Wyoming is a leading energy producer
- 7th in the nation in oil production, Wyoming produced 56 million barrels of oil in 2004, enough to fuel 1.76 million cars and heat (with heating oil) over half a million homes
- 4th in the nation in natural gas production, Wyoming produced 1.5 TCF in 2003 enough to meet the residential needs of 19.4 million homes
- Future Potential – 22.6 TCF of proved natural gas reserves (only Texas and the OCS have more) and 628 million barrels of proved oil reserves
Oil and Natural Gas is fueling Wyoming ’s economy
- Oil and natural gas is one of Wyoming’s largest employers accounting for 18,000 jobs (direct and indirect).
- Oil and natural gas workers (direct and indirect wage earner) earn an average of $50,000 – 65% more than the average earnings per worker in Wyoming of $31,000.
- In 2005, oil and natural gas contributed nearly $500 million in severance taxes. These tax revenues are used to fund Wyoming’s public projects like schools and highways (Department of Revenue, FY05).
- In 2005, oil and natural gas industry also paid $540 million in property (ad valorem) taxes representing 53% of the total property tax receipts (Department of Revenue, FY05).
- Leasing on state lands generated over $100 million revenues for the state ($11.8 million in bonus bids and fees and $89.6 million in royalties (Office of State Lands and Investments, FY05))
- A Conservation Mill Levy placed on oil and gas producers raised $5.2 million in 2005 (Petroleum Assoc. of WY, FY05)
- Leasing of federal lands in Wyoming produced $878.5 million in 2005 (Wyoming’s share of federal oil and gas revenues collected by the Minerals Management Service).
Oil and natural gas gives back to Wyoming’s communities.
- Severance tax revenues are distributed to a variety of funds including the General Fund, Permanent Mineral Trust Fund , schools, cities, towns, highways, counties, and water development.
- There is also a special Foundation Program Fund which holds federal and mineral royalties, mineral severance tax and other revenue sources which are restricted for payment to school districts.
- This year, the Bureau of Land Management recognized the Devon Energy Corporation with the Four C’s award for “outstanding environmental stewardship in consultation, cooperation, coordination, all in the service of conservation,” as a model partnership with the federal government for operations in the Worland, Wyoming, area.
1. US DOE/EIA, Petroleum Supply Annual 2004
2. US DOE/EIA, Natural Gas Annual 2003
3. US DOE/EIA, US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2004 Annual Report
4. The Permanent Mineral Trust Fund has a balance of over $2 billion. Oil and gas accounted for 57.2% ($111,409,850.70) of the PWMTF revenue for 2004. (WY State Treasurer’s Office, FY04) The PWMTF contributed $98,110,315 to the General Fund in 2004 (WY Consensus Revenue Estimating Group, FY04) – oil and gas proportionally contributed $56,121,870.11. (API calculations)