DALLAS (November 23, 2013) A major oil boom has pumped dollars into an endowment that supports the University of Texas and Texas A&M University, pushing it up to 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.
UT System officials say combined with investment returns, the fund is up 9 percent over 2012 and 53 percent over 2009.
The 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.