exported nearly $57 billion of petroleum products in the first quarter of 2024.
“These new records are a testament to Texas’ role as a national and global energy leader,” said TXOGA President Todd Staples. “Amidst growing global instability and energy demand that is expected to nearly double by 2050, oil and natural gas continue to serve as the bedrock of our energy mix, providing affordable reliable energy to meet our state, nation, and the world’s needs.”
“Texas’ record-setting performance has continued so far this year on the heels of remarkable productivity gains, where for example rig productivity in May rose by more than 20% year-over-year by EIA estimates.” said Dr. Foreman. “As a result, Texas has continued to gain market share amid U.S. oil and natural gas production through the first half of 2024. U.S. energy security increasingly depends on Texas, and Texas has stepped up like none other.”
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.