The Texas oil and natural gas industry has yet again set new production records and milestones, according to estimates in a newly released monthly energy economic analysis prepared by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.
In October and November, Texas achieved record-high crude oil production of 5.7 million barrels per day (mb/d), alongside a new high in natural gas marketed production at 33.6 billion cubic feet per day (bcf/d) in October. November also saw record highs in natural gas liquids (NGL) production at 3.5 mb/d and in-state refinery NGL direct use at 3.2 mb/d.
In addition, for natural gas flows in September, Texas produced 27.6 bcf/d of dry natural gas, supplemented by 5.1 bcf/d of interstate net inflows, and exported 18.1 bcf/d. In the first three quarters of 2023, Texas exported oil, natural gas, and derived products worth $164 billion, according to the United States International Trade Commission.
Texas oil and natural gas industry continues dominance by setting new production records and milestones
“These new production records and milestones are continued evidence of strong demand for oil and natural gas and the Lone Star State’s commitment to producing these irreplaceable products to meet the growing energy needs of our state, nation and the world,” said TXOGA President Todd Staples. “Texas is both a national and global energy powerhouse, with oil and natural gas leading the way.”
“Texas' role in the energy landscape has become increasingly critical, achieving this feat with modest drilling activity, thanks to productivity gains,” said Foreman. “As the state has set new records in oil and natural gas production, processing, and exports, these achievements not only underscore Texas' competitive advantages in resources, business climate, and trade but also highlight its growing importance in the national and global energy discourse.”
