Texas’ oil and natural gas industry paid $27.0 billion in state and local taxes and state royalties in fiscal year 2025 – the second highest total in the state’s history. The data were released last week by Texas Oil and Gas Association. Todd Staples, president, said Jan. 7, “Even during a year dominated by market challenges, Texas oil and natural gas has proven once again to be the power behind Texas’ progress.”
Staples said the revenue from the industry “translates to nearly $74 million every day that pays for Texas’ public schools, universities, roads, first responders and other essential services.” The Permanent University Fund received $1.72 billion, and the Permanent School Fund received $1.4 billion. The Economic Stabilization Fund (“rainy day fund”) and State Highway Fund each received $2.7 billion.
In FY2025 the industry employed 495,500 Texans who earned an average annual salary of $133,095.
Production set records of 5.85 million barrels per day of crude oil in July and 35.4 billion cfd of natural gas in August. There also were record-setting amounts of exports of crude oil, LNG and total natural gas.