The oil and gas industry paid record taxes and royalties to the state of Texas last year, the Texas Oil and Gas Association reported, noting the total amount paid was 54 percent higher than the previous record set in this respect.
At $24.7 billion, the taxes and royalties that the oil and gas industry paid into the Texas budget translate into a daily payout of $67 million, TXOGA noted in its news release.
Broken down, the total represents a 116-percent annual increase in production taxes, equal to $5.8 billion, and a 102-percent increase in royalties paid into state funds, which is equal to $2.2 billion.Almost all of the royalties generated by the oil and gas industry in Texas last year were put into the state’s Permanent School Fund and the Permanent University Fund—an amount equal to $2.1 billion for each.
This was double the amount the education funds received from royalties for 2021.
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