Devon Energy commits $1 million to fund Devon Energy Chair for basin research at OSU
Thursday, July 17, 2008
OKC company strengthens commitment to geosciences education, enhances industry relevant
research
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The position will cover a broad range of geological studies pertaining to the formation
and evolution of sedimentary basins. The Devon Energy Chair for Basin Research will
enhance the university’s background in this field and further OSU’s commitment to
excellence in the Boone Pickens School of Geology.
Once fully matched dollar-for-dollar by the Oklahoma State Regents for Higher Education
as well as T. Boone Pickens’ $100 million chair match commitment, the Devon Chair
will provide $4 million in endowed funds.
“Devon Energy has once again stepped forward to make a major impact on a vital area
of study at Oklahoma State University,” said OSU President Burns Hargis. “We sincerely
appreciate everything Devon has done for OSU and higher education in our state. This
latest gift will expand OSU research and benefit our students, industry and our nation.”
The Devon chair will serve as a catalyst for increased industry-supported research
and produce important applications for the petroleum as well as the minerals and environmental
industries. Additionally, it will allow OSU to attract an internationally known scholar
with expertise in basin research relating to sedimentary basins and who demonstrates
an interest in applying this expertise to problems related to exploration for and
production of hydrocarbons.
Devon has taken the lead among companies who understand the importance of keeping
the pipeline of highly-skilled geologists full and flowing, and this recent gift only
perpetuates this commitment.
“OSU is a great university with an accomplished record of achievement in research
and teaching,” said Devon President John Richels. “We value our partnership with Oklahoma
State and we share in the university’s commitment to creating one of the best geology
programs in the nation.”
Endowed professorships and chairs are academic designations that provide support for
faculty salary, graduate assistantships, equipment and research needs, as well as
other support. These endowed faculty positions allow a university to attract and
retain the best and the brightest academic minds in the world.
This gift adds to Devon’s already generous support of Oklahoma State University in
recent years. Since 2004, Devon Energy invested heavily in the future of the OSU
with gifts totaling more than $2.3 million. Devon established the highly recognized
Devon Energy Geology Laboratory at the OSU Stillwater campus.
This $1.5 million lab is an asset for OSU students preparing to enter an industry
driven by advanced technology. Through their exposure to this lab, they are being
better prepared to join Devon and other energy companies, where they will help overcome
challenges that were beyond the industry’s grasp a decade ago.
In addition to the Devon Energy Lab, Devon’s support for OSU includes scholarships
in Computer Science, Geology and Management Information Systems, as well as fellowships
in Geology; the Geology Field Camps; and sponsorship of OSU’s Executive Management
Briefings.
Jay Gregg, head of the Boone Pickens School of Geology at OSU, said, “The support
that we have received from Devon has helped to build one of the best petroleum geology
programs in the nation.”