WITHOUT OIL AND GAS, WHICH PROVIDES DIRECT, HIGH-PAYING EMPLOYMENT AS WELL AS POWERFUL IMPACTS FROM PURCHASES AND ROYALTY PAYMENTS, THERE MIGHT BE

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1 txoga.org

2 WITHOUT OIL AND GAS, WHICH PROVIDES DIRECT, HIGH-PAYING EMPLOYMENT AS WELL AS POWERFUL IMPACTS FROM PURCHASES AND ROYALTY PAYMENTS, THERE MIGHT BE LITTLE TO DIFFERENTIATE THE TEXAS ECONOMY FROM THAT OF OTHER STATES, MOST OF WHICH ARE IN RECESSION AND TURMOIL.

3

4 Taxes & Economics of Texas Oil & Gas Industry An industry once written off by some has roared back to life in recent years, contributing tremendous amounts to government coffers and creating some of the highest-paying jobs in Texas. Texas oil and gas businesses have brought together technology, manpower, and investment to keep the State number one in energy production despite turbulent times in energy markets. Under the threat of national and international economic and fi nancial crises, Texas Oil and Gas Industry has been the fuel keeping the State fi scally and economically resilient.

5 TEXAS OIL AND GAS INDUSTRY PAID AN ESTIMATED $7.4 BILLION IN TAXES AND ROYALTIES INTO STATE AND LOCAL TREASURIES IN FISCAL YEAR THIS COMES TO NEARLY $25,000 PER EMPLOYEE, MORE THAN FIVE TIMES THE AVERAGE FOR THE REST OF THE PRIVATE SECTOR. txoga.org

6 Taxes & Royalties Paid To The State In Fiscal 2010 AMOUNT PER JOB All other Oil & Gas Oil & Gas Industries AMOUNTS IN MILLIONS Property* $ 3,219 $ 10,823 $ 2,779 Sales, state & Local* 1,114 3,745 1,256 State franchise tax* 332 1, Production of oil** 1,009 3,391 - Production of natural gas** 726 2,439 - Oil & gas well servicing** Other taxes* Total taxes* $ 6,640 $ 22,322 $ 4,888 Royalties to State Funds** 760 2,555 5 Total Paid $ 7,400 $ 24,878 $ 4,893 * Estimated, Tax & Fiscal Consulting, Austin ** Source: Texas Comptroller s Office Unique among Texas major industries, oil and gas pays a tax - the severance tax - simply for producing its basic product in the state. As a consequence, a record balance has been built in the State s rainy day fund, which may now ease the State s budget cuts and protect all taxpayers from a tax increase. One hundred percent of the money in the Rainy Day Fund, other than transfers and interest income, comes from oil and gas severance taxes.

7 Through Taxes In fi scal year 2010, Texas producers paid $1.7 billion in severance taxes on the production of oil and gas. Consequently, a $451 million transfer was made to the State s Economic Stabilization Fund, or Rainy Day Fund, at the beginning of fi scal As a result, the balance in the Fund now stands at over $8.2 billion, an all-time high, and is projected to reach $9.4 billion by the end of the next fi scal biennium. And the timing of the growth of this fund balance in the recovery from a severe national recession and at the opening of a Texas legislative session could hardly be more suitable. The 82nd Legislature faces a signifi cant fi scal shortfall, and if necessary, the Rainy Day Fund could be used to help close that shortfall. The Rainy Day Fund has been spent by the Texas Legislature on an as-needed basis since the Fund began receiving deposits in All types of State programs have benefi ted, ranging from Texas public schools to children s health insurance to economic development. In using the Rainy Day Fund, pressure to increase taxes or cut programs during hard times has been relieved courtesy of Texas oil and gas taxpayers. This was especially true during the 2003 Legislative Session, when Texas faced a $9.9 billion shortfall. In that session, the Texas Legislature appropriated over $1.2 billion from the Rainy Day Fund in order to help close the shortfall. By using the Rainy Day Fund, Texas was able to avoid raising taxes on individuals and on other businesses. Additionally, in 2005, by using amounts in the Rainy Day Fund rather than general revenue, $872 million in the State s general revenue was set aside, and then used, for property tax relief legislation that passed in a 2006 special session. txoga.org

8 Programs Assisted By The Rainy Day Fund Programs AMOUNTS IN Millions Public schools, student success, & textbooks $ 1,235 Teacher pay & teacher health insurance 547 Medicaid 509 Children s health insurance 26 Child protective services 200 Foster child care & adoption 391 Criminal justice 198 Emerging technology funding 100 Texas Enterprise funding 295 Disaster assistance 6 Total $3,507 Programs important to the children and economy of Texas have been funded from the Rainy Day Fund since its inception. More recently, the 2007 and 2009 Texas Legislatures had the foresight to leave a growing balance in the Rainy Day Fund, which may now serve as relief for a substantial budget shortfall. In November of 2010, a transfer of $451 million was made out of oil and gas severance taxes to the Rainy Day Fund, bringing the balance to an unprecedented level. The Texas Comptroller estimates that over the course of the upcoming fi scal biennium, for which the State budget is now being written, a total of $9.4 billion will be available in the Rainy Day Fund, from both the balances brought forward and additional taxes to be paid by oil and gas companies during the upcoming years. CUMULATIVE CUMULATIVE Fiscal Year Oil & Gas Taxes GR & Interest , ,751 2, ,992 2, ,862 2,234 The taxes deposited to ,314 2,331 the Rainy Day Fund are in addition to the amount of taxes that remain in the State s general revenue fund. These taxes on the production, or severance, of oil and gas, are perhaps the most visible levy on the Industry, and no other industry bears a comparable burden as large as the Texas Oil and Gas Industry.

