Texas Oil Industry 2024
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Sponsor Our ArticlesThe Texas Independent Producers & Royalty Owners Association (TIPRO) has released its 10th edition of the State of Energy Report for 2024. The report highlights impressive statistics showing that the oil and gas industry supported 2 million direct jobs across the U.S. in 2023, with Texas contributing significantly to this growth. As the leading oil producer in the U.S., Texas has set records in oil and natural gas output, impacting both the state and national economy positively. The outlook for the industry remains strong heading into the future.
In the heart of Texas, the Texas Independent Producers & Royalty Owners Association (TIPRO) has rolled out its much-anticipated 10th edition of the State of Energy Report for 2024. This eye-opening report sheds light on the significant trends shaping our beloved oil and gas industry, featuring impressive statistics that show just how vital this sector is to both our state and the nation.
Let’s kick things off with some fantastic news about jobs. Did you know that in 2023 alone, the energy industry supported a whopping 2 million direct jobs across the U.S.? That’s not just impressive—it’s worth celebrating! When you add in the ripple effects, the total number of direct and indirect jobs skyrockets to nearly 23 million. Quite a lot, isn’t it?
Now, let’s talk about the wallets of those working in the oil and gas sector. The average annual wage in this industry stands at an inviting $81,808. That’s significant, considering that the total payroll for the oil and natural gas sector hit an eye-popping $168 billion. Talk about keeping the economy buzzing!
Texas’s oil and gas sector has been nothing short of a powerhouse, contributing a direct Gross Regional Product (GRP) that surpassed $1 trillion in 2023. Even more impressive, the Lone Star State accounted for a staggering 23% of all oil and gas jobs in the country, with about 480,460 direct jobs and a net addition of 10,613 positions expected this year.
Texas businesses are also reaping the rewards, as the state’s oil and natural gas industry spent an astounding $307 billion on goods and services in 2024, with a remarkable 81% of that amount sourced from local companies. That’s a win-win for our economy!
Texas has taken the crown as the top oil producer in the U.S. for 2024, cranking out a record 2 billion barrels of oil. But that’s not all—our state also achieved a record natural gas output, exceeding 12.7 trillion cubic feet. This is pivotal, especially when considering how much natural gas is needed for exporting to our allies, particularly in light of the ongoing geopolitical tensions around the globe.
As a matter of fact, U.S. liquefied natural gas (LNG) exports saw an uptick to 88.3 million metric tons in 2024. With Texas being such a powerhouse in this industry, it’s no surprise that more than half of the nation’s LNG exports went to Europe. This transition is vital, especially as many countries seek to move away from reliance on Russian energy supplies.
With population growth and emerging industries like data centers and artificial intelligence taking Texas by storm, the state is bracing for a surge in electricity demand. ERCOT expects the peak load to reach around 152 GW by 2030, nearly double what we’ve historically seen. Natural gas is set to continue playing a critical role in electricity production, contributing about 30.3% of total generation in 2025 and projecting a rise to 33.9% by 2030.
The future is looking bright for Texas’s oil and gas industry. With favorable energy policies likely to continue under the current administration, the outlook for domestic natural gas production, along with its correlation to LNG exports, remains robust. The industry is ready to tackle any challenges ahead, including uncertainties stemming from global energy markets.
All in all, the Texas oil and gas sector is not just surviving; it’s thriving, and its role in our economy and on the global stage is hard to overlook. Let’s keep our sights set on the opportunities ahead as we cheer on this critical industry.
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