Monday, November 12, 2012
Economic reports and projections, such as “A Decade of Drilling,” by the Perryman Group in Waco, Texas, have confirmed that the Barnett Shale is responsible for creating nearly 100,300 jobs, increasing employment by 8.7% and supporting an annual output of $11.1 billion in goods and services. The cumulative economic benefit from 2001 – 11 is $65.4 billion for the region.
The report, which was commissioned by the Fort Worth Chamber of Commerce, was conducted by Ray Perryman, Ph.D., a respected economist and financial expert. It provides a comprehensive 146-page look at actual, realized dollar figures — not projections — on income for schools, municipalities and the state.
At its release announcement, Perryman spoke to 250 community leaders about the tremendous source of economic strength the Barnett Shale is proving to be.
“The good news certainly does not end here,” said Julie H. Wilson, Chesapeake Vice President - Urban Development. “We’re here to stay and fully plan to continue our hard work to produce the Barnett’s natural gas resources for the benefit of all North Texas. Our neighbors and economy are depending on it.”
For more details about the economic impact of the Barnett Shale on this region, read A Decade of Drilling – Barnett Shale Study.
What Every Texan Should Know about the Barnett Shale
- $715.5 million in direct and indirect revenue from taxes to the state of Texas
- $10.1 billion in increased annual economic activity
- The Barnett has created 99,726 Texas jobs
- In North Texas the Barnett accounts for 8% of gross product, 8% of personal income and 9% of employment
- An average well generates enough natural gas to heat 26,500 homes for one year
Even with conservative estimates, one 12-well padsite can produce:
- $144 million in total revenue ($12 million per well)
- $24 million in royalties to residents
- $9.8 million to state and local taxing jurisdictions
- $20 million to local workforce and businesses
For more information on the economic impact of natural gas in the state of Texas, visit the links below:
Natural Gas - Working for Texas