• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 22 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Texas Oil And Gas Tax Payments Broke Records In 2022

The oil and gas industry paid record taxes and royalties to the state of Texas last year, the Texas Oil and Gas Association reported, noting the total amount paid was 54 percent higher than the previous record set in this respect.

At $24.7 billion, the taxes and royalties that the oil and gas industry paid into the Texas budget translate into a daily payout of $67 million, TXOGA noted in its news release.

Broken down, the total represents a 116-percent annual increase in production taxes, equal to $5.8 billion, and a 102-percent increase in royalties paid into state funds, which is equal to $2.2 billion. Almost all of the royalties generated by the oil and gas industry in Texas last year were put into the state’s Permanent School Fund and the Permanent University Fund—an amount equal to $2.1 billion for each. This was double the amount the education funds received from royalties for 2021. 

The Texas Economic Stabilization Fund, commonly known as the Rain Day Fund, received $1.5 billion from oil and gas production taxes last year. The Texas school districts, for their part, received $1.65 billion from property taxes paid by the oil and gas industry last year.

Texas is the biggest onshore oil-producing region in the United States, featuring both conventional deposits and two of the biggest shale plays in the country, including top producer Permian, which the state shares with New Mexico.

The Permian has been the biggest contributor to total U.S. shale oil production, but growth has begun to slow down recently. However, another Texas legacy production region, the Eagle Ford play, has begun to pick up.

Reuters reported earlier this month that oil output in the Eagle Ford could rise by 4 percent this year as higher prices motivate more drilling in the second-largest shale oil play in the country. The increase would translate into gains of between 25,000 and 40,000 bpd.

By Irina Slav for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • M G on January 24 2023 said:
    Texas Baby!!! Yeah!

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News