WorldWide Drilling Resource®

16 APRIL 2020 WorldWide Drilling Resource ® Gas and Oil Industry Brings Texas to the Top Adapted from Information by the Texas Oil & Gas Association According to the latest energy and economic impact report by the Texas Oil & Gas Association (TXOGA), the gas and oil industry paid more than $16 billion in state and local taxes and state royalties in 2019, the highest total in Texas history. The state continues to lead the way not only in oil and natural gas production, but also in pipelines, refining, liquid natural gas (LNG), and exports. In many ways, 2019 was a year of exceptional production for the U.S. gas and oil industry. Thanks to Texas, the country witnessed record-breaking production while becoming a net oil exporter the first full month recorded in the country. The state’s unprecedented growth in production, pipeline construction, refining, and LNG expansions has also translated to record-breaking revenue for the state. In fact, the Texas gas and oil industry shattered records, paying an estimated $16.28 billion to state and local treasuries, an increase of 16% from 2018. This translates to about $44 million a day. Since 2007, when TXOGA first started compiling the data, the industry has paid more than $149 billion in state and local taxes and state royalties. Oil and natural gas royalties to state funds - particularly the Permanent University Fund (PUF) and Permanent School Fund (PSF), which support Texas public education - also broke records in fiscal year 2019. In fact, 98% of the state’s oil and natural gas royalties were deposited into these funds with the PUF receiving $1.02 billion and the PSF receiving $1.11 billion. The gas and oil industry also provides good paying jobs for the people of Texas. On average, Texas gas and oil employers paid $125,248 per job in 2019, while other private sector jobs paid less than half that with an average of $56,902. With billions of dollars invested, hundreds of thousands of employees, and $16 billion in taxes and royalties paid last year alone, the gas and oil industry continues to be the heartbeat of the Texas economy. Editor’s Note: In between our print issues, the WWDR Team prepares an electronic newsletter called E-News Flash . Based on readership, this was the m ost popular E-News Flash article of the month. Get in on the action and subscribe today at: www.worldwidedrillingresource.com G&O