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Texas Oil And Gas Tax Payments Broke Records In 2022

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The oil and gas industry paid record taxes and royalties to the state of Texas last year, the Texas Oil and Gas Association reported, noting the total amount paid was 54 percent higher than the previous record set in this respect. At $24.7 billion, the taxes and royalties that the oil and gas industry paid into the Texas budget translate into a daily payout of $67 million, TXOGA noted in its news release. Broken down, the total represents a 116-percent annual increase in production taxes, equal to $5.8 billion, and a 102-percent increase in royalties…

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