Texas oil production has surged in recent years, nearly reaching a record high in 2017. That led to projections of a new record in 2018, and they turned out to be correct. According to the annual State of Energy Report released this week by the Texas Independent Producers & Royalty Owners Association (TIPRO), crude oil output in the Lone Star State has never been higher. "We had 1.54 billion barrels produced in Texas in 2018, which broke--shattered, really--the record (of 1.28 billion) set in 1973," says Ed Longanecker, TIPRO president.
That increase in production also comes with a lot of new jobs. "We had 45,000 net new jobs in the oil and natural gas industry at the national level, and 27,000 of those came from the state of Texas," says Longanecker. "These positions pay on average $130,000 per year, over 130 percent more than average private sector wages." Indeed, Texas led the nation in new oil and gas jobs last year, and about 40 percent of all oil and gas jobs in the country are now in Texas.
Oil is still the calling card for the Lone Star State, but it's not the state's only energy commodity that is exploding in production. The state produced 8.8 trillion cubic feet of natural gas last year, not far from the record of 9.3 trillion. "We are set to become one of the largest exporters of liquefied natural gas (LNG) in the world in the coming years," says Longanecker. "It really illustrates and reinforces how incredibly impactful the U.S. oil and gas industry is on the global stage."