Scranton, Pa.-based Lackawanna College received $2.5 million from Cabot Oil & Gas Corp., the college said April 11, noting that the donation will fund the New Milford, Pa.-based School of Petroleum & Natural Gas.
It is the largest single private donation in Lackawanna College’s history, the school noted.
"Cabot is pleased to announce this historic gift to Lackawanna College, a leading institution that has fully embraced the opportunity to train its students locally to become members of the global natural gas industry," Phil Stalnaker, Cabot’s vice president for the North region, said.
He added, "This opportunity will ensure that qualified, hardworking individuals can get a solid education and be prepared for employment in this robust, expanding industry."
The donation will support the School of Petroleum & Natural Gas’ effort to become nationally recognized in petroleum and natural gas technology, Lackawanna College said. Out of the total amount, $1 million will fund an endowment supporting scholarships and the school’s long-term needs, the school said. Another $1.5 million will support equipment, training, staff and faculty development and internships, the school added.
"Lackawanna College saw an opportunity a few years ago and took a leap into education in support of the oil and natural gas industry," said Mark Volk, president of the college.
He added, "Our partnership with Cabot enhances tremendously the ability of the School of Petroleum & Natural Gas to provide a world-class education designed to prepare a ready workforce that fits the needs of the multiple companies across the industry. Beyond just an investment in Lackawanna College, through this collaborative effort Cabot is making an investment in our students and our community."
Houston based-Cabot Oil & Gas Corp. produces domestic natural gas.