In a statement posted on its site recently, the Texas Railroad Commission (RRC) revealed that the state set records for both oil and gas production in 2023.
Oil output hit 1.92 billion barrels in 2023, according to the RRC. The organization, which regulates the Texas oil and gas industry and tallies production reports submitted by operators, highlighted in its statement that this was 51 million barrels more than the previous record.
Operators produced 12.01 trillion cubic feet of natural gas last year, the RRC pointed out in the statement. That surpassed the previous record by more than 13 percent, according to the RRC.
“These production records are beyond impressive and reflect how Texas continues to provide reliable domestic production for the nation,” RRC Executive Director Wei Wang said in the statement.
“As the state’s oil and gas regulator, the RRC is committed to our critical mission supporting Texas’ economic growth that benefits Texans. Production taxes collected from the oil and gas industry pay for our schools, highways, and the state’s Rainy Day Fund,” he added.
“The commission will continue its hard work to ensure the state remains at the forefront of the energy sector,” Wang continued.
Texas’ top five oil production years, including crude oil and condensate, now comprise 2023, at 1.92 billion, 2019, at 1.86 billion, 2020, at 1.77 billion, 2021, at 1.75 billion, and 2022, at 1.71 billion, the RRC highlights in its statement.
The state’s top five gas production years, including gas well and casinghead gas, comprise 2023 at 12.01 trillion cubic feet, 2021, at 10.61 trillion cubic feet, 2022, at 10.51 trillion cubic feet, 2020, at 10.23 trillion cubic feet, and 2019, at 10.21 trillion cubic feet, according to the RRC.
The Texas Independent Producers and Royalty Owners Association’s (TIPRO) latest state of energy report, which was released earlier this year, stated that oil production in Texas reached a record 1.99 billion barrels in 2023. It added that Texas led the country in natural gas production with a record 12.2 trillion cubic feet produced in 2023.
The Texas oil and natural gas industry paid a record $26.3 billion in state and local taxes and state royalties in fiscal year 2023, according to the report, which noted that the Texas oil and natural gas industry purchased U.S. goods and services in the amount of $288 billion, “83 percent of which came from Texas businesses”.
Oil and gas jobs in Texas paid an annual average wage of $124,453, 74 percent more than all average private sector jobs in the state, the report stated, adding that Texas had the highest oil and gas payroll in the country in 2023 ($59 billion).
“As demand for oil and natural gas expands globally, and geopolitical conflicts escalate, Texas continues to play an outsized role in providing energy to fuel our economy, support our allies and protect our national security,” TIPRO President Ed Longanecker said in a release sent to Rigzone earlier this month.
“Texas operators remain committed to producing energy in a responsible manner and supporting sound energy policy at all levels of government,” Longanecker added.
TIPRO describes itself as one of the oldest and largest oil and natural gas advocacy non-profit organizations in the state. TIPRO's site notes that its nearly 3,000 members include small family-owned oil and gas businesses and the largest publicly traded independent producers, in addition to large and small mineral estates and trusts.
Collectively, TIPRO members produce nearly 90 percent of the oil and natural gas in Texas and own mineral interests in millions of acres across the state, according to the organization’s site.
To contact the author, email andreas.exarheas@rigzone.com
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