GO-WV releases latest “Gas Facts” edition during summer meeting, highlighting long-term durability, critical role of W.Va.’s natural gas and oil sector
CHARLESTON, W.Va., August 17, 2023 – Natural gas production, tax revenue and jobs tied to the state’s natural gas and oil sector all increased over the last year, according to the Gas and Oil Association of West Virginia’s (GO-WV) annual Gas Facts report released in August. Presented to members at the 2023 Summer Meeting this week, Gas Facts confirms West Virginia remains America’s fourth largest natural gas producer and contributes approximately 10% to the nation’s total natural gas supply.
“Natural gas and oil aren’t going anywhere, and record attendance at this year’s meeting demonstrates interest, investment and engagement among our organization is stronger than ever before” newly elected GO-WV President Jeff Isner said. “We had guest speakers spanning all levels of government and industry leaders from across the nation come to West Virginia to discuss the opportunities specifically found here. I look forward to leading this organization as President for the 2023-2024 term, helping ensure policymakers, West Virginians and all Americans understand this modern industry is capable and ready to lead the future of our country.”
According to Gas Facts, West Virginia natural gas production increased 6% to 2.8 trillion cubic feet in 2022. Combined severance tax revenue from natural gas, oil and natural gas liquids also contributed 70% (nearly $714 million) of the over $1 billion allocated to the State General Revenue Fund for fiscal year-end June 30, 2023. Property taxes, which topped $184 million, are directed to counties to be distributed for social programs and school districts for essentials like computer labs, enhanced internet access, building upgrades and more.
In total, the sector employs more than 17,000 direct jobs in the state. Indirect jobs in West Virginia are over 73,000, according to a study by PriceWaterhouseCoopers, and contribute nearly $13 billion to the state’s economy.
“The facts are clear: our industry is driving economic prosperity in West Virginia,” said Charlie Burd, GO-WV Executive Director. “We all see the investments coming here that are fueled by our energy resources and, in addition to the philanthropic and financial support individual GO-WV members provide local communities, our industry is injecting crucial investment and creating jobs in the areas where we work.”
Keynote speakers in attendance at the Summer Meeting included U.S. Senator Joe Manchin, Governor Jim Justice, Congresswoman Carol Miller, Charlotte Lane, Chair of the WV Public Service Commission and Chris Guith, Senior Vice President at the U.S. Chamber of Commerce. U.S. Senator Shelley Moore Capito provide virtual remarks to members.
At the state level, Senate President Craig Blair, Senator Eric Tarr and House Delegates Vernon Criss and Clay Riley participated in a roundtable focused legislative updates.
Highlights from the 2023 Gas Facts Include:
- Produced 2.8 trillion cubic feet (TCF) of natural gas (+6%)
- Contributed $714 million in severance taxes (+37%)
- Paid $184 million in property taxes (+102%)
- Employs 17,572 direct WV jobs
- Produced 15 million barrels of oil