Texas Oil and Gas Association said Tuesday the state’s industry paid a record $27.3 billion in state and local taxes and state royalties in fiscal year 2024. That’s about $1 billion above the previous record. TxOGA president Todd Staples said, “Texas oil and natural gas make an outsized and unmatched contribution to the financial might of our state and the energy leadership of our nation.”
Texas independent school districts received $2.92 billion, and counties received $1.03 billion in property taxes from oil and natural gas production, pipelines and gas utilities. Staples said the $27.3 billion in revenue translates to $74.8 million every day “that pays for Texas’ public schools, universities, roads, first responders and other essential services.”
Among school districts, Pecos-Barstow-Toyah ISD in west Texas was ranked first with $304.4 million in oil and natural gas property taxes. And Reeves County in west Texas ranked first among counties with $110.1 million.
TxOGA said Texas crude oil production set new records in 6 of the past 12 months – producing as much as 5.86 million barrels per day of crude oil in October 2024. That’s a record for the state, and it’s 44 percent of the nation’s total.