Texas Oil & Gas Association

The Trump Administration’s commitment to restoring U.S. energy dominance has been a central theme since the President first took office, and will remain a priority in his second term. For Texas, home to some of the world’s most productive oil fields like the Permian Basin, this focus is expected to unlock new growth opportunities. TXOGA sees promise in Trump’s pro-energy policies. “We are optimistic that we will see greater regulatory certainty so that investments can be made to grow jobs here at home,” said TXOGA President Todd Staples. With an emphasis on reducing bureaucratic hurdles, industry leaders believe the Trump administration will ensure energy policies benefit both domestic production and international competitiveness. Read more: https://lnkd.in/gCgYNpHb

The Trump Administration’s commitment to restoring U.S. energy dominance has been a central theme since the President first took office, and will remain a priority in his second term. For Texas, home to some of the world’s most productive oil fields like the Permian Basin, this focus is expected to unlock new growth opportunities. TXOGA sees promise in Trump’s pro-energy policies. “We are optimistic that we will see greater regulatory certainty so that investments can be made to grow jobs here at home,” said TXOGA President Todd Staples. With an emphasis on reducing bureaucratic hurdles, industry leaders believe the Trump administration will ensure energy policies benefit both domestic production and international competitiveness. Read more: https://lnkd.in/gCgYNpHb

Earlier this month, 66th U.S. Secretary of State Condoleezza Rice and Texas Governor Greg Abbott headlined TXOGA's 2024 Lone Star Energy Forum at the OMNI PGA Frisco. The Forum showcased the global leadership of the Texas oil and natural gas industry that is directly contributing to a cleaner, stronger, better energy future for our state, nation and world. “Texas would not be Texas without the oil and gas sector,” said Governor Greg Abbott. “The energy industry is the lifeblood of what happens in our economy every single day. The oil and gas industry powers the Texas economy, and it’s one of the reasons why we are the eighth largest economy in the entire world. Texas also provides national security to the United States of America because of the role that oil and gas play for the Texas and American economies. We all have an obligation to be guardians of our national security, to protect our country, and one of the pathways to achieving that goal is to support the energy sector in the state of Texas.” “The world is experiencing what Texans have known for a long time: Energy security is a necessity, not a luxury. In Texas, our unmatched energy production, transportation, refining capacity and exports advance jobs at home, and energy security for our nation and trade allies every day,” said TXOGA President Todd Staples. “I am honored to convene the Lone Star Energy Forum to showcase the innovation, infrastructure investment and policy leadership that is strengthening economies, protecting the environment and powering the world.” Read more: https://lnkd.in/gCAzFTsE

?? TXOGA Chartbook Update - Week of November 25, 2024 ??U.S. economic indicators were mixed this week. U.S. industrial production declined by 0.3% year-over-year (y/y) in October, according to the Federal Reserve Board. Despite the drop, production levels aligned with continued investment growth, suggesting resilience in broader economic activity for Q4 2024. The yield on low-grade corporate bonds decreased by 0.1 percentage points week-over-week (w/w) to 11.4%, while 30-day Fed Funds futures edged up by 0.1 percentage points w/w, reflecting reduced expectations for a December rate cut. The Philadelphia Fed's ADS Index indicated business conditions supportive of GDP growth in Q4 2024. ??Oil prices climbed as U.S. production fell. West Texas Intermediate (WTI) crude oil prices rose 6.5% w/w to $71 per barrel. Weekly U.S. crude oil production decreased by 0.2 million barrels per day (mb/d) to 13.2 mb/d, its lowest level since June. Domestic petroleum demand fell by 1.8 mb/d w/w to 19.8 mb/d, while net exports declined by 0.3 mb/d to 1.8 mb/d. These shifts led to a crude oil inventory build of 0.5 mb/d w/w, according to the Energy Information Administration (EIA). The Chart of the Week highlights a strong direct correlation between changes in WTI prices and open interest in light sweet crude oil futures and options, a relationship that has intensified over the past month. ??U.S. natural gas futures rose 10.5% w/w, driven by lower production and heightened winter demand expectations. U.S. dry natural gas production decreased to 100.9 billion cubic feet per day (bcf/d) as of November 15, down 3.7% y/y, per EIA data. Domestic demand and net exports increased, while inventories saw their first decline in 14 weeks. With colder seasonal temperatures spreading across the U.S., futures markets adjusted their outlook for winter demand, raising the January 2025 natural gas price to $3.30 per million Btu. ??Texas’ oil and natural gas industry employment reached a record-high 499,444 in Q2 2024, according to data released on November 15 by the Census Bureau and Texas Workforce Commission. For detailed insights and analysis, please visit the TXOGA Chartbook at: https://lnkd.in/g8tSBmUm #TexasOilAndGas #EconomicOutlook #OilMarket #NaturalGas #EnergyTrends #MarketInsights #Business #Economics #Productivity #QuantitativeAnalysis #Strategy #Innovation #Inflation #Prices #Markets #Data

Congratulations to TXOGA Chief Economist Dean Foreman, Ph.D. on being elected president of the United States Association for Energy Economics (USAEE)! Read more: https://lnkd.in/gdwrMYta

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 TXOGA Chief Economist Dean Foreman, Ph.D. “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.” Read more: https://lnkd.in/gSHipusG

Check out Episode 18 of TXOGA Talks for a conversation with Chairman Giovanni Capriglione on the future of AI and the energy sector. Listen now: https://lnkd.in/gZQMu8yP

In October, industry leaders from across the North Texas region gathered at Hall on Dragon for the seventh annual D CEO Energy Awards. The night was a celebration of excellence and innovation in the world of energy. TXOGA President Todd Staples was proud to deliver remarks and provide oil and natural gas industry perspectives on the current state of the energy sector. Read more: https://lnkd.in/gznFp-XW

Check out the latest blog post from the #TexasMethaneFlaringCoalition! AI: The Next Frontier of Methane Detection: https://lnkd.in/gV3zrJDR

New data from the Texas Workforce Commission indicate that upstream oil and natural gas employment grew by 1,400 in October compared to September. These data mark six out of ten months so far this calendar year in which the job count has increased, and the fifth monthly increase in a row. “The aggression of Russia against Ukraine and ongoing unrest in the Middle East confirms why these energy sector jobs are so important—Texas and America cannot be dependent on foreign nations for our oil and natural gas supplies if we want energy security for our families and friends at home and abroad," said TXOGA President Todd Staples. Read more: https://lnkd.in/gMG_fWeK