This past Thursday, Texas oil and gas regulator Wayne Christian celebrated nation-leading Texas oil production growth. He cited new data demonstrating continuing strength in Texas drilling activity, along with steady employment gains to the upstream sector.
Christian, one of Texas’ Railroad Commissioners, stated that “the market is sending a clear signal.” Adding that stronger demand was “driving renewed production and job growth across the oil industry.”
“When producers have confidence in demand, production grows, which strengthens communities, supports energy security, and fuels opportunity.”
According to Baker Hughes, an active U.S. oildirected drilling rig rose by 10 to 425 just last week, with all of the gains occurring in Texas. This jump represents the largest weekly increase in more than four years and “underscores the state’s continued leadership in upstream production growth”, claims the news release from the Railroad Commission of Texas.
In addition, the rise is said to indicate renewed momentum in drilling activity amid improving market conditions.
The Texas Independent Producers and Royalty Owners Association (TIPRO) separately celebrated that Texas upstream oil and natural gas employment increased by 400 jobs in April. This followed a gain of 1,800 jobs which occurred in March, representing a “clear upward trend in sector hiring.”
TIPRO cited the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS) when presenting these findings.
They later cited Texas Comptroller of Public Accounts data when reporting that the state’s oil and natural gas industry generated more than $1.715 billion in oil production tax revenue between January and April of this year.
Natural gas production taxes added an additional $773 million during that same period, which they stated helped fund public education, higher education, transportation infrastructure and “other essential state services.”
“These increases provide a direct economic injection to the Texas economy, claimed Christian. “Rising oil and gas activity drives job growth, boosts production, and expands royalty payments from landowners, while generating critical revenue for schools, roads, and essential public services.
Christian added that new data also underscores the “resilience of Texas energy production and the importance of pro-growth energy politics as electricity demand continues to rise across the state.”
“Whether powering the nation’s fastest-growing economy, homes, manufacturing or data centers, the answer is producing more reliable, affordable Texas energy,” Christian stated. Adding that “Texas has the resources, workforce and infrastructure to meet its growing energy needs.”