Last week, the Texas Independent Producers & Royalty Owners Association (TIPRO) released their latest study of the industry's impact in Texas, entitled the "State of Energy Report." The report allowed a detailed look at the current trends taking place in the oil-and-gas industry, and how the Lone Star State's record-setting production has impacted both the local and national economy.
According to the report, oil-and-gas employment in Texas totaled 411,600 jobs in 2013, an increase of 23,100 jobs over 2012. This makes Texas responsible for 75 percent of all new jobs created by the oil and natural gas industry last year.The nation-wide industry employment total reached slightly over 1 million workers, an increase of nearly 31,000 jobs over 2012.
"Texas leads the country in employment and production, due in part to our pro-business environment and progressive, yet sensible approach from a legislative and regulatory perspective," commented Ed Longanecker, president of TIPRO, in the report. "States that adopt overreaching regulations targeting oil and gas development will inevitably experience a progressive, or even dramatic decline in these high paying jobs and all associated benefits."
According to the report, Texas oil and gas companies paid a record $13.6 billion in state and local taxes and state royalty payments in fiscal year 2013. These payments represent a $1.5 billion increase in payments over 2012. Raymond Welder, president of Welder Exploration & Production, Inc., and chairman of TIPRO, explained that these funds benefit many crucial elements of both the local and national economies, with impact on education, children's protective services, road repair and maintenance, public safety and water conservation projects.
Oil drilling companies seeking to continue these record-breaking contributions to the economy can help ensure continued success through retaining oil field management consulting. With new regulations looming, experienced consultants can help design and implement strategies to mitigate any negative effects on production.