9 Through Business Taxes The Texas Oil & Gas Industry is heavily taxed compared to other industries but has managed to remain the foundation of the State s economy. IN ADDITION TO SEVERANCE TAXES, OIL AND GAS COMPANIES ALSO PAY ALL THE OTHER TAXES THAT OTHER BUSINESSES PAY, SUCH AS PROPERTY, SALES, AND FRANCHISE TAXES, WHICH TOTALED AN ADDITIONAL ESTIMATED $4.9 BILLION IN FISCAL Actually larger than severance taxes, local property tax levies on oil and gas sectors were an estimated $3.2 billion in fi scal 2010 to schools, cities, counties, hospital districts, and other local governments. Oil and gas assets subject to property tax include not only aboveground properties such as refi neries, petrochemical factories, and offi ce buildings, but underground assets including pipelines and the producing minerals themselves. Out of sight does not imply untaxed. txoga.org

10 Sales taxes also apply to many purchases made by oil and gas companies, and totaled an estimated $1.1 billion in fiscal Most equipment and supplies used in exploration and production are taxable, including drilling rigs and bits, pipe, pumps, valves and pipe fittings, and other purchases. Repair services also are taxable, as are various well services, and repair and remodeling labor is taxable when undertaken at refineries, offices, pipelines, or on other facilities. Certain well services are exempt from sales tax but are subject to the oil and gas well servicing tax. Franchise tax applies broadly now to Texas companies, including those in oil and gas, since the law was revised in 2006 to include many partnerships as well as corporations and limited-liability companies. The rate of the tax was lowered and the base broadened to margin, the result being an increase in the size of the tax and the gain deposited to the Property Tax Relief fund. Data published in 2010 by the Business Tax Advisory Committee (BTAC) 1 suggests that the revised franchise tax went down on the mining sector, but went up on manufacturing and utilities, which include substantial downstream oil and gas operations such as refineries and pipelines. The proportion of the overall franchise tax burden has shifted somewhat to sectors outside of the State s Oil and Gas Industry, as recommended in 2006 by the Texas Tax Reform Commission, which had designed the revised franchise tax:...the mining sector, primarily oil and gas, has lost more than 6,000 jobs but contributed almost $11,000 per employee. With the growth in the economy occurring in the lightly taxed industries, Texas cannot grow its way out of its tax problem. Rather, we re growing our way into it. Therefore, a broader base for the State s business tax is required... 2 And the BTAC report confirms that a better match between the tax system and the economy has been accomplished: In most cases, shifts of tax among the industries reflect the movement toward a more representative share of each industry s contributions to the state economy and follow the intent to share the burden of the tax in a way that more closely mirrors the economy. 3 Most government budgetary needs are driven by numbers of people, a proxy for which, in the business community, is employment. And in terms of the entire Texas tax system - comprising sales, franchise, property, severance and all other taxes - data shows that the tax burden per job on mining is the highest of all major industries in the state. This burden is 70% higher than that of the next-highest industries (utilities and information) and more than 1200% higher than the industry with the most employees (other services) 4. Oil and gas pays its share for Texas government - and more. 1 The Business Tax Advisory Committee (BTAC) was established by HB 3928 of the 2007 legislative session. BTAC is chaired and staffed by the Texas Comptroller and her employees, respectively, and includes legislative and industry members. 2 Tax Fairness; Report of the Texas Tax Reform Commission, March, Report to the 82nd Texas Legislature, Business Tax Advisory Committee, December SOURCE: Letter from Comptroller s Office to member of Texas legislature.

11 Through Royalty Payments Royalties for oil and gas production represent another unique source of income to Texas, and its citizens. Billions of dollars in oil and gas royalties are received every year by more than 570,000 Texas households. In the area where the production occurs, royalty owners pay severance tax to the State and ad valorem tax to run local government and schools. These royalty owners do not necessarily live in the same area where they own production but reside in every House, Senate, and Congressional district. These citizens spend their income where they reside in support of local businesses and community activities. Royalty owners are ordinary Texans from all walks of life that are often active in both production activities and the preservation of surface lands. Royalty owners are crucial contributors in the ongoing success of the oil and gas industry and the future economy of Texas. txoga.org

12 Through High-Paying Texas Jobs In addition to funding substantial portions of State, local, and school district budgets, the oil and gas industry provides well paying jobs to 297,000 Texans, averaging over $113,000 a year. That is nearly triple the amount paid by the average of other private sector industries. Every major sector of the Texas Oil and Gas Industry production, natural gas distribution, refi ning, petrochemicals, oil fi eld machinery manufacturing, product wholesaling, and pipelines pays far above the $44,000 average paid by other private sector industries. Oil and gas employment includes highly skilled positions in engineering, geology, and the geosciences as well as fi eld personnel in both upstream and downstream sectors. Jobs and payrolls at such levels obviously have signifi cant economic benefi ts for the State, but even larger impacts result from the purchases that oil and gas companies make. Purchases of machinery, pipe, concrete, steel, engineering services, legal services, well services, electricity, maintenance, construction, land, and other capital expenditures create large ripple effects all across Texas, not just in the oil patch, by creating jobs in the industries that supply those goods and services. Secondary impact jobs and paychecks in such local industries as banking, hotels, restaurants, and dry cleaners are driven, ultimately, by primary employment in industries like oil and gas.

