Texas Oil Boom Pumps Bucks Into State Universities

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.

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