Oil & Gas News

Texas Breaks Oil Production Record in 2024

Texas, Oil, Record, Production

In 2024, Texas’s oil and natural gas industry achieved unprecedented production milestones, reinforcing the state’s leadership in the global energy sector. Surpassing previous records, Texas’s output has set new benchmarks, reflecting a consistent upward trajectory over recent years.

Historical Production Overview:

  • Crude Oil Production:

    • 2019: 1.86 billion barrels

    • 2020: 1.77 billion barrels

    • 2021: 1.75 billion barrels

    • 2022: 1.87 billion barrels

    • 2023: 1.99 billion barrels

    • 2024: 2.00 billion barrels

  • Natural Gas Production:

    • 2019: 9.89 trillion cubic feet

    • 2020: 10.24 trillion cubic feet

    • 2021: 10.47 trillion cubic feet

    • 2022: 11.10 trillion cubic feet

    • 2023: 11.80 trillion cubic feet

    • 2024: 12.62 trillion cubic feet

These figures underscore a consistent growth pattern, with 2024 marking the first time crude oil production surpassed the 2 billion barrel threshold.

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Monthly Production Averages in 2024:

  • Crude Oil:

    • January: 164 million barrels

    • February: 159 million barrels

    • March: 171 million barrels

    • April: 167 million barrels

    • May: 173 million barrels

    • June: 167 million barrels

    • July: 171 million barrels

    • August: 173 million barrels

    • September: 166 million barrels

    • October: 171 million barrels

    • November: 161 million barrels

    • December: 162 million barrels

  • Natural Gas:

    • January: 1.04 trillion cubic feet

    • February: 996 billion cubic feet

    • March: 1.07 trillion cubic feet

    • April: 1.02 trillion cubic feet

    • May: 1.07 trillion cubic feet

    • June: 1.03 trillion cubic feet

    • July: 1.06 trillion cubic feet

    • August: 1.07 trillion cubic feet

    • September: 1.03 trillion cubic feet

    • October: 1.06 trillion cubic feet

    • November: 1.00 trillion cubic feet

    • December: 1.00 trillion cubic feet

These monthly figures highlight the steady production levels maintained throughout the year.

Top Producing Counties in 2024:

  • Crude Oil:

    • Martin County: 19.05 million barrels

    • Midland County: 18.29 million barrels

    • Upton County: 7.79 million barrels

    • Howard County: 7.38 million barrels

    • Loving County: 7.36 million barrels

  • Natural Gas:

    • Reeves County: 91.83 billion cubic feet

    • Midland County: 77.01 billion cubic feet

    • Webb County: 63.58 billion cubic feet

    • Martin County: 56.36 billion cubic feetdocs.txoga.org

    • Loving County: 47.32 billion cubic feet

These counties have consistently been at the forefront of production, contributing significantly to the state’s overall output.

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Economic Impact:

The robust performance of the oil and gas sector has profoundly impacted Texas’s economy. In Fiscal Year 2024, the industry contributed $27.3 billion in state and local taxes and royalties, funding essential services such as education and infrastructure. Additionally, the sector supported nearly 500,000 jobs, underscoring its role as a major employer in the state.

Technological Advancements:

Technological innovations have been pivotal in achieving these production milestones. The adoption of advanced drilling techniques and artificial intelligence has enhanced efficiency, reduced operational costs, and minimized environmental impact. These advancements have solidified Texas’s position as a global leader in energy production.

Conclusion:

Texas’s oil and natural gas industry continues to demonstrate resilience and growth. The record-breaking production in 2024 reflects a consistent upward trend, driven by technological innovation and a robust economic framework. As the state moves forward, sustaining this momentum will be crucial for maintaining its leadership in the global energy market.

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