Payroll in the U.S. oil and gas industry totaled $168 billion in 2024.
That’s what the Texas Independent Producers & Royalty Owners Association (TIPRO) said in its latest State of Energy report, which was released this week, highlighting that this figure was “an increase of nearly $5 billion compared to the previous year”.
Texas had the highest oil and gas payroll in the country in 2024, according to the report, which pointed out that this figure stood at $62 billion. The report outlined that California was “a distant second” with an oil and gas payroll figure of $15 billion, and that Louisiana was third, with an oil and gas payroll figure of $10 billion.
Gasoline Stations with Convenience Stores had the highest U.S. oil and gas payroll by industry figure last year, at $26.8 billion, the report showed. Support Activities for Oil and Gas Operations had the second highest U.S. oil and gas payroll by industry figure in 2024, at $23.9 billion, and Crude Petroleum Extraction had the third highest, at $19.1 billion, the report outlined.
The number of U.S. oil and gas businesses totaled 165,110, subject to revisions, TIPRO’s latest report stated. It highlighted that direct oil and natural gas Gross Regional Product exceeded $1 trillion last year and said the U.S. oil and natural gas industry purchased goods and services from over 900 different U.S. industry sectors in the amount of $865 billion in 2024.
According to the report, Texas had the highest number of oil and gas businesses in the nation last year, with 23,549. This was followed by California, with 9,486 oil and gas businesses, Florida, with 7,695 oil and gas businesses, Georgia, with 6,453 oil and gas businesses, and New York, with 5,768 oil and gas businesses, the report outlined.
The report noted that, in 2024, direct Gross Regional Product for the Texas oil and natural gas industry was $366 billion. It added that, “once you incorporate the typical multiplier of 2.5x, the Texas oil and natural gas industry supported 38 percent of the Texas economy”.
TIPRO’s latest report stated that the Texas oil and natural gas industry purchased U.S. goods and services in the amount of $307 billion, “81 percent of which came from Texas businesses”.
It added that the Texas oil and natural gas industry “paid a record $27.3 billion in state and local taxes and state royalties in Fiscal Year 2024”.
TIPRO describes itself as one of the country’s largest oil and gas trade associations and the strongest advocacy group representing both independents and royalty owners in Texas. It was founded in 1946 and represents nearly 3,000 individuals and companies from the Texas oil and gas industry, its site highlights.
Collectively, TIPRO members produce nearly 90 percent of the oil and natural gas in Texas and own mineral interests in millions of acres across the state, TIPRO noted in its latest State of Energy report.
In a statement sent to Rigzone by the TIPRO team this week, TIPRO highlighted that its latest report is the 10th State of Energy publication. The report offers “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 highlighted in the statement .
The organization added in the statement that its State of Energy 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.
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