The oil and natural gas industry in Texas paid more than $14 billion in state and local taxes and state royalties in fiscal year 2018, a new report shows.
A study from the Texas Oil & Gas Association show that the figures marked a 27 percent increase from fiscal year 2017.
“Last year alone, the Texas oil and natural gas industry paid the equivalent of $38 million a day to fund our schools, roads, universities and first responders,” TXOGA President Todd Staples said in a statement. “More tax and royalty revenue from the oil and natural gas industry means our lawmakers have more to work with to meet the needs of our growing state.”
Texas school districts received $1.24 billion in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities.
Counties received $366.5 million in oil and natural gas mineral property taxes.
State royalties paid by the oil and natural gas industry increased 18 percent to a total of $2 billion. The money is used to capitalize the Permanent School Fund, which benefits the public schools as well as the Permanent University Fund, which supports the University of Texas and Texas A&M University systems.
The figures come at a time of record crude oil and natural gas production in Texas but did not reflect the effects of a 40 percent price drop in crude oil prices during the fourth quarter.
Under state law, Texas begins its fiscal year on Sept. 1 and ends it on Aug. 31, 2018, meaning that the price drop will impact fiscal year 2019 figures.