Oil and gas industry tycoon Harold Hamm has a dream. In that dream, the Harold Hamm Foundation and Continental Resources Inc. (NYSE: CLR), donate $50 million to Oklahoma State University to create the Hamm Institute for American Energy.
Only it’s not a dream.
Hamm and Continental will indeed have pledged these millions to create an American energy institute in the heart of Oklahoma. The Institute will educate the “next generation of energy leaders” in Oklahoma, the United States, and around the world, returning Oklahoma to its former glory as a global energy leader.
The Institute will have a state-of-the-art lab created just for oil and gas—complete with wells drilled below the building, according to a press release from t OSU.
It would be one of a kind.
The Institute is significant in another way as well. As the ESG movement picks up steam and some oil and gas companies dip their toes into renewable waters, an institute devoted to oil and gas could initially be seen by some as out of touch or tone-deaf. But the future of oil and gas decades from now is still seen by many as near-certain.
One of the goals of the Institute would be to solve “one of society’s most pressing concerns,” adding that it would “change the trajectory of energy security in the United States.”
“The Hamm Institute will ensure America leads the world when it comes to advancing innovation and technology while responsibly producing the energy we need for decades to come,” the press release reads.
“It is part of the Continental mission—to find, nurture and inspire the next generation of energy leaders. We envision the Hamm Institute for American Energy to be the epicenter of learning, research and energy innovation for decades to come,” Continental Resources’ CEO Bill Berry said.