Texas comptroller Glenn Hegar said this week the state received a record $666 million in oil production taxes in April and another $595 million in May. In addition to being the highest monthly total in the state’s history, the April revenue was 99 percent higher than April 2021. Natural gas production taxes were $339 million in April and a record $413 million in May – 216 percent higher than May 2021. The comptroller’s forecast for fiscal year 2022 was $4.9 billion (almost $4.4 billion is collected with three months remaining before fiscal year ends Aug. 31).
Ben Shepperd, president of Permian Basin Petroleum Association, told Midland Reporter Telegram, “Once again Permian Basin producers are contributing record taxes to the state of Texas. It is a testament to the hard-working men and women in the Permian Basin and will benefit every man, woman and child in Texas.”