Oilman T. Boone Pickens gives another $100M to alma mater Oklahoma State to fund endowments

Pickens gives another $100M to Oklahoma State

STILLWATER, Okla. — Billionaire oilman T. Boone Pickens has made no secret of his love for his alma mater. That adoration has now translated into more than half a billion dollars for Oklahoma State University.

Pickens announced Friday that he is planning a $100 million estate gift to fund a major endowment for scholarships at the school, making his total donation to Oklahoma State over the years more than $500 million.

“You’ve got a guy who loves the school more than anything and I am very competitive,” Pickens said. “And from time to time you catch me with money.”

His latest gift comes as the university begins the public phase of a $1 billion, seven-year “Branding Success” fundraising campaign for scholarships, faculty positions, research and buildings officials hope will turn Oklahoma State into the nation’s premier land-grant university.

“It’s a big goal,” OSU President Burns Hargis said. “It’s a bold goal. And when we make it, Oklahoma State will finally have the resources to reach its full potential.”

A video for the campaign features not only Pickens but other prominent alumni including country music star Garth Brooks, former Major League Baseball player Robin Ventura and 1988 Heisman Trophy winner Barry Sanders.

Pickens, who made his fortune as a Texas oil producer but has been promoting alternative energy of late, gave Oklahoma State $165 million in January 2006 for athletics and $100 million in May 2008 for endowed chairs. He’s made other gifts of $75 million, $63 million and $5 million.

Students are inspired by Pickens’ gifts, said Ryan Ramseyer, a sophomore from Wichita, Kan., who is majoring in agricultural economics and accounting.

“He sets the precedent for other alumni to be just as generous,” Ramseyer said. “He sets the example for people like me in the future to donate to the school.”

Pickens, who heads the Dallas-based hedge fund BP Capital Management LP, will serve as the fundraising drive’s honorary chairman. Ross and Billie McKnight of Throckmorton, Texas, will be the co-chairs of the drive.

Oklahoma State has already raised $437 million in cash and pledges during the so-called “quiet” portion of the latest campaign — which started when Hargis became Oklahoma State’s president in March 2008 — including Pickens’ initial $100 million gift. Hargis said university officials twice delayed announcing the public portion of the campaign because of the economic downturn, but decided to go ahead and do so because “we need the money.”

Half of the $1 billion to be raised will be designated to endow scholarships and fellowships for students. Hargis said $200 million will go toward attracting and retaining professors and researchers, $200 million will go for the construction and upgrading of educational and research facilities and $100 million will create and sustain programs and services to benefit Oklahomans.

“If OSU is endowed with additional resources, significant resources, I’m sure that would catalyze a growth,” said chemical engineering professor Khaled Gasem. “It would be hugely beneficial to the state, to the nation and to the world. … The more resources we have, the faster we could generate the knowledge needed.”

(This version CORRECTS lead to half a billion, instead of million.)