New Record: Oil and Gas Industry Paid $15.7 Billion in Taxes and Royalties in 2014, Most in Texas History

Texas Oil and Gas Association Press Release  February 24, 2015

New Record: Oil and Gas Industry Paid $15.7 Billion in Taxes and Royalties in 2014, Most in Texas History

Despite prices, oil and gas industry poised to continue tremendous contribution to Texas economy and state, local tax coffers

AUSTIN – The Texas oil and natural gas industry paid a record $15.7 billion in state and local taxes and royalties in 2014, the highest such collection from the oil and gas industry in Texas history, according to new economic data released by the Texas Oil & Gas Association (TXOGA) today. The oil and gas industry supports fully 41 percent of the Texas economy, up from 33 percent in the previous year.1

“As production in Texas has skyrocketed, local taxes and royalties paid by the Texas oil and natural gas industry reached a record $15.7 billion in 2014, more than double the total in 2010,” said Todd Staples, president of TXOGA. “Taxes and royalties paid by the oil and gas industry directly fund our roads, schools, first responders, essential public services, and more. We are proud to see safe and responsible oil and gas production contributing so significantly to help the state meet the needs of Texans.”

 

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