Thanks. Found this.
As of 2018, the Permian Basin has produced more than 33 billion barrels of oil, along with 118 trillion cubic feet of natural gas. This production accounts for 20% of US crude oil production and 7% of US dry natural gas production.
So using 33 billion barrels multiplied by $30 time 5% would be about $50 billion. At $60/barrel we're talking $100 billion. That difference would mean quite a lot to the State Government. Of course, it production scaled down to, say 10 billion barrels, the State would be in a world of hurt.
Edit: 33 billion may be a cumulative number. If so, I'll have to re-edit the above calculation because it won't make sense.