The Texas Oil and Gas Association (TXOGA) in February reported that the Texas oil and natural gas industry paid a record $15.7 billion in state and local taxes and royalties in 2014.
According to the TXOGA’s new economic data, the oil and gas industry supports 41% of the Texas economy, up from 33% in the previous year.
“Taxes and royalties paid by the oil and gas industry directly fund our roads, schools, first responders, essential public services and more,” Todd Staples, president, TXOGA, said in a statement. “We are proud to see safe and responsible oil and gas production contributing so significantly to help the state meet the needs of Texans.”
According to the TXOGA, the oil and natural gas industry directly employed 418,000 Texans in 2014, with indirect economic gains resulting in another 1.8 million Texas jobs in supporting industries and sectors.
“More than 2.2 million Texans have a job that’s a result of oil and gas activity in our state,” Staples said.
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.