Texas Shatters Oil and Gas Production Records in 2023, Spearheads Energy Sector’s Historic Milestones

In 2023, Texas set unprecedented records in the oil and gas sectors, as confirmed by the Railroad Commission. This authority, which oversees the state’s oil and gas industry, gathered production data from various operators, revealing that oil production soared to a new high of 1.92 billion barrels, surpassing the prior record by 51 million barrels. Similarly, natural gas production escalated to 12.01 trillion cubic feet, exceeding the previous high by over 13%.

Wei Wang, the Executive Director of the Railroad Commission, praised these milestones, highlighting their significance in bolstering reliable energy production within the country. He emphasized the Railroad Commission’s dedication to fostering Texas’s economic expansion, which is significantly supported by the oil and gas sector. The taxes collected from this industry are vital for funding educational institutions, infrastructure development, and the state’s Rainy Day Fund, underlining the sector’s importance to Texas’s overall prosperity.

The Railroad Commission is committed to maintaining Texas’s leading position in the energy domain through diligent regulation and support of the industry’s growth.

The years marking the highest oil and natural gas productions in Texas were notably:

For oil (including crude oil and condensate):

2023: 1.92 billion barrels
2019: 1.86 billion barrels
2020: 1.77 billion barrels
2021: 1.75 billion barrels
2022: 1.71 billion barrels

For natural gas (including gas well gas and casinghead gas):

2023: 12.01 trillion cubic feet
2021: 10.61 trillion cubic feet
2022: 10.51 trillion cubic feet
2020: 10.23 trillion cubic feet
2019: 10.21 trillion cubic feet

Source: https://www.worldoil.com/news/2024/4/9/texas-oil-and-gas-production-sets-new-records-in-2023-railroad-commission-says/