Everything is bigger in Texas, including the taxes paid by oil and natural gas producers.
- Adam Arnwine
- Jun 10, 2022
- 1 min read
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
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Texas Oil & Gas Breaks Tax Records in 2022 💰🚀
Big numbers are rolling in from the Texas energy sector! According to the Texas Comptroller’s latest tax collection data, oil and natural gas producers have shattered records, paying historic sums in production taxes to the state.
📊 April 2022 Highlights• $666 million in oil production tax – the highest monthly total ever, nearly double April 2021• $339 million in natural gas production tax – up 46% from last year
📊 May 2022 Highlights• $595 million in oil production tax – a 64% increase from May 2021• $413 million in natural gas production tax – also a record high, up 216% from May 2021
These staggering monthly totals surpass entire years’ worth of collections from the past. This windfall…