13 Texas Employment in Oil & Gas SALARIES & WAGES SALARIES & WAGES Sector Jobs Total Per Job Crude petroleum & natural gas production 79,618 $ 13,310,042,923 $ 167,175 Natural gas Liquid production 3,299 $ 515,612,718 $ 156,317 Drilling oil & gas wells 30,817 $ 2,916,742,791 $ 94,647 Support activities, oil/gas operations 72,943 $ 5,743,584,527 $ 78,740 Natural gas distribution 7,322 $ 739,240,484 $ 100,958 Petroleum refi neries 21,880 $ 2,439,640,978 $ 111,504 Petrochemical manufacturing 15,319 $ 1,591,307,752 $ 103,881 Oil & gas fi eld machinery & equipment 38,972 $ 3,307,019,123 $ 84,857 Petroleum products Merchant wholesalers 12,826 $ 1,209,350,689 $ 94,293 Pipeline transportation 14,446 $ 1,903,262,799 $ 131,750 Total, Oil & Gas Sectors 297,440 $ 33,675,804,784 $ 113,219 All Private Other Than Oil & Gas 7,997,573 $ 353,304,420,015 $ 44,176 Source: Texas Workforce Commission The impact of the ripple effect can be expressed as an economic multiplier, which counts up the number of jobs ultimately created by a single new job in a particular industry. According to a major supplier of such economic data, 5 the highest multiplier of any industry in Texas is petrochemical manufacturing nearly 17 new jobs are created in Texas for every one new job in that sector. The second highest in Texas is petroleum refi ning, which adds more than 14 new jobs per refi ning job. The impact on the Texas economy from oil and gas jobs and investment is tremendous and positive. Employment in the oil and gas sectors is also diverse and expansive. Hispanics hold 52,000 oil and gas jobs in Texas, African-Americans over 17,000, and other minority employees number over 15,000. An overwhelming majority of Texas counties 233 out of 254 have employees in one or more oil and gas sectors. And every one of Texas 150 House districts, 31 Senate districts, and 32 Congressional districts includes part or all of counties in which people are employed in an oil and gas enterprise. As one of Texas base industries that is, an industry that brings money into the State rather than simply redistributing it oil and gas is an essential economic underpinning upon which the entire Texas economy depends. 5 IMPLAN input-output model for Texas. txoga.org

14 Through Other Payments in the State of Texas TAXES, ROYALTIES, FEES, HIGH-PAYING JOBS, MAJOR PURCHASES FROM OTHER INDUSTRIES, AND OTHER LARGE PAYMENTS TO GOVERNMENT TREASURIES MAKE THE TEXAS OIL AND GAS INDUSTRY While technically not a tax, another $760 million in royalties was paid by Texas oil and gas producers into the State s Permanent School Fund and Permanent University Fund. 6 These funds are designed to assist public schools and universities in Texas. Millions more are paid in environmental and permitting fees for the support of State programs. And, fi nally, the Industry remitted another $3.0 billion to the State during fi scal 2010 in taxes on the Industry s primary outputs: gasoline and diesel. This $3.0 billion amount is on top of the $7.4 billion detailed elsewhere in this report. THE ESSENTIAL FUEL KEEPING THE STATE FISCALLY AND ECONOMICALLY RESILIENT. 6 Source: Annual Cash Report, Texas Comptroller, 2010.

15 This is the most comprehensive compilation of data on the Texas Oil and Gas Industry s contributions to the economic success of the State of Texas published to date. It provides a closer examination of the level of state and local taxes annually imposed on an industry critical to the vitality of our State and Nation. Fueling The Texas Economy was prepared by the Texas Oil & Gas Association, with assistance from the American Royalty Council and the Texas Independent Producers and Royalty Owners Association. Texas Oil & Gas Association (TXOGA) is a statewide trade association with approximately 4,500 members representing every facet of the Texas Oil and Gas Industry including small independents and major producers. Collectively, TXOGA members account for approximately 92 percent of all oil and natural gas produced in Texas; they operate a vast majority of the State s pipeline mileage and gas processing capacity; and they are responsible for nearly 100 percent of the State s refining capacity. Founded in 1919, TXOGA is the oldest and largest organization in the State representing petroleum interests and continues to serve as the only organization in the State which embraces all segments of this Industry.

16 Texas Oil & Gas Association 304 West 13th Street Austin, Texas FAX txoga.org

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