The Texas oil and natural gas industry broke records all around in fiscal 2023. It smashed all previous records it broke in 2022 in all categories, according to an analysis published by the Texas Oil & Gas Association in its Annual Energy & Economic Impact Report.
The industry reported the highest ever totals in production, exports, refining outcomes, crude oil supply, and paid the largest tax revenue contribution in state history of more than $26.3 billion last year.
Texas hit production records in six out of 12 months last year, with October reaching the highest monthly oil production on record.
The Texas industry produced as much as 5.6 million barrels per day of crude oil in October 2023, which represented more than 42% of the national total that month.