Texas Oil, Gas Industry Sets Record Production Levels in 2024

The Texas oil and natural gas industry reached significant milestones in 2024, leading the nation in production, employment, and economic impact, according to the Texas Independent Producers & Royalty Owners Association (TIPRO). The state produced a record 2 billion barrels of oil and 12.7 trillion cubic feet of natural gas, with the industry supporting nearly 2.8 million jobs, including 480,460 directly. Texas accounted for 23% of all oil and gas jobs in the U.S. and reported the highest average wage in the sector at $128,876. Additionally, the industry contributed over $27 billion in state and local taxes and royalties, reinforcing its crucial role in the Texas economy. Total goods and services purchased by the Texas oil and gas sector exceeded $307 billion, benefiting various business sectors statewide. Overall, the report underscores the Texas oil and natural gas industry's vital contribution to both state and national economies in 2024.