Everything is bigger in Texas, including the taxes paid by oil and natural gas producers.
From the Texas Oil and Gas Association: According to Texas Comptroller Glenn Hegar’s recently released tax collections data, Texas oil and natural gas producers are paying record amounts this year in production taxes to the State of Texas. A record $666 million was paid to the state in oil production taxes in April and a record $413 million was paid in natural gas production taxes in May. Both collections achieved the highest amounts paid in history. These monthly amounts are remarkable in that they exceed the dollars paid for some entire past years’ revenues. Statistics from the Comptroller’s announcements on tax revenue collected in April and May 2022 include:
April: oil production tax — $666 million, the highest monthly collections on record, up 99 percent from April 2021
April: natural gas production tax — $339 million, up 46 percent from April 2021
May: oil production tax — $595 million, up 64 percent from May 2021
May: natural gas production tax — $413 million, the highest monthly collections on record, up 216 percent from May 2021