Surge Energy US Holdings Company announces that it contributes more than $7 billion to the Texas economy, including accumulated oil and gas revenues, royalty payments and active interest, and production taxes.
A growing player
Surge Energy is an independent oil and gas company. The company focuses on the development, operation, production and acquisition of oil and gas reserves in Texas. Its activities are mainly located in the Midland Basin, one of the main sub-basins of the Permian site.
The creation of the oil and gas company is recent as it dates back to 2015. After only 7 years of existence, the company announces having contributed $7 billion to the Texas economy, a sign of its dynamism. Surge’s growth is achieved through the acquisition of development activities, such as the purchase of Astra Oil Corp in 2021.
A symbolic contribution level
Surge Energy’s production and sales benefit the Texas economy and community. This figure is due to significant capital investments and royalty payments to mineral owners. In addition, the company’s contribution also includes local and state taxes, as well as local job creation.
Since its inception, the company has made over $1.75 billion in payments to operating partners. This amount also covers royalties to mineral owners. In addition, the State of Texas and several of its counties collect over $250 million in production taxes.
Surge Energy CEO Linhua Guan says he is proud to celebrate this significant $7 billion achievement. The company does not intend to stop there. Indeed, it is now looking forward to future growth opportunities.
