Texas Collects Record Amount Of Taxes From Oil & Gas

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Amid record oil and gas production, the oil and natural gas industry in Texas paid a total of US$16.3 billion in local taxes and state royalties in fiscal year 2019
—the highest taxes the industry has paid to the state of Texas on record, the Texas Oil & Gas Association (TXOGA) said in a new report.

"Despite challenges in the global marketplace, state and local taxes and state royalties paid by the Texas oil and natural gas industry shattered records last year – exceeding $16 billion," TXOGA President Todd Staples said in a statement, commenting on the figures.

The taxes and royalties paid in 2019 were up by 16 percent compared to the taxes the industry had paid in 2018, according to the association, which estimates that in 2019 the oil and gas industry contributed about US$44 million a day to state and local revenue.

The Texas oil and gas industry has paid more than US$149 billion in…
Tsvetana Paraskova
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