(Just The News)—The Texas oil and natural gas industry broke multiple records in fiscal 2024, including paying a record $27.3 billion in taxes and royalties, according to new data published by the Texas Oil & Gas Association (TXOGA).
This is the highest total in Texas history – shattering last year’s record by nearly $1 billion.
What the industry paid in one year, $27.3 billion, is more than what 34 states received in total tax revenues.
It translates to $74.8 million paid every day for a range of public services, including toward Texas’ public schools, universities, roads, first responders and other essential services.
“Remarkably, 2024 was yet another record-breaking year as the Texas oil and natural gas industry does its part to help reach Governor Abbott’s goal for our state’s economy to surpass France as the 7th largest economy in the world,” TXOGA president Todd Staples said. “From tax revenues and production to pipelines, storage, processing, refining, and exports, Texas’ oil and natural gas industry has achieved record-breaking performance across every sector.”
Staples said the industry has been so successful because “Texas leaders embrace policies that recognize oil and natural gas as an asset, not a liability. They view businesses as a partner, not an adversary. For its part, the industry has persevered through hostile federal policies of the outgoing Administration, global unrest and market volatility – including negative prices for natural gas – to shatter its own records, all while protecting and improving the environment.”
The industry primarily funds three major state funds: the Economic Stabilization Fund (Rainy Day Fund), Permanent School Fund and Permanent University Fund.
Since the Texas legislature created the Rainy Day Fund in 1987, it’s received more than $33.9 billion from Texas oil and natural gas production taxes.
The industry is a major funder of Texas public education. In fiscal 2024, 99% of Texas oil and natural gas royalties were deposited into the Permanent School Fund and the Permanent University Fund, $1.5 billion and $1.9 billion, respectively.
By the end of fiscal 2024, the value of the funds totaled $57.3 billion and $31.7 billion, respectively.
“The Texas Permanent School Fund is larger than Harvard’s endowment and is the largest education endowment in the nation,” Staples notes. “The oil and natural gas industry is the only significant contributor of fresh investment capital to these critical Texas education funds.”
In addition to these funds, in fiscal 2024, Texas school districts directly received $2.92 billion in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities. Counties directly received $1.03 billion in industry property taxes.
According to TXOGA data of ISDs, the districts that received the most oil and natural gas industry property taxes are in west Texas in the Permian Basin. In these and many districts, the industry represents the majority of the tax base.
Pecos-Barstow-Toyah ISD received the most of $304.4 million, with industry taxes representing 83% of the tax base.
Midland ISD received the next greatest amount of $217.5 million, representing 50.7% of the tax base. Wink-Loving ISD received $184 million, representing 92.4% of the tax base. Rankin ISA received $130 million, representing 92.4% of the tax base.
According to TXOGA data of counties, the top counties receiving the most oil and natural gas property taxes are in West Texas in the Permian Basin.
Reeves County received the most of $110.1 million with industry taxes representing 85% of the tax base. Martin County received the next greatest amount of $54.9 million, with industry taxes representing 94.5% of the tax base; Loving County received 53.6% million, with industry taxes representing 94.7% of the tax base.
In counties where the industry paid significantly less property taxes, it still represented a majority share of the county’s tax base. In Andrews County. for example, the industry paid $23.2 million in property taxes but represented 80.5% of the tax base; it paid $13.2 million in Crockett County representing 83% of the county’s tax base.
The Texas oil and natural gas industry has paid more than $257.6 billion in state and local taxes and state royalties since TXOGA began compiling the data in 2007. The total excludes hundreds of billions of dollars in payroll for some of the highest paying jobs in the state. It also excludes taxes paid on office buildings and personal property, as well as other service jobs that depend on the industry and taxes paid by other sectors benefitting from the industry, TXOGA notes.
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