Texas oil and natural gas industry pays record taxes, royalties

The skyrocketing energy production in Texas allowed the state’s oil and natural gas industry to pay record-high amounts in taxes and royalties last year, a report by the Victoria Advocate stated on February 24.Data released by the Texas Oil and Gas Association showed that the state’s oil and gas industry has contributed $15.7 billion to the state in terms of royalty payments and taxes. Association president Todd Staples said these payments are being used to fund schools, children’s health insurance, and public services, among many other important community projects.The report further added that the state’s vibrant energy sector directly employs 418,000 Texans, while indirectly providing jobs for another 1.8 million individuals across the state.Indeed, the continuous growth of Texas’ oil and gas industry benefits not only its direct stakeholders, but also the community in which it thrives. If you want to know more about how to benefit from this boom by selling your mineral rights, the team at [firm-name] can help you. Call us at (512) 698-2802 to learn more about selling your mineral rights for the highest value possible.