Study: Texas oil & gas industry paid $14 billion in taxes, royalties in 2018
The oil and natural gas industry in Texas paid more than $14 billion in state and local taxes and state royalties in fiscal year 2018, a new report shows.
A study from the Texas Oil & Gas Association show that the figures marked a 27 percent increase from fiscal year 2017.
“Last year alone, the Texas oil and natural gas industry paid the equivalent of $38 million a day to fund our schools, roads, universities and first responders,” TXOGA President Todd Staples said in a statement. “More tax and royalty revenue from the oil and natural gas industry means our lawmakers have more to work with to meet the needs of our growing state.”
Report: Texas crude oil production breaks 1970s record
Texas school districts received $1.24 billion in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities.
Counties received $366.5 million in oil and natural gas mineral property taxes.
State royalties paid by the oil and natural gas industry increased 18 percent to a total of $2 billion. The money is used to capitalize the Permanent School Fund, which benefits the public schools as well as the Permanent University Fund, which supports the University of Texas and Texas A&M University systems.
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The figures come at a time of record crude oil and natural gas production in Texas but did not reflect the effects of a 40 percent price drop in crude oil prices during the fourth quarter.
Under state law, Texas begins its fiscal year on Sept. 1 and ends it on Aug. 31, 2018, meaning that the price drop will