Staff Reports
The energy powerhouse of Texas has done it again! With record-breaking oil, natural gas, and natural gas liquids (NGLs) production in 2023, the Lone Star State continues to shine as the beacon of excellence in the energy sector. The U.S. Energy Information Agency’s recently updated data reveals that Texas reached new heights, with crude oil production hitting an impressive 5.5 million barrels per day, NGL production soaring to 3.3 million barrels per day, and natural gas marketed production reaching a whopping 29 billion cubic feet per day. It’s clear that when it comes to energy, Texas reigns supreme.
Not content with just annual records, Texas also made waves in December 2023 by breaking four new monthly records, further solidifying its energy dominance. From natural gas marketed production to refined petroleum product exports, Texas showcased its unrivaled prowess in the industry. With a crude oil supply of 9.9 million barrels per day – the highest supply for the month on record – Texas is not just a leader, but a trailblazer in the global energy landscape.
Texas oil, natural gas production reached record highs in 2023 | Just The News https://t.co/udRNH539ov
— John Solomon (@jsolomonReports) April 4, 2024
As if that wasn’t enough, Texas also flexed its muscles in the international arena, exporting over $221 billion worth of oil, natural gas, and derived products in 2023, with a significant portion finding its way to Asian Pacific and European countries. The Lone Star State’s energy prowess is not just a national triumph but a global phenomenon.
But it’s not just about the numbers – Texas’ energy boom has had a direct impact on the state’s economy and public services. The Texas oil and natural gas industry contributed a historic $26.3 billion in tax revenue last year, resulting in a staggering $72 million a day to fund public schools, universities, roads, first responders, and other essential services. This unprecedented economic performance is a testament to the industry’s unwavering commitment to innovation, investment, and operational efficiencies.
Furthermore, Texas’ energy success has not come at the expense of environmental progress. In fact, the state has led the nation in emissions reductions, underscoring the industry’s dedication to sustainable practices. With billions of dollars flowing into state funds, such as the Permanent School Fund, the Permanent University Fund, and the Rainy Day Fund, Texas is reaping the rewards of its thriving energy sector while simultaneously supporting vital public services.
In conclusion, Texas has set the bar high in the energy realm, demonstrating that it is not only a powerhouse in production and exports but also a driving force behind economic growth and environmental stewardship. The Lone Star State’s energy achievements are a testament to the industry’s unparalleled dedication and Texas’ unwavering position as a global energy leader.
