Everything is bigger in Texas — and that includes oil production. In 2024, the Lone Star State officially broke a historic record, producing over 2 billion barrels of oil in a single year for the first time ever.
Texas Hits Over 2 Billion Barrels of Oil in 2024
The exact number? A jaw-dropping 2,003,844,281 barrels of oil were produced in 2024, according to official reports from the Texas Railroad Commission, the agency that oversees oil and gas activity in the state.
This marks the first time in Texas history that oil production has crossed the 2 billion barrel mark in a single year. It’s a major milestone for the state’s energy industry and a strong sign of its continued growth.
Natural Gas Record Broken Too!
Oil wasn’t the only thing flowing in record amounts. Texas also smashed its previous record in natural gas production, reaching a total of 62 trillion cubic feet in 2024. That’s roughly equal to 463 trillion gallons of liquid — an almost unthinkable volume!
Together, these numbers show that Texas continues to lead the country when it comes to energy production.
Massive Tax Contributions from the Oil & Gas Industry
With so much oil and gas being produced, it’s no surprise that the Texas oil and gas industry also broke another major record in 2024 — tax payments.
The industry paid a record $27.3 billion in state and local taxes. That’s almost $1 billion more than the previous highest amount ever paid.
To put it into perspective, $27.3 billion is more than the entire annual tax revenue of at least 34 U.S. states. That’s how much Texas’ energy sector contributes to public services, infrastructure, schools, and more.
A Look at Texas’ Top Oil-Producing Years
Curious how 2024 compares to past years? Here are Texas’ top 5 oil production years:
- 2020 – 1.77 billion barrels
- 2019 – 1.86 billion barrels
- 2022 – 1.87 billion barrels
- 2023 – 1.99 billion barrels
- 2024 – 2.003 billion barrels
Each year has brought the state closer to that 2-billion-barrel milestone — and 2024 finally made it happen.
What This Means for Texas
This historic year shows that Texas remains a powerhouse in the global energy market. With strong production numbers and high tax revenues, the oil and gas industry plays a vital role in keeping the state’s economy strong.
The success also supports thousands of jobs, attracts global investors, and helps fund important services for the people of Texas. And with innovation in energy technology, the industry continues to grow in smarter, safer, and more efficient ways.
So yes — Texas isn’t just doing big things. It’s breaking records and leading the way.