State of Texas received a record $10.83 billion in oil and natural gas production taxes in fiscal year 2022 that ended Aug. 31. Comptroller Glenn Hegar said Sept. 1 that Texas received $6.36 billion in oil production taxes (up from $3.45 billion last year) and $4.47 billion in revenue from gas production (up from $1.57 billion last year). Hegar said the state’s economic stabilization fund and state highway fund receive revenue from oil and gas taxes. Each will receive $3.64 billion from oil and gas within 90 days after each received $1.46 billion last year.
“Revenues continue to outpace even our most recent forecast,” Hegar said. Todd Staples, president of Texas Oil and Gas Association, added, “Oil and natural gas activity continues to pay big dividends for all Texans.”
