x
Breaking News
More () »

Texas Oil and Gas announce record year

The TxOGA announced recently that the industry paid a record $26.3 billion dollars in state and local tax royalties that go straight to benefiting Texas.

CORPUS CHRISTI, Texas — The Texas Oil and Gas Association is touting a blockbuster year in 2023.

Officials said the oil and gas industry paid a record $26.3 billion dollars in state and local tax royalties, which is over $1.5 million dollars more than last year's record. 

TxOGA said those funds, about $73 million dollars a day, go directly to Texas public schools, universities, and roads.

President Biden recently announced his administration planned to halt LNG production, prompting questions about whether those banner levels are sustainable. 

3News spoke with TxOGA's Matt Garcia, who said they are. 

"The answer is yes -- it absolutely good for Texas on a number of fronts. One of the things Texas does really well, is we have great innovators here," said Garcia. 

"We have some of the best minds in the world, operating right here in Texas -- and operating right in the Texas energy plays. So we've had a banner year. Record breaking production."

Garcia also said that as the Coastal Bend's industrial and energy base grows, our local emissions profile has reduced. 

More from 3News on KIIITV.com:  

Subscribe to our YouTube channel for your daily news and exclusive extended interviews.

Do you have a news tip? Tell 3!

Email tell3@kiiitv.com so we can get in touch with you about your story should we have questions or need more information. We realize some stories are sensitive in nature. Let us know if you'd like to remain anonymous.

Related

Texas Supreme Court hears oral arguments over electricity cost during deadly February 2021 winter storm

Before You Leave, Check This Out