Texas oil producers paid $694 million in production taxes to the state. This is according to the Comptroller’s data in July. The highest monthly collection on record are up 84% percent from July 2021. Natural gas production taxes paid also reached a record high in July at $532 million. Moreover, it was up 185 percent from last July. These monthly amounts are remarkable in that they surpass average annual revenues from just a few short decades ago. Only two years ago in the fiscal year 2020, Texas’ natural gas production tax generated $925 million, and in the fiscal year 2023, which begins September 1, 2022, it is expected to generate $4.69 billion, an increase of 407%, while oil for the same period is expected to grow from $3.23 billion to $6.58 billion, an increase of 104%.
“Texas’ all-time monthly records for oil and natural gas production tax collections were shattered again in July, reminding Texans of the vast benefits our state enjoys as the top oil and natural gas producing state in the nation,” said Todd Staples, president of the Texas Oil and Gas Association. “These benefits extend beyond Texas’ borders though as our nation and the world enjoy the advantages of homegrown, clean, American energy that is meeting our energy needs and environmental goals here at home and across the globe.”
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Source: BIC
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