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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Report shows growth in Permian’s contribution to state revenue

June 4, 2020 by Sarrah Barton

In the past five years, the percentage of the state’s revenue from taxes and royalties paid by oil and gas producers in Permian Basin has increased to 67.2 percent from 48.1 percent. A new report developed by Texas Taxpayers and Research Association said Texas oil and gas producers in 2019 contributed a record $13.4 billion to the state’s treasury through taxes and royalties, including $9 billion from Permian Basin. That compares to $13.3 billion in Texas in 2014, including $6.4 billion from Permian Basin. The report, “Permian Basin Enriching Texas,” was issued last month by Permian Basin Petroleum Association.
Dale Cramer, president of TTARA, told the Midland Reporter Telegram, “The state’s numbers are off the charts, but they’re off the charts because of the Permian Basin… The Permian Basin has generated tremendous dividends for the rest of the state.” He said the revenue funds education, roads and health care. “The industry generates enough revenue so that Texas doesn’t have to ask other taxpayers to pony up.”
Other findings in the report: Permian operated half the state’s rigs in 2014 and 70 percent in 2019; less than half the state’s crude oil production came from Permian in 2014 and more than two-thirds in 2019; and 17 percent of state’s natural gas production came from Permian in 2014 and almost 40 percent in 2019. Ben Shepperd, president of PBPA, added, “We felt it was important to try and paint a clearer picture of the impact.”

Filed Under: Business & Analysis, PBOG Newsletter Tagged With: industry revenue, permian basin, rig counts

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