KTUL.com - Tulsa, Oklahoma - Coverage You Can Count OