World-leading production and unmatched environmental progress define the Permian Basin.
In one of the most prolific oil and natural gas basins in the world, Permian Basin operators have slashed methane emission intensity by more than half in just two years, reinforcing Texas as the global standard bearer in energy leadership. This groundbreaking achievement, detailed in a new report from S&P Global Commodity Insights, is far more than a statistical blip; it's a testament to the hard work, proactive efforts, and constant innovation of Texas oil and natural gas operators.
This dramatic reduction in methane intensity is a direct result of our industry's focus on deploying cutting-edge technologies, implementing best operating practices, and making substantial investments in infrastructure and innovation. From advanced leak detection and repair programs to strategic use of artificial intelligence and the modernization of equipment, our industry is leading the charge in minimizing emissions.
In fact, this remarkable progress has occurred even as volumes in the Permian Basin have continued to increase, demonstrating that environmental progress and robust production can and do go hand in hand. And the stakes have never been higher. Energy security is national security, and by producing energy cleanly and efficiently, our state is strengthening its position as a reliable energy provider both to our nation and our allies around the globe.
Industry-led partnerships like the Texas Methane & Flaring Coalition and the Environmental Partnership have been in essential in bringing scores of operators together in a collaborative manner with the shared goal of eliminating routine flaring by 2030 through identifying and advocating for best practices. By working together, we will continue to champion policies that foster innovation and allow our industry to lead by example.
Despite efforts by opponents to dismantle the Texas oil and natural gas industry, our industry is responding with an unwavering commitment to environmental stewardship—proving that no one produces, transports, refines, or exports energy to higher standards. This is the same industry that contributes $27 billion annually in state and local taxes and royalties, directly funding our schools, universities, road infrastructure, and countless other essential services, while supporting billions in payroll and millions of jobs.
The Texas oil and natural gas industry is busy benefiting every Texan, every day, whether you live in the oil patch or not. This new data is a powerful affirmation of our progress, and a clear signal that the Lone Star State is, and will remain, at the forefront of energy leadership for generations to come.
