Economic Benefits
PXP’s California business is to search for and produce oil and natural gas which is then used entirely in California. We are a local, real world example of reducing our dependence on imported oil and associated greenhouse gas and toxic emissions.
California imports 65% of the oil it consumes. It arrives in oil tanker ships from Alaska, the Middle East, Venezuela and other foreign nations that emit hundreds of thousands of tons of pollutants and greenhouse gases. Locally produced oil directly offsets those emissions and reduces the demands on L.A. County’s port system.
- PXP is one of the area’s largest members of the local business community and one of the largest taxpayers in the region. Currently more than 100 people are directly employed by PXP’s operations in the region.
- Contractors and consultants worked 1,391,000 hours at the oil field 2011.
- PXP paid more than $10.5 million in taxes to Los Angeles County in 2011.
- Tens of millions of dollars annually are generated in royalty revenue from the oil field’s operation. Much of this money stayed local as many of the royalty owners work and live in the communities surrounding the oil field.
- In all, more than 13,000 individuals hold royalty interests connected to PXP’s operations in the region.
- PXP performed 103 well workovers (reworking of wells) in 2011. A workover entails activities such as liner replacements and perforations. These projects will generate additional tax revenue.
