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In 1919, tax revenue from oil production surpassed $1 million ($17.6 million in today's terms) and in 1929 it reached $6 million ($106 million in today's terms). [34] [95] By 1940, the oil and gas industry accounted for approximately half of all taxes paid in the state. [55]
Oct. 1—AUSTIN — Statewide and county crude oil and natural gas production as reported to the Railroad Commission of Texas for July 2024 came from 158,063 oil wells and 83,833 gas wells, a ...
By TXOGA's estimates for May 2024, Texas produced a record-high 5.7 mb/d of crude oil, plus 32.5 billion cubic feet per day (bcf/d) of natural gas marketed production and 3.5 mb/d of NGLs.
Texas is the largest state producer of both crude oil and natural gas, producing 41% of national crude oil production and 25% of national natural gas in 2019. The thirty oil refineries operating in January 2019 comprised 31% of national refining capacity. [1]
The East Texas Oil Field is a large oil and gas field in east Texas. Covering 140,000 acres (57,000 ha) and parts of five counties, and having 30,340 historic and active oil wells, it is the second-largest oil field in the United States outside Alaska, and first in total volume of oil recovered since its discovery in 1930. [ 1 ]
The Railroad Commission regulates the Texas oil and gas industry and tallies production reports submitted by operators. — Oil production hit a record 1.92 billion barrels in 2023, which was 51 ...
Texas producers also paid $436 million in oil production taxes and $182 million in natural gas production taxes in October, according to the Texas Comptroller’s Office.
In 1901 the Gladys City Oil, Gas, and Manufacturing Company struck oil on Spindletop Hill in Beaumont. Though petroleum production was not new, this strike was by far the largest the world had ever seen. The find led to widespread exploration throughout Texas and neighboring states.