TIPRO’s latest report shows record-breaking growth for Texas oil and gas sector
The Texas Independent Producers & Royalty Owners Association (TIPRO) released the 10th edition of its “State of Energy Report,” offering a detailed analysis of national and state trends in oil and natural gas employment, wages and other key economic factors for the energy industry in 2024. TIPRO’s “State of Energy Report” series was developed to quantify and track the economic impact of the domestic oil and natural gas sector with an emphasis on the state of Texas.
According to TIPRO, the industry supported over 2 million direct jobs in the U.S. last year, with total direct and indirect jobs tied to the industry reaching nearly 23 million. The U.S. oil and natural gas sector paid a national annual wage averaging $81,808 and had a combined payroll of $168 billion. Total U.S. goods and services purchased in 2024 by the oil and natural gas industry exceeded $865 billion from over 900 business sectors, notes TIPRO. Direct Gross Regional Product (GRP) also surpassed $1 trillion last year.
In Texas, the oil and gas industry once again led the nation in industry employment last year, accounting for 23 percent of all oil and gas jobs in the nation, as outlined in the association’s new report. The industry supported a total of 480,460 direct jobs in Texas in 2024, a net increase of 10,613 positions, with total direct and indirect employment of 2.8 million. Total U.S. goods and services purchased by the Texas oil and natural gas industry reached $307 billion last year, 81 percent of which came from Texas businesses, benefiting virtually every business sector in the state. Direct GRP equaled $366 billion in 2024, supporting 15 percent of the state economy.
The Lone Star State again was the nation’s top oil producer, supplying a record 2 billion barrels of oil to energy markets in 2024, highlighted TIPRO. TIPRO reports that Texas also broke a new record in natural gas output last year with over 12.7 trillion cubic feet (Tcf) of gas produced. U.S. crude oil production averaged a record 13.2 million barrels per day (bpd) in 2024. Further, U.S. natural gas production in 2024 averaged a record 113 billion cubic feet per day (Bcf/d).
“Despite facing a number of unique challenges, the U.S. oil and gas industry continued to offer significant economic support in 2024, while providing reliable and affordable energy to meet growing domestic and global demand,” said T. Grant Johnson, chairman of TIPRO and president of Lone Star Production Company. “TIPRO looks forward to working with policymakers and officials at the state and federal level to unleash our nation’s full energy potential, with Texas continuing to lead the way,” added Johnson.
