TEXAS – The Texas oil and natural gas industry paid more than US$14 billion in state and local taxes and state royalties in fiscal year 2018, up 27% from fiscal year 2017, and the second-highest total in Texas history, according to a Texas Oil and Gas Association news release.
“As we celebrate 100 years of oil and natural gas, we are proud to report that the Texas oil and natural gas industry has paid US$133 billion in state and local taxes and state royalties just since 2007,” association president Todd Staples said in the news release.
He added, “Last year alone, the Texas oil and natural gas industry paid the equivalent of $38 million a day to fund our schools, roads, universities and first responders. More tax and royalty revenue from the oil and natural gas industry means our lawmakers have more to work with to meet the needs of our growing state.”
In fiscal year 2018, Texas school districts received US$1.24 billion in property taxes from mineral properties producing oil and natural gas, pipelines and gas utilities. Counties received $366.5 million in oil and natural gas mineral property taxes.