Permian output continues to drive Texas oil and gas recovery
Matthew McDaniel, San Angelo Standard-Times
Published 1:37 p.m. CT Feb. 13, 2019 | Updated 3:13 p.m. CT Feb. 13, 2019
Texas Oil & Gas Association President Todd Staples said 2019 could be a banner year for oil and gas production in the Lone Star State.
During an energy conference call at 10 a.m. Wednesday, Feb. 13, 2019 to discuss the economic impact of his sector, and to talk strategy for the upcoming legislative session, Staples said production continues to outpace expectations, and that trend is likely to continue.
“This year marks the centennial of TEXOGA, our state’s oldest and largest oil and gas trade association,” Staples told listeners. “In Fiscal Year 2018, state and local revenues, and state royalties from the oil and natural-gas industry reached the second-highest total in Texas history.
“Oil and gas companies paid just over $14 billion into state and local treasuries; that’s up 27 percent from FY 2017 – over a $3 billion increase.”
Staples referenced a 2017 estimate from the Energy Information Administration, which predicted the Permian Basin would be producing 2.9 million barrels of crude oil each day by the end of 2018, and said producers beat that mark by 28 percent with an estimated 3.7 million barrels per day production in December.
“The production numbers for the Permian are expected to jump by another million barrels-per-day – to 4.8 million – by the end of 2020,” he said. “Representing about 36 percent of total US production
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