Oklahoma Economy – Oil and Gas

Texas Energy Mutual

Texas Energy Mutual
Image: texasenergymutual.com

Texas Energy Mutual, LLC, an oil-and-gas exploration firm based in Grapevine, Texas, focuses largely on developing new projects in Oklahoma. In fact, Texas Energy Mutual already oversees several actively producing fields in the state.

According to the Oklahoma Department of Commerce, the energy sector, which includes oil-and-gas exploration and extraction, employs more people than any other industry in the state. Its Oklahoma workforce numbers nearly 200,000, and it’s expected to add about 30,000 jobs to the economy within the next year. Oklahoma is second only to Texas in oil-and-gas workers and revenues, which provide an essential tax base for the state.

Oil-and-gas providers alone generate more than $51 billion a year in Oklahoma. That number will likely increase as technologies come online, making it easier for firms to discover new petroleum resources and capitalize on them The state’s energy infrastructure includes petroleum refineries that together generate half a million barrels daily – 3 percent of the whole country’s production capabilities.

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