The news from Texas’s oil and gas industry just keeps getting better.
The state’s rainy day fund — formally known as the Economic Stabilization Fund (ESF) — has now reached $14 billion.
Texas collected $4.3 billion in the past year in severance taxes from oil and gas development, an all-time record. Of that, $2.5 billion goes into the ESF.
Texas companies leading the state’s production surge include EOG Resources, Anadarko Petroleum, and Apache (NYSE: APA ), according to the Motley Fool.
State Railroad Commission Chairman Barry Smitherman thinks annual deposits to the ESF could eventually hit $6 billion or more per year, riding on increase production. Drilling permit applications in Texas are their highest in nearly 30 years.
“EOG Resources has more than a dozen years’ worth of drilling inventory in the Eagle Ford and decades more in the Delaware Basin,” the Motley Fool said.
Apache — the top driller in the Permian Basin — has proven reserves in Texas of 812 million barrels of oil equivalent and estimated unproven reserves resources of 4.1 billion barrels of oil equivalent.
Anadarko Petroleum will drill more than 500 new wells in Texas this year, in Eagle Ford, Permian Basin, and East Texas. It has tabbed another 2,500 future drilling sites.