January 16, 2020 Comments Off on Texas Oil & Gas Could Slow Down in 2020 Views: 698 Texas News, Top Texas

Texas Oil & Gas Could Slow Down in 2020

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In 2019, the oil and gas industry paid a record-setting $16.3 billion in taxes and royalties to the state of Texas and its local governments. However, the Texas Oil and Gas Association, which released the figures, indicated that results in 2020 could be vastly different, as high production rates, softening global demand and other economic and political factors shift the industry.

The association’s president, Todd Staples, warned that the drop in active oil rigs and the spate of bankruptcies that took place in the latter part of 2019 might continue well into this year. “With production strained by prices, we may have additional bankruptcies and mergers and acquisitions as companies work to maintain a competitive [advantage],” he said during a recent conference call. “Job growth may continue to lag further than we’ve enjoyed in recent years.”

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