Trillions of dollars paid in royalties were paid in the last 14 years according to a recent investigation and reporting’s from the Texas Land Grant Office and other reporting agencies.
We researched from 2007-2021 and found that in the course of 14 years over
over $235 Billion are just tax royalties.
To understand how much was paid into state funds you have to look at the charge below $1.737 Billion was paid into state funds in 2020
The law says we are entitled to royalties, bonuses and other. What does that mean and how much of the $33.9 Billion paid in 2020 (one other reports states) is ours ? Is from claimed and unclaimed wells?
We are checking into this as we requested official documents over the last 100 years and will report later.
One educated person would say that we also get royalties paid for property, production of oil, production of gas, oil and gas well servicing and royalties to state funds or everything except for Sales and Taxes (or do we also get a part of sales and taxes ?) We will clarify later as we are requesting financial reports over the last 100 years. But let’s say it is 21.4286 % of the total paid in. Taxes are only .042 percent and .59 Billion is 23.55% of 13.9 Billion.
Using this mathmatical formula (if our math is correct) $162 B was paid in taxes since 2007, this would mean that 3,815,746,380,000 Trillion was paid in Royalties in the last 14 years
1886 Oil was discovered and in 1894 they began drilling for oil. By 1940 it had come to dominate the US production.
127 Years of drilling how much in royalties were paid in, were supposed to get paid in ? We don’t know
Three years ago there was quite substantially less oil production until new basins were found.
The purpose of our report is to show there are trillions of dollars in royalties paid in only in the last 14 years.
Let’s look at it in smaller numbers
in 2020 4,154,000,000 Billion was paid in oil and gas royalties for Production only to the state of Texas. (.2988 %)
From 13.9 Billion that leaves 9,746,000,000 in other royalty payments and taxes
How much production royalties (estimated) were paid out of the 3.8 Trillion paid in over the last 14 years?
How much of that is unclaimed ?
Any way that you look at it, it is mind boggling after a few hundred million. We have not even estimated the last 127 years
When experts estimate there are more than $250,000,000 Billion they are way below what could be Trillons of dollars of unclaimed roaylaties.
Here are the last 14 years figures:
2021 $ ? Up 6.8% so far from 2020
2020 $33.9 Billion https://www.txoga.org/texas-oil-and-natural-gas-industry-paid-13-9-billion-in-taxes-and-state-royalties-in-fiscal-year-2020/
2019 $16.3 Billion https://www.txoga.org/new-record-texas-oil-and-gas-industry-paid-16-3-billion-in-taxes-and-state-royalties-in-2019-most-in-texas-history/
For 2019, 1.85 billion barrels were produced across the state of Texas, marking the highest year of oil production in the history of the U.S.1 According to the Energy Information Administration (EIA), oil production in the U.S. was 12.23 million barrels of oil per day.
2007-2008 just in Taxes alone (state and local)
2018 over $14 Billion
2017 $11.01 B
2016 $9.44 B
2015 $13.84 B
2014 $15.66 B
2013 $13.57 B
2012 $12.07 B
2011 $9.25 B
2010 $7.4 B
2009 $8.54 B
2008 $9.94 B
2007 $8.55 B
Since 2007 $162 Billion in taxes (figure is wrong because they only report $13.9 Billion when it as $33.9 Billion total for all royalties
Over $162 billion has been paid by the Texas oil and natural gas industry in taxes and state royalties since 2007, a staggering figure that doesn’t even include industry payroll or its economic ripple effect on other sectors of the Texas economy. pic.twitter.com/t9u9qSzZXe— Texas Oil & Gas Association (@TXOGA) January 13, 2021
February 13, 2019
Staples: As TXOGA Turns 100, Taxes and Royalties from Oil and Natural Gas Hit $133 Billion – Just Since 2007
AUSTIN – According to just-released data from the Texas Oil &