Texas Energy Report: Jobs, Economy, and Record Growth
Fri, April 05, 2024
As our industry continues navigating the ever-evolving energy landscape, we wanted to take this time to celebrate the achievements Texas oil and gas producers made in 2023.
Texas Independent Producers and Royalty Owners Association’s (TIPRO) 9th annual “State of Energy Report” detailed the essential role Texas’ oil and natural gas industry played in driving economic opportunity, meeting increased energy demand, and supporting millions of good-paying jobs.
2023 highlights include:
- Texas’ oil and gas industry contributed more than $364 billion in economic benefits, including supporting over 2.9 million direct, indirect and induced jobs.
- Texas was the leading state for employment in 15 out of the 19 sectors used to define the oil and natural gas industry.
- Oil production in Texas reached a record 1.99 billion barrels in 2023. New Mexico had the second highest oil production with 662 million barrels, followed by North Dakota with 433 million barrels.
- Texas led the U.S. in natural gas production with a record 12.2 trillion cubic feet.
- Last but certainty not least, of the more than $288 billion in natural gas and oil-related goods and service purchased, 83% were made from Texas business—stimulating the local economy.
“The Texas oil and natural gas industry remains a cornerstone of the Texas and U.S. economies, and a critical source of energy security for our country and allies abroad,” said Ed Longanecker, President of TIPRO. “We applaud the immense contributions provided by the Texas oil and natural gas industry and the policymakers that understand its importance.”
Hear more from Ed Longanecker in the latest Texas Energy Minute.