In 2023, Texas reaffirmed its dominance in the oil and gas sector, highlighted by various new production milestones. According to numbers from the Monthly Energy Economics Review distributed by the Texas Oil and Gas Association (TXOGA), annual and monthly records across the board were broken.
Some of the most significant records broken by Texas’ oil and gas industry are highlighted below:
- Natural Gas Marketed Production: 29.0 billion cubic feet per day (bcf/d), helping Texas secure the top position in the natural gas market.
- Crude Oil Production: 5.5 million barrels per day (mb/d), marking Texas’ spot as America’s top crude oil producer.
- Natural Gas Liquids Production: 3.3 mb/d, supplementing the marketed production number mentioned above.
- Natural Gas Storage Capacity: 863.4 billion cubic feet, providing stable supplies for when needed.
Additionally, according to data from the U.S. International Trade Commission, Texas exported over $221 billion of oil, natural gas, and derived products in 2023.
Dean Foreman, who serves as the Chief Economist at TXOGA and compiled this study, praised the industry, stating, “Texas’ strong performance across the energy value chain has meant that U.S. energy increasingly depends on our state. Ample 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’s a remarkable productivity narrative.”
Todd Staples, President of TXOGA, shared Foreman’s views on Texas’ energy dominance, saying, “Texas’ new production and export milestones continue to highlight the Lone Star State’s role as a global energy leader, showcasing that energy leadership starts–and should stay–in Texas.”
