AUSTIN, Texas -- In a report released Tuesday morning, the Texas Oil and Gas Association reported the industry paid $16.3 billion in taxes and royalties to the state, county governments and school districts. The record-breaking number comes amid a boom in production of crude oil and natural gas.

But TXOGA President Todd Staples said growth isn’t guaranteed and that he expects a slowdown in 2020.

“We think it may be kind of a readjustment period in 2020. We know that our supply continues to grow. It may be outpacing worldwide demand at some instances so that creates some instability. We’ve seen our rig count numbers drop,” Staples said in an interview on Capital Tonight. “It’s still going to be good. I just don’t know that we’ll have the banner year that we saw in 2019.”

At the same time, Tuesday’s announcement comes as the industry grapples with ways to control emissions that are believed to be responsible for climate change.

Staples acknowledged that man-made climate change is a threat and said the industry is committed to climate progress.

“The oil and natural gas industry is a leader in low carbon technology. They are committed to lowering emissions,” he said. “I think every energy source has emissions that impact our climate. I think it’s a responsibility for oil and gas to be a leader in this space. We’ve invested more dollars than any other industry in curbing those emissions and we’re committed to doing that in the future as well.”

TXOGA recently marked its 100^th anniversary and Staples said he expects the industry to be around well into the future.

“Oil and natural gas is simply irreplaceable today,” he said.

Click the video link above to watch our full interview with Staples.