Texas Drills Its Way to a State Record in Oil Production

As if Texas needed another reason to show how impressive it is, the Lone Star State has officially notched a state record during the year of 2024 in oil production.

Are you holding on to something? Because in 2024 alone, the state of Texas produced an unimaginable 2 billion barrels of oil... OVER 2 billion actually. In fact, the exact number is 2,003,844,281 barrels.

The Texas oil and gas industry files reports which fall within the loving arms of the Texas Railroad Commission. It's from these reports that this astronomical number was discovered.

Texas Breaking Records!

2024 broke the record for most barrels as Texas had never surpassed the 2 billion marker ever in the state's history.

The other record that Texas smashed was natural gas production. In 2024, Texas reached 62 trillion cubic feet... that's the equivalent of about 463,792,207,792,207 (463 trillion) liquid gallons.

How Much is Paid in Taxes?

This may seem like a random question, but if you thought 2 billion barrels was a lot, then just wait until you hear how much the Texas oil and gas industry paid in state and local taxes in 2024...

The industry paid a whopping $27.3 billion straight to Texas' tax wallet. It goes without saying that this number also broke the previous record of highest amount paid in taxes from the Texas oil and gas industry by almost a billion dollars!

By the way, $27.3 billion in state and local taxes is more money than 34 other states' ENTIRE tax revenues...

Texas' Increasing Oil Production

If you're curious, here are the top five years of Texas oil production:

• 2020 - 1.77 billion barrels
• 2019 - 1.86 billion
• 2022 - 1.87 billion
• 2023 - 1.99 billion
• 2024 - 2 billion

So, here's to another year of breaking records and taking names!