Texas Permanent University Fund approaching $1 billion annually in oil royalties

Fuel Fix:

West Texas oil lands are pushing annual revenue in Texas’ Permanent University Fund toward $1 billion.

The Permanent University Fund, an endowment established in the state Constitution, draws revenue from oil lease royalties on state lands and benefits the University of Texas and Texas A&M systems.

“Our revenue is up considerably,” said Jim Benson, executive director of University Lands, which manages 2.1 million acres, much of it in West Texas. “We are at $968 million with two months to go (in the fiscal year). We will break $1 billion for this year for the first time ever.”
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The market value of the Fund is over $17 billion at this point.  It gives the Texas schools one of the largest endowments in the world.   Most of the state owned lands royalties are coming from the Permian Basin in West Texas.