AUSTIN – The Texas oil and natural gas industry shattered records for state and local tax revenue and performance across every sector in 2024, according to the Texas Oil & Gas Association’s (TXOGA) newly released annual Energy & Economic Impact Report (EEIR). Highlights from the report include a history-making $27.3 billion in state and local taxes and state royalties paid by the oil and natural gas industry–a feat driven by record-breaking performance in production, pipelines, storage, processing, refining and exports.
Here’s what Texas’ leaders had to say about this year’s phenomenal EEIR results and the importance of the oil and natural gas industry in the Lone Star State:
“The men and women of the oil and gas industry are the lifeblood of Texas’ booming economy. Texas has been a champion of oil and gas since the oil boom—supplying the world with the energy needed to fuel homes and businesses, spur economies, and power innovation. TXOGA’s report highlights the strength and vitality of Texas’ oil and gas sector that continues to shatter economic records. As we look towards the future, Texas will continue to protect this critical industry and the hundreds of thousands of good-paying jobs it creates for Texans across our great state.”
– Governor Greg Abbott
“Texans know that when the oil and gas industry prospers, Texas prospers. Texans rely on the oil and gas industry for high-quality jobs and to power our juggernaut economy, the 8th largest in the world, to new heights. As Texas enters 2025, and with President Trump returning to the White House, I look forward to working with him to further grow the might of Texas’ oil and gas industry so all of America prospers.”
– Lieutenant Governor Dan Patrick
“Texas’ oil and gas industry continues to power our state toward a brighter future by supporting our thriving economy, critical services, and energy security. The State of Texas must work to ensure this vital sector is able to continue delivering affordable, reliable energy for our nation and global partners while driving our state’s remarkable economic growth and prosperity.”
– Speaker Dade Phelan
“Texas’ oil and gas industry fuels global energy needs, bolsters national security, and supports our allies overseas, while cementing the state’s role as the economic powerhouse of the nation. As Texas grows, so does its oil and gas sector. With ongoing innovation and greater efficiency, production levels remain strong and keep Texas as the global energy superpower. Texas has fought to protect this vital industry which paid a record $27.3 billion in state and local taxes and state royalties in fiscal year 2024. These funds not only boost state revenues, but also support vital services like public education and help to make Texas the world’s 8th largest economy.”
– Comptroller Glenn Hegar
“As Land Commissioner and the steward of 13 million acres of state land, I am proud to help lead the way in funding public education in Texas. This year, the Texas General Land Office deposited more than one billion dollars in oil and natural gas revenues into the Permanent School Fund. Every cent of this critical support for Texas schoolchildren was made possible by our state’s fierce commitment to defending the oil and gas industry from potentially disastrous federal policies and over-stepping. I will continue to fight and advocate for our schoolchildren while protecting the interests of Texas families, businesses and the prosperity of our great State of Texas.”
– Land Commissioner Dawn Buckingham
“The oil and gas industry in Texas has once again proven its critical role in keeping our economy thriving with its record-setting contribution in state and local taxes this past fiscal year. I appreciate TXOGA’s efforts to highlight the immense impact this industry continues to make, and the major benefits it provides to Texas families and their communities.”
– Railroad Commission Chairman Christi Craddick
“Texas oil and gas continues to break records serving as the reliable energy backbone to the state and nation. Despite the Biden Administration’s 250 federal actions to shut down our nation’s oil and gas production, U.S. producers have seen record levels because of global demand for reliable energy due to net zero agendas and geopolitical instability. America has about 227 years of recoverable oil and gas resources, and we should utilize every bit to benefit our nation and the world. Under President Trump’s upcoming leadership, domestic production should continue to shatter records and bring with it the energy independence and economic prosperity that will make America great again.”
– Railroad Commissioner Wayne Christian
“Energy remains a cornerstone of the Texas economy and 2024 represented yet another banner year for Texas energy production and tax revenue to our state and local communities. With more than $74 million dollars every day going to fund our schools, roads, and essential services, the impact of the oil and gas industry to our state and our citizens is unmatched.”
– Railroad Commissioner Jim Wright
+++
Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.