CEO MESSAGE
Last fiscal year, University Lands observed its highest PUF revenue ever. In FY2023, that success continued with the second highest PUF revenue ever, along with the highest AUF revenue on record. These exceptional results reflect not only the value of the PUF Lands but also the dedication and expertise of the University Lands team managing those resources. Knowing that some factors contributing to these revenue numbers—such as fluctuations in commodity pricing, pipeline constraints and inflation—are beyond control, the University Lands team focuses on optimizing what they can control. That requires collaboration and communication with colleagues and operators. It requires curiosity and the desire to learn in order to stay abreast of new technologies and industries. And it requires a diversity of talent and expertise to manage the wide variety of activities on the Land—not just oil and gas but also commercial real estate, farming, ranching, hunting, coin mining, renewables, carbon storage research and water management, to name just a few. Perhaps most important to our success is the commitment every University Lands team member has to our mission. We take great pride in knowing that our efforts to maximize revenue and protect the health of the PUF Lands contribute to education, research and health care for the State of Texas and the institutions we support. That knowledge drives our thinking, strategy and commitment. Because University Lands is responsible for a single asset—the PUF Lands—we can focus solely on managing and stewarding this asset for the greater good of the institutions that benefit from it. With this dedicated purpose, there is no better land and mineral management team in the country. Our people care for this land like it’s their own. We are constantly evaluating what is the highest and best use of the Lands, recognizing that many of the projects we are considering now will still be on the ground long after we’re gone. Good long-term decisions involve lots of good short-term decisions, and we are fortunate to have a team filled with thoughtful, collaborative, knowledgeable, curious and mission-driven decision-makers.
William R. “Billy” Murphy, Jr. Chief Executive Officer
Last year, we celebrated the 100th anniversary of the Santa Rita
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