enthalpy

enthalpy

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Sunday, July 27, 2008

Posted 7/27/2008 12:24:00 PM by Douglas

Oil is over $130 a barrel, so why is UT looking to hedge their West Texas oil fields instead of just pumping the crap out of them?

The University of Texas System is looking to trade on high oil prices — and potentially raise up to $1 billion for its endowment — by selling future production from land it manages in West Texas.

The regents this week authorized UT officials to negotiate with one or more parties to sell a portion of its oil and gas production at a fixed price over a set time period.

The buyer would pay up front for the oil and gas produced in coming years from 2.1 million acres spanning 19 West Texas counties.

Holes in the ground in Reagan County have given The University of Texas the largest endowment of any public university in the country. I'm sure the regents are going to find a way to make more money out of this so they can lower tuition for Texas citizens, right? Now the nuts and/or bolts:

In fiscal year 2007, nearly $273 million was generated from oil and gas production, up roughly $57 million from the previous fiscal year. That resulted in distributions of $9.1 million to the UT System and $4.5 million to the Texas A&M System.

So where did the other $259.4 million go? I'm sure those "administrative fees" are a bitch.

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