Check out our Month in Review for June to see how TXOGA was busy advocating for the Texas oil and natural gas industry: https://lnkd.in/gUqrbUmV
Texas Oil & Gas Association
Oil and Gas
TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the
About us
The Texas Oil & Gas Association (TXOGA) is a statewide trade association representing every facet of the Texas oil and natural gas industry including small independents and major producers. Collectively, the membership of TXOGA produces in excess of 80 percent of Texas’ crude oil and natural gas, operates over 80 percent of the state’s refining capacity, and is responsible for the vast majority of the state’s pipelines. In fiscal year 2020, the oil and natural gas industry employed more than 400,000 Texans in direct jobs and paid $13.9 billion in state and local taxes and state royalties, funding our state’s schools, roads and first responders. Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.
- Website
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http://www.txoga.org
External link for Texas Oil & Gas Association
- Industry
- Oil and Gas
- Company size
- 11-50 employees
- Type
- Public Company
- Founded
- 1919
- Specialties
- Energy and Oil and Natural Gas
Employees at Texas Oil & Gas Association
Updates
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Texas Oil & Gas Association reposted this
📊 TXOGA Chartbook Update - Week of July 8, 2024 🔹U.S. economic indicators remain solid. The Aruoba-Diebold-Scotti (ADS) Business Conditions Index from the Federal Reserve Bank of Philadelphia showed ongoing favorable conditions, suggesting economic growth in Q2 and so far in Q3 2024. The June employment report by the Bureau of Labor Statistics was solid with 206,000 non-farm payroll additions and an unemployment rate of 4.1%. However, a solid employment situation plus steady consumer price inflation (3.3% year-over-year (y/y) in May) reduced near-term prospects for cuts to the Federal Funds rate, which in turn raised longer-term interest rates including the average high-yield corporate bond yield above 14.0% as of July 5, its highest since December 2023. 🔹Oil market fundamentals tightened. As highlighted in the Chart of the Week, U.S. Gulf Coast refiners continued to shift away from crude oil imports from Canada towards domestic crude oil, facilitated by strong domestic production led by Texas. U.S. crude oil production held steady at 13.2 million barrels per day (mb/d) as of June 28, while natural gas liquids (NGLs) production neared a record high of 7.0 mb/d, per the Energy Information Administration (EIA). Also as of June 28, summer driving boosted domestic petroleum demand to 21.1 mb/d and petroleum net exports to 2.9 mb/d, both at the top of their respective 5-year ranges. Together these factors resulted in a reduction in domestic crude oil inventories by 12.2 million barrels week-over-week (w/w) as of June 28 – the 11th largest weekly inventory withdrawal on record since 1982 – supporting West Texas Intermediate (WTI) crude oil prices near $84 per barrel. 🔹Record-high U.S. natural gas net exports: 14.3 billion cubic feet per day in June per EIA. With strong production, however, U.S. natural gas storage rose by 1.2% w/w to 3.1 trillion cubic feet, which was 7% above the top of its five-year range. Futures prices for August delivery fell by over 10% w/w to nearly $2.30 per million Btu. 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
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TXOGA Statement on Court’s Ruling to End LNG Export Permit Approval Halt: https://lnkd.in/gAZbYQvQ
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Conservation Alerts: we all hear about them, but what exactly do they mean for you and your family? Listen to the full episode of TXOGA Talks: https://lnkd.in/g6pkrnxJ
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Texas Oil & Gas Association reposted this
📊 TXOGA Chartbook Update - Week of July 1, 2024 🔹U.S. economic indicators continue to affirm industrial strength but show ongoing consumer pressures. The Bureau of Economic Analysis’ final GDP estimates for Q1 reported real GDP growth of 2.9% year-over-year (y/y), including an upward revision to domestic private investment but a downward revision to consumer spending. Consumer sentiment, as measured by the Univ. of Michigan’s survey, fell by 10% between Q1 and Q2 2024, largely due to concerns over price inflation, which fell to 3.3% y/y in May. Historically, such a decline in consumer sentiment has corresponded with slower consumer spending, which has driven more than half of overall growth so far this year. 🔹Oil market fundamentals remained solid. With U.S. crude oil production at 13.2 million barrels per day (mb/d) and another 6.9 mb/d of natural gas liquids (NGLs), domestic crude oil inventories increased by 3.6 million barrels week-over-week (w/w) despite historically strong domestic petroleum demand and net exports, according to Energy Information Administration (EIA) data for the week ended June 21. Strong global demand sustained oil prices above $80 per barrel, and the historical mean reversion target has risen above near-term futures prices. 🔹Natural gas storage growth has slowed. U.S. natural gas marketed production has remained strong and steady at around 112 billion cubic feet per day (bcf/d) over the past two weeks. Although this has sufficed to supply the summer increases in natural gas consumption for electricity generation as well as exports, the volumes being injected into storage have slowed. Natural gas storage has gone from being 37% above its 5-year range as of early May to 11% above it as of June 21, which has in turn supported prices near $2.70 per million Btu. 🔹The Chart of the Week compares Texas (ERCOT) and California (CAISO) electricity generation, demonstrating why Texas stands alone in terms of its size, variability, and reliance on the flexibility of natural gas-based generation to compensate for intermittency. 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
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The Texas oil and gas industry is not only a major economic engine, but also a significant player in innovative water management practices to assist in environmental protection. In the Permian Basin, operators are investing heavily in water recycling technologies. Over 75 percent of the 14 million barrels of water produced in the Permian are recycled, significantly reducing the reliance on freshwater sources. Read more: https://lnkd.in/gVSGb-mF
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Applications are now open to present at the Energy Elevated Technology Showcase. TXOGA is proud to partner with the #TexasMethaneFlaringCoalition on this event, check out their blog post to learn more! https://lnkd.in/gtxCfMKc
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Tune into the latest episode of TXOGA Talks for an opportunity to explore the diverse energy resources that drive Texas' economy. Listen now: https://lnkd.in/g6pkrnxJ
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Episode 11 of TXOGA Talks is now available! Join us as we preview the upcoming fall election with Tim Stewart, President of the U.S. Oil & Gas Association. Tune in for insights into the political landscape and what it means for the energy sector. Listen now: https://lnkd.in/gXmA8XgW