February 2, 2016 5:26 PM

In Texas Energy Report: TXOGA says oil industry pays second-highest state revenues in history

Even so, industry also seeking billions in tax breaks, exemptions

The Texas oil and gas industry touted its second-highest payment of taxes and public royalties in state history Tuesday -- $13.8 billion in FY 2015 versus $15.7 billion the previous year– even as the financially ailing industry continues to search for tax breaks and exemptions during the bust.

The industry, reeling from a 70 percent plunge in oil prices since summer 2014, “knows that 2016 is off to a rough start” and that economists predict no immediate relief in sight, Todd Staples, president of the Texas Oil & Gas Association (TXOGA) said during his annual update of the industry’s contributions to the Texas economy.

“Make no mistake. Texas is an oil and natural gas state,” Staples told reporters during a conference call. “The oil and gas industry anchors our economy.”

Yet, even as oil and gas industry contributions to the state coffers remained high in 2015, they could possibly have been even high still, according to estimates supplied by the Texas Comptroller.

The full story can be found in Texas Energy Report.

By Polly Ross Hughes