West Virginia economy fueled by oil and gas industry
Thursday, October 4, 2018
Oil and gas production is one of West Virginia’s fastest growing and most successful industries, according to WVNews. It’s easily outpacing other sectors of the economy.
The state’s natural gas industry has steadily increased for the last 13 years. It currently employs 38,311 and is expected to grow 55 percent by 2022. Furthermore, it is responsible for paying $2.02 billion in wages each year and the oil and gas industry, as a whole, is the top-paying employment sector in the state with average annual wages of $84,103 per worker.
Currently, 53 of the state’s 55 counties have oil or natural gas operations, and every county benefits from the taxes the industry pays each year.
Learn more: WVNews > Oil and natural gas industry energizing W.Va. economy
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Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.