DALLAS (AP) A major oil boom has helped pump dollars into an endowment that supports the University of Texas and Texas A&M University, helping it to hit a record $14.8 billion.
In the fiscal year that ended in August, royalties from oil and gas pumped out of state land put $648 million in the Permanent University Fund. Last year that total was $506 million, and in 2009 just $279 million.
The Dallas Morning News reports Saturday that UT System officials say combined with investment returns, the fund is up 9 percent over 2012 and 53 percent over 2009.
UT System manages some 2.1 million acres of land in the state's oil-rich West Texas Permian basin. New hydraulic fracturing technologies and techniques have helped drillers draw oil from once out-of-reach rock formations.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.