{"id":2213611,"date":"2024-04-05T08:09:02","date_gmt":"2024-04-05T12:09:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-oil-natural-gas-production-reached-record-highs-in-2023\/"},"modified":"2024-04-05T08:09:33","modified_gmt":"2024-04-05T12:09:33","slug":"texas-oil-natural-gas-production-reached-record-highs-in-2023","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-oil-natural-gas-production-reached-record-highs-in-2023\/","title":{"rendered":"In 2023, Texas achieved record levels of oil and natural gas production"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftexas-oil-natural-gas-production-reached-record-highs-in-2023%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2213611&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In 2023, Texas set new production records for oil, natural gas, and NGLs, as highlighted by the U.S. Energy Information Agency. The state&#8217;s energy leadership was underlined by\u2064 significant milestones in production and exports, demonstrating Texas&#8217; pivotal role in the global energy landscape. With growing\u2062 market shares and robust projections, Texas remains a key player in meeting the world&#8217;s\u200d energy demands.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>(The Center Square) \u2013 Texas\u2019 oil, natural gas and natural gas liquids (NGLs) production in 2023 reached new record highs, according to newly updated data released by the U.S. Energy Information Agency.<\/p>\n<p>The new annual data for 2023 shows that Texas crude oil production reached 5.5 million barrels per day (mb\/d), its NGL production reached 3.3 mb\/d, and its natural gas marketed production reached 29 billion cubic feet per day (bcf\/d). Texas\u2019 natural gas underground storage capacity grew to a record 863.4 bcf.<\/p>\n<p>Texas also broke four new monthly records in December 2023: natural gas marketed production reached 32.6 bcf\/d, refiner and blender net inputs reached 5.69 mb\/d, refined petroleum product exports reached 4.39 mb\/d, and crude oil supply reached 9.9 mb\/d \u2013 the greatest supply for the month on record. The crude oil supply includes in-state production in addition to imports and interstate net receipts.<\/p>\n<p>\u201cTexas\u2019 new production and export milestones continue to highlight the Lone Star State\u2019s role as a global energy leader, showcasing that energy leadership starts \u2013 and should stay \u2013 in Texas,\u201d Texas Oil &#038; Gas Association President Todd Staples said. \u201cIn the face of global instability and ever-increasing demand for energy and the products that make modern life possible, Texas remains committed to delivering the affordable, reliable oil and natural gas that our state, nation, and world need.\u201d<\/p>\n<p>In an analysis of the EIA data, TXOGA\u2019s Chief Economist Dean Foreman notes that in December, Texas\u2019 NGL exports were the greatest on record since 2010.<\/p>\n<p>According to U.S. International Trade Commission data, Texas exported over $221 billion of oil, natural gas and derived products in 2023. The majority of exports went to Asian Pacific and European countries.<\/p>\n<p>TXOGA\u2019s projections for February 2024 show that Texas\u2019 production remained near record levels at 5.6 mb\/d of crude oil, 3.5 mb\/d of NGLs, and 31.6 bcf\/d of natural gas marketed production. Texas\u2019 market shares also increased, according to the analysis. In 2023, Texas\u2019 annual average share of U.S. output rose to 42.7% for oil, the highest since 2020, and rose by 27.9% for natural gas marketed production, the highest since 2014.<\/p>\n<p>\u201cTexas\u2019 strong performance across the energy value chain has meant that U.S. energy increasingly depends on our state,\u201d Foreman said. \u201cAmple production has replenished oil and natural gas inventories and kept downward pressure on consumer prices despite solid domestic consumption and record-highs for oil and natural gas exports. It\u2019s a remarkable productivity narrative.\u201d<\/p>\n<p>The Texas oil and natural gas industry broke multiple records last year, reporting the highest ever totals in production, exports, refining outcomes and crude oil supply. At the same time, the industry propelled Texas to lead the U.S. in emissions reductions, as noted by the Texas Methane &#038; Flaring Coalition, Texans for Natural Gas, and The Environmental Partnership, The Center Square has reported.<\/p>\n<p>The Texas oil and natural gas industry also paid the largest amount in tax revenue in state history of more than $26.3 billion last year. What the industry paid in taxes and royalties translated to $72 million a day to fund public schools, universities, roads, first responders and other services.<\/p>\n<p>Industry production taxes and royalties nearly exclusively finance three state funds. The Permanent School Fund and the Permanent University Fund, which support Texas public education, each received $1.8 billion last year.<\/p>\n<p>Texas\u2019 Rainy Day Fund has received more than $31.2 billion from industry production taxes since it was created in 1987.<\/p>\n<p>\u201cThis type of unmatched, repeat economic performance does not happen by accident,\u201d Staples said. \u201cSuccess is the result of non-stop industry innovation, investment and operational efficiencies that shattered a string of oil and natural gas production, supply, refining and export records last year \u2013 all while achieving world-leading environmental progress.\u201d<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Texas set new production records for oil, natural gas, and natural gas liquids in 2023, as per the latest data from the U.S. Energy Information Agency. Crude oil production in Texas hit 5.5 million barrels per day (mb\/d), with NGL production also reaching unprecedented levels<\/p>\n","protected":false},"author":1,"featured_media":2213612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/AP20212777580648-1-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2213611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/AP20212777580648-1-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2213611"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2213612"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2213611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2213611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2213611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}