CEO MESSAGE
In fiscal year 2024, University Lands (UL) marked a year of unparalleled accomplishments, delivering the highest production levels and the highest Available University Fund (AUF) revenue in our history, alongside the third-highest Permanent University Fund (PUF) revenue ever recorded. These milestones underscore the continued strength of the PUF Lands and the diligent efforts of our team to maximize their potential for the benefit of the University of Texas and Texas A&M Systems. The following report provides a detailed account of the key initiatives, accomplishments, and strategic advancements that have shaped this fiscal year, illustrating UL’s ongoing commitment to responsible stewardship and progress. This year, UL advanced its focus on emerging energy initiatives while strengthening traditional operations. Recognizing the vital role oil and gas play in our portfolio, the UL team continually strives to further diversify its activities across surface and mineral management. From exploring hydrogen and alternative energy sources to supporting resource opportunities of the Lands, such as data center development, our team remains committed to identifying opportunities that will shape the future of energy production and the surface landscape of the PUF Lands. In collaboration with the Bureau of Economic Geology, UL completed a critical project, resulting in the development of over 300 GIS layers allowing our team to better analyze current and potential energy sources on PUF Lands. This initiative equips us with significant insights and positions UL as a leader in advancement and resource planning. The 2024 Energy Forum exemplified UL’s commitment to fostering collaboration and knowledge-sharing within the industry. To learn more about the speakers, topics, and key discussions from this year’s forum, see page 17. With nearly 300 attendees, this event provided a platform for broad discussions on topics critical to the Permian Basin and beyond. Bringing together operators, industry leaders, and experts, the forum highlighted the collective expertise and shared vision needed to address challenges and seize opportunities in today’s dynamic energy landscape. ULs’ focus extended beyond operations to building a robust and talented workforce. This year, we strategically expanded our team, bringing in top talent across diverse disciplines. The diversity of expertise required to manage the PUF Lands underscores the unique nature of UL’s mission - from land professionals to engineers and geoscientists, IT specialists, lawyers, and range experts, UL now counts numerous advanced degree holders among its ranks, including master’s and law degrees, and PhD- level professionals, as well as multiple individuals with 20+ years of oil and gas experience, all dedicated to ensuring the highest and best use of this unparalleled resource.
At the heart of UL’s success is the understanding that these lands are not ours, but a privilege entrusted to us by the State of Texas. However, we recognize that the best way to steward these lands responsibly is to treat them as if they were our own, ensuring they are preserved, enhanced, and passed on to future generations in better condition than we found them. The PUF Lands, spanning 2.1 million acres across West Texas, represent a legacy and a responsibility to support education, research, and healthcare for generations to come. Our stewardship is guided by a deep commitment to maximizing their value while preserving their health and potential for future beneficiaries. Looking ahead, the UL team remains steadfast in our efforts to balance innovation with tradition. While UL continues to generate strong returns from oil and gas, we are equally focused on fostering growth in new energies and other surface activities. By understanding the markets UL operates in and directing resources strategically, we aim to create sustainable value across all facets of our operations. None of this would be possible without the dedication and expertise of our team. The people of UL are the driving force behind every achievement, decision, and vision for the future. It is their commitment, curiosity, and collaborative spirit that ensures our mission’s success. Together, we are building on a foundation of excellence, with a goal to be the leading land management organization in the country. With gratitude and pride, UL reflects on the achievements of fiscal year 2024, confident in our ability to meet the challenges and opportunities ahead. It is a privilege to serve this unique mission, stewarding a resource that enriches lives and shapes the future of 28 Texas education, healthcare and research institutions.
William R. “Billy” Murphy, Jr. Chief Executive Officer
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