If Ranked as a Nation, Texas is #1 Refined Product Exporter in the World
Texas Insider Report: AUSTIN, Texas – Texas’ energy exports and production of oil, natural gas and natural gas liquids (NGLs) have again achieved new record highs, according to the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.
Marketed natural gas production achieved record highs of 33.6 billion cubic feet per day (bcf/d) in August per the Energy Information Administration (EIA) and even higher at 33.8 bcf/d in October by TXOGA’s estimates. Other Texas records in August 2024 included crude oil production of 5.8 million barrels per day (mb/d), NGLs of 3.85 mb/d, natural gas gross withdrawals of 36.1 bcf/d, and 4.5 mb/d of petroleum refined products, per EIA and U.S. International Trade Commission (USITC) data.
“Abundant energy resources, world-leading infrastructure, and a strong business climate continue to deliver unmatched results making Texas a remarkable energy leader. Our energy abundance–and the policy framework that supports it–directly contributes to safety, security and stability in America and beyond,” said TXOGA President Todd Staples. “Science-based regulation, market access and a commitment to free trade remain key factors that have propelled the Lone Star State’s continued investments and innovation.”
“A recurrent theme in 2024 has been that Texas’ oil and natural gas production has continued to exceed expectations, pushing the envelope by setting new records.” said Foreman. “What’s most remarkable from August 2024, however, is the record high in Texas’ refined product exports of 4.5 million barrels per day, according to USITC data. If Texas were a country, these exports would rank #1 in the world.”
TXOGA’s estimates for October 2024 place Texas crude oil production at 5.7 mb/d, with natural gas marketed production at a record 33.8 bcf/d, and NGLs production at 3.8 mb/d.For the year-to-date through October 2024, Texas accounted for 43% of U.S. crude oil and 29% of U.S. natural gas marketed production, marking an increased share of both U.S. and global output.
August 2024 Highlights
- Based on EIA data released on October 31, 2024, covering August 2024:
- Record highs in petroleum production and exports. Texas produced 5.8 mb/d of crude oil and maintained record-high NGL field production at 3.85 mb/d. Refined product exports reached a record 4.5 mb/d.
- Robust natural gas flow. Texas produced 28.1 bcf/d of dry natural gas, meeting local consumption of 16.5 bcf/d for industry and electricity generation, while exporting 11.4 bcf/d. Exports included 7.6 bcf/d of LNG and 3.8 bcf/d to Mexico, as reported by the USITC.
- Strong Texas energy exports. Through August 2024, Texas’ energy exports reached $154.3 billion, according to USITC data—on track for annual 2024 energy exports in excess of $230 billion.
Read the full analysis.
