Texas Oil and Gas Production Hits All Time Records in 2024: 2 Billion Barrels of Crude Oil and 12.62 trillion cubic feet of Natural Gas
Texas is on a roll.
Texas broke its previous records by producing over 2 billion barrels of crude oil and 12.62 trillion cubic feet of natural gas in 2024. Continuing its five-year growth streak, Texas produced 2,003,844,281 barrels of crude, according to the Texas Railroad Commission. Texas’s oil production represents 44% of the national total.
Todd Staples, president of the Texas Oil and Gas Association, said:
Remarkably, 2024 was yet another record-breaking year as the Texas oil and natural gas industry does its part to help reach Governor Abbott’s goal for our state’s economy to surpass France as the 7th largest economy in the world. From tax revenues and production to pipelines, storage, processing, refining, and exports, Texas' oil and natural gas industry has achieved record-breaking performance across every sector.
Texans have benefited tremendously from these record-setting production numbers, and almost 500,000 Texans are employed by the Texas oil and natural gas industry. Every Texan benefits from a robust oil and natural gas economy and the build out of infrastructure will enable future growth. We need to continue to support the industry with policies that encourage continued growth to meet the world’s energy demand.
The Midland Reporter-Telegram reported:
The Railroad Commission also reported preliminary crude and natural gas production for 2024 that came from 158,989 oil wells and 83,536 gas wells. Preliminary crude production was 122,364,931 barrels, averaging 3,947,255 barrels per day. Updated December 2023 production totaled 143,343,601 barrels, compared to preliminary reported volumes of 110,727,499 barrels.
Texas’s 2024 crude oil production outpaces the next five largest states combined: New Mexico, North Dakota, Alaska. Oklahoma and Colorado. If Texas were a country, it would be the world’s fourth largest crude oil producer behind the U.S., Iraq, UAE, and Iran.
Texas also set a new record in 2024 by producing 12.62 trillion cubic feet of natural gas. Total U.S. natural gas production in 2024 was 41 Tcf, with Texas accounting for almost one-third of the total. Pennsylvania, Louisiana, Oklahoma, and West Virginia are the next four largest natural gas-producing states.
My Take: I am proud to be a native-born Texan and have spent most of my working life in the Texas oil and gas industry. Texas's oil and natural gas production, coupled with all the other oil and gas-producing states, maintains the U.S. as the richest and strongest economy in the world. With President Trump unshackling the U.S. oil and gas industry from years of needless and destructive policies and regulations, the best is yet to come.
Thank you for reading “Thoughts about Energy and Economics.” This publication is reader-supported, so please “Like” it, share it with friends and colleagues, and become a paid subscriber. Your support is greatly appreciated!