Texas’ oil and natural gas industry continues to break new production records, solidifying its position as a national and global energy leader. According to a recent analysis by the Texas Oil & Gas Association (TXOGA), the Lone Star state set new records in May for oil, natural gas, and natural gas liquids (NGLs) production, as well as refinery activity and exports.
In May, Texas produced a record-high 5.7 million barrels per day of crude oil, 32.5 billion cubic feet per day of natural gas marketed production, and 3.5 million barrels per day of NGLs. These numbers come on the heels of previous record-breaking months, with Texas establishing new monthly records in March for NGL field production, crude oil production, natural gas marketed production, and refinery activities.
Texas’ petroleum products exports have also seen significant growth, with the state exporting over 4 million barrels per day for five consecutive months. In the first quarter of 2024, Texas exported nearly $57 billion worth of petroleum products, with the majority of LNG exports going to European and Asia Pacific countries, and the majority of crude oil and hydrocarbon gas liquids exported to Asia Pacific countries.
TXOGA’s Chief Economist, Dean Foreman, Ph.D., attributes Texas’ record-setting performance to remarkable productivity gains and increased market share in U.S. oil and natural gas production. Projections for June show Texas’ production remaining historically strong, with estimates indicating that the state produced nearly 43% of all domestically produced crude oil and over 28% of all domestic natural gas marketed production in the first half of 2024.
TXOGA President Todd Staples praised Texas’ role as a reliable energy provider amidst growing global energy demand, stating that oil and natural gas continue to be the bedrock of the state’s energy mix. With Texas’ energy production reaching new heights, the state’s influence on the national and global energy market is stronger than ever.
