Yes we agree on that. PUF fund substantially increases their budget for day/day operation. I’m just stating imo they don’t go to Red McCombs and say 'Hey can you help pay for our President’s salary. We can agree to disagree , but I think we are agreeing more than we are writing.
Former Baylor President Kenneth W. Starr made $4,946,996 in 2016.
Good example of that is it is being reported (not confirmed) they just spent 2 million to hire the Mississippi women’s basketball coach. They fired (did not renew) their coach with 3 sweet 16’s and an elite 8 in the last fours years. But couldn’t beat Baylor. Just too much for the sip ego to handle.
Largely due to severance pay.
2 Likes
Kind of. They only get slightly less than a billion this year.
Not kind of. It’s based on oil and gas royalties and will take a huge hit.
She lost like 17 of 18 gms played during her tenure against Baylor. That won’t fly. Baylor and McCulkey were moving further ahead in Women’s Basketball power in State of Texas.
Trust me, Oil & Gas mineral & royalties in west Texas aren’t going anywhere. Coronavirus and OPEC Alliance are only going to temporarily hurt this cash cow. The $17 billion PUF endowment is supported from the proceeds of 2.1 million acres of land. I’ve ran Title on this property for several different oil companies. Texas A&M University got more than $95 million for its most recent annual PUF allocation. In what world is that taking a big hit?
UofH gets 0 dollars from PUF.
Well. Exxon just cut spending in the Permian by 30% for 2020. And will probably continue to go down as this drags on.
I understand the PUF and oil and gas royalties. I’m also involved in the business.
They are expected to lose 20-30% this year. That will impact them.
1 Like
Chevron and others cut significantly too.
Exxon doesn’t operate University land. They have their own infrastructure and dictate its own production. They haven’t drilled new wells in a while anyways. They will just turn down the pump jacks like everybody else, but when the economy turns around and the price of oil rebounds Pioneer will turn everything back online for all Unit/Wells HBP.
Yup. And those are super majors that own each part of the value chain. Demand is tough on each part of the value chain right now, but they still have an effective hedge with their downstream absorbing some of those losses upstream is taking right now. Think about the ones that are only in the upstream or oilfield services side. Those guys won’t exist in the Permian before too long.
Even after we get through Coronavirus the Russia/Iran production has flooded the market. It’s going to be a long downturn before the oil prices return to $100/barrel like July 2013. The oil business is done for awhile. However, it didn’t stop me from landing a new job in 48 hours last week. Thank god for LinkedIn. Good luck to all those impacted by Corona.
1 Like
Prices will never get to $100 barrel again. Regardless.
I wouldn’t say never. It likely won’t be soon though.
She turned down OU and Ohio State.
4 Likes
There’s a reason the TSips keep going through Presidents. It’s a toxic environment. This will be the 4th hire since 2006. We are lucky to have stability at UofH.
4 Likes
She’s also the president and chancellor here. She would have to work with chancellor Milliken if she went there.
I’ve watched oil boom and bust for over 35 years.
Being an employee of a major, there was always an
uneasy background concern about the next bust cycle.
But technology is finally changing that model and I’m
concerned for Houston in general as one day oil
will no longer be the “it” fuel. Look at Tesla, GM, Ford, etc, plans for electric vehicles. And future battery development will only advance that path forward. Not saying oil is dead, but at some point in the future(5-10 years), oil will lose its place as the fuel of choice.
4 Likes