Newfield Exploration Co. establishes petroleum and geology endowment
Newfield Exploration Company has established the David F. Schaible Petroleum Engineering and Geology Endowment at Marietta College with a $250,000 gift in memory of its late President and COO, announced Marietta's Vice President for Advancement Lori Lewis.
David Schaible '83 died on Oct. 13, 2007, after a brief and courageous battle with cancer.
"Newfield is making this donation in memory of our Co-Founder, President and friend, David F. Schaible, as a testament to his many contributions in taking Newfield from a $9 million start up in 1989 to the $7.5 billion company it is today," said David A. Trice, Newfield Chairman, President and CEO. "One of Dave's greatest contributions was attracting talented geoscientists and engineers to work in Newfield's multidiscipline team environment. People are a precious commodity today and are in short supply in the energy industry. Through this endowment to Marietta, we are helping to educate more talented young people to tackle the world's energy challenges."
The endowment assists the College in provides support to the students and faculty in the petroleum engineering and geology program. The petroleum engineering faculty chairperson will be responsible for managing the endowment for the benefit of the program's students. The endowment can assist students from the entering freshman to the senior preparing to enter the oil and petroleum industry through enhanced curricular support, field experiences, professional conferences, undergraduate research and career counseling.
"Marietta College appreciates deeply the commitment that Newfield Exploration has made to memorialize David Schaible, a founding member of the firm," Lewis said. "Like in industry, we believe his impact can continue to be as meaningful and significant with Marietta College and our aspiring petroleum engineers."
In addition to his role as President and COO, Schaible served on Newfield's Board of Directors since 2002. He joined Newfield at the time of the company's founding in 1989. He was only 28 at the time and was the youngest member of the founding group of employees.
Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The company relies on a proven strategy of growing reserves through the drilling of a balanced risk/reward portfolio and select acquisitions. Newfield's domestic areas of operation include the onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent, the Rocky Mountains and the deepwater Gulf of Mexico. The company has international operations in Malaysia and China.
Prior to Newfield, Schaible was Senior Production Engineer in the Eastern Gulf Division of Tenneco Oil Exploration and Production Company.
Schaible is survived by his wife, Tina McElrath '83 and their four children.