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TIPRO NEWS RELEASES AND STATEMENTS

TIPRO RELEASES “2023 STATE OF ENERGY REPORT”

Austin, Texas – The Texas Independent Producers & Royalty Owners Association (TIPRO) today released the eighth edition of its “State of Energy Report,” offering a detailed analysis of national and state trends in oil and natural gas employment, wages and other key economic factors for ​the energy industry in 2022. TIPRO’s “State of Energy Report” series was developed to quantify and track the economic impact of domestic oil and natural gas production with an emphasis on the state of Texas.

“Despite facing a number of unique challenges, including supply chain bottlenecks, inflationary pressures, workforce shortages and an adversarial federal policy environment, the U.S. oil and gas industry continued to offer significant economic support in 2022,” said Jud Walker, chairman of TIPRO and president and CEO of EnerVest, Ltd. “Oil and natural gas development, led by Texas operators, will play an important role in meeting growing global energy demand for decades to come under any realistic scenario,” added Walker.

According to TIPRO, the industry supported a total of 948,943 direct jobs in the U.S. last year, with total direct and indirect jobs tied to the industry exceeding 19 million. The U.S. oil and natural gas sector paid a national annual wage averaging $120,665 during 2022, 74 percent higher than average private sector wages. Payroll in the U.S. oil and gas industry meanwhile totaled $114 billion and direct Gross Regional Product (GRP) was $854 billion in 2022, or approximately 3 percent of the U.S. economy. Additionally, total U.S. goods and services purchased in 2022 by the oil and natural gas industry exceeded $744 billion from over 900 business sectors, notes TIPRO.

In Texas, the oil and gas industry once again led the nation in industry employment last year, accounting for 37 percent of all oil and gas employment in the nation, as outlined in the association’s new report. The industry supported a total of 347,828 direct jobs in Texas in 2022, with total direct and indirect employment of 2.6 million. Direct GRP for Texas oil and gas equaled $322 billion in 2022, or 16 percent of the state economy. Total U.S. goods and services purchased by the Texas oil and natural gas industry surpassed $264 billion last year, 82 percent of which came from Texas businesses.

TIPRO reports that Texas also broke a new record in natural gas output last year with over 11.2 trillion cubic feet (Tcf) of gas produced. Production in the Lone Star State is helping to change the world by providing access to this foundational, low-carbon fuel source. Last year, the U.S. also drastically increased its liquified natural gas (LNG) exports to Europe as the continent’s energy crisis intensified. In fact, 74 percent of all U.S. exports went to Europe in the first of half of 2022. In that same period in 2021, exports to Europe only represented 34 percent of U.S. LNG exports.

In addition, during 2022, the Lone Star State again was the nation’s top oil producer, supplying 1.83 billion barrels of oil to energy markets last year, according to TIPRO.

“The Texas oil and natural gas industry remains a cornerstone of our state economy, and a critical source of energy security for our country and allies abroad,” said Ed Longanecker, president of TIPRO. “TIPRO will continue to work with our members and policy leaders to maintain a business and regulatory environment that supports the responsible development of oil and natural gas for the benefit of Texans, the United States and our allies abroad,” added Longanecker.

What does Oil & Gas mean for Texas?

  • – Texas led the nation in oil and gas jobs with 347,828 people employed in this industry. Approximately 37 percent of all oil and gas jobs nationwide were located in Texas last year.
  • – When incorporating direct, indirect, and induced multipliers for oil and gas employment, the industry supported a total of 2.6 million jobs in Texas last year.
  • – Texas was the leading state by employment in every single sector in 2022, with the exception of Natural Gas Distribution (California).
  • – Oil and gas jobs in Texas paid an annual average wage of $139,061, 103 percent more than the average private sector job in the state. The highest average industry wages were in Alaska last year ($169,018). South Dakota had the lowest average oil and gas wages in the country ($74,665).
  • – Texas had the highest oil and gas payroll in the country in 2022 ($48 billion), with California coming in at a distant second ($11 billion), then Louisiana ($7.6 billion).
  • – Texas had the highest number of oil and gas businesses in the nation last year with 12,306. This was three times the number of oil and gas businesses than second-ranked Oklahoma.
  • – Oil production in Texas was 1.83 billion barrels in 2022. New Mexico had the second highest oil production with 534 million barrels, followed by North Dakota with 393 million barrels produced.
  • – Texas led the country in natural gas production with a record 11.2 Tcf produced in 2022, followed by Pennsylvania with 7.6 Tcf.
  • – Texas had the highest rig count in the country in 2022 with an average of 380 active rigs. The number of rigs in Texas increased from 332 in January 2022 to 410 in December 2022.
  • – In 2022, total direct Gross Regional Product for the Texas oil and natural gas industry was $322 billion, or 16 percent of the Texas economy. Once the typical multiplier for Gross Regional Product is incorporated, the Texas oil and natural gas industry supported 40 percent of the Texas economy.
  • – The Texas oil and natural gas industry purchased U.S. goods and services in the amount of $264 billion, 82 percent of which came from Texas businesses.
  • – The Texas oil and natural gas industry paid a record $24.7 billion in state taxes and state royalty payments in 2022.
  • – Supplemental analysis for Gasoline Stations with Convenience Stores represents an additional 81,078 jobs and $3 billion Gross Regional Product in Texas last year.

The “State of Energy Report” series is published exclusively by TIPRO. A full list of the data sources used to develop this analysis can be viewed in the methodology section of the report.

Visit https://bit.ly/TIPRO2023StateofEnergy to download a copy of TIPRO’s new “State of Energy Report.”

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