Saturday, April 1, 2023

Texas breaks its natural gas production record

In a new record for the Lone Star State, Texas will produce 11.2 trillion cubic feet of natural gas in 2022, with future growth trends expected to be even greater.According to the latest report from the Texas Association of Independent Producers and Royalty Owners (TIPRO).

TIPRO also noted that Texas supplied 1.83 billion barrels of oil to the nation last year.

In its State of Energy report, TIPRO President Judd Walker said that “despite facing many unique challenges such as supply chain constraints, inflationary pressures, labor shortages and an unfavorable federal political environment, the US oil and gas industry has continued to provide significant economic support into 2022.”

,Oil and natural gas development, led by Texas operators, will, in any realistic scenario, play a key role in meeting growing global energy demand for decades to come.Walker added.

According to the report, the Texas oil and gas industry will lead the nation in industry employment in 2022, accounting for 37% of oil and gas jobs nationwide and indirectly employing 2.6 million people.

Direct payrolls from the oil and gas sector in Texas are set to reach $48 billion in 2022, compared with $11 billion in California and $7.6 billion in Louisiana, the second and third largest payroll contributors.

In terms of oil production, Texas’ 1.83 billion barrels in 2022 compares favorably with New Mexico, with the second-highest production, at 534 million barrels, and North Dakota, with 393 million barrels.

In the natural gas sector, where Texas broke a new record, the second largest producer for 2022 was Pennsylvania, which produced 7.6 tcf.,

The Lone Star State also had the largest number of US drill rigs last year, with an average of 380 active rigs. From January 2022 to December 2022, the number of active rigs in Texas increased from 332 to 410.

The gross regional product (GRP) for the Texas oil and gas industry was $322 billion by 2022, a figure representing 16% of the state’s economy. TIPRO, however, states that the actual contribution to the state’s economy is much larger, stating: “Once the specific multiplier for gross regional product is included, the Texas oil and natural gas industry accounts for 40% of the Texas economy.” supported.

All of this cost the state of Texas $24.7 billion in taxes and royalty payments from the oil and gas industry last year.

Nation World News Desk
Nation World News Desk
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