Texas and the Permian Basin set new records for oil and natural gas production in September and the Permian Basin Petroleum Association and Texas Oil & Gas Association say that and the record in-state refineries set in July were accomplished in concert with greater environmental protections.
PBPA President Ben Shepperd and TXOGA President Todd Staples said the energy industry is thereby able to finance education, road construction, health care and other government programs in Texas and New Mexico.
“American energy production is not led by a single state but rather a single basin,” Shepperd said. “The Permian Basin is America’s oilfield. Too many easily dismiss the benefits and quality of life improvements that are a direct result of utilizing oil and natural gas as mankind has crawled from the swamp to the stars.
“We are fortunate that in spite of the industry’s detractors and opponents, the men and women of the Permian Basin continue to find ways to reach new heights and set new records while demonstrating greater environmental stewardship,” he said.
Staples said the data compiled by his chief economist, Dr. Dean Foreman, “confirms that the Texas oil and natural gas industry is a powerhouse of production, pipelines, processing and ports while continuing to make solid gains in environmental progress.
“Investment in infrastructure by our industry is what enables this high level of performance, which further solidifies the Lone Star State’s position as the world’s energy leader,” Staples said. “At a time of global unrest, all Texans and Americans should take comfort in knowing that the men and women in the oil and natural gas industry are working every day to achieve a new level of energy security.”
Foreman reported that the state’s production of oil, natural gas and natural gas liquids achieved new records for September after achieving record highs just one month earlier in August.
“Further, as crude and NGL production climbed, in-state refiners processed record amounts,” he said. “With the current geopolitical environment and the domestic crude oil reserves near 40-year lows it’s imperative that the United States has smart energy policies to develop essential oil and natural gas resources.
“As the U.S. has reached a new crude oil production record of 13.2 million barrels per day it’s clear that Texas’ record high has remained the primary driver of U.S. and increasingly global energy security.”
Foreman said the state’s September oil production was a record 5.9 mb/d, surpassing the record set in August.
“Texas’ natural gas marketed production in September also reached a new record high with 34.6 billion cubic feet per day of natural gas gross withdrawals, surpassing the record set in August, and Texas refineries in July processed a record 5.6 mb/d of crude oil and a record 3.1 mb/d of NGLs,” he said.
Foreman’s analysis also found that the state exported nearly $125 billion of energy products in the first seven months of 2023. “Texas’ crude oil production rose to 43.4 percent of America’s production and Texas’ natural gas production represents 27.5 percent of overall U.S. production,” he said.