TXOGA Analysis Highlights Texas Energy Records Through July 2024

AUSTIN - Texas' energy exports and production of oil, natural gas and natural gas liquids (NGLs) have achieved new record highs, according to the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.

"The Lone Star State's oil and natural gas industry is not only producing more, but doing so with unmatched efficiency," said TXOGA President Todd Staples. "These latest numbers further reinforce the industry's ongoing commitment to utilizing the latest technologies and innovations to produce abundant, affordable, and reliable energy."

"Texas' continued record-setting performance reflects remarkable rig productivity gains, which the EIA estimates have exceeded 20 percent year-over-year among the major producing basins," said Dr. Foreman. "This has not only propelled Texas' production to record highs for crude oil, natural gas, and natural gas liquids, but also helped sustain highs in nationwide production."

These achievements underscore Texas' dominant position in the U.S. energy market and ongoing contributions to national energy security.

Texas exported a total of $95.7 billion in energy products during the first five months of 2024, showcasing the state's crucial role in the global energy market, according to the U.S. International Trade Commission data.

Read the analysis.

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Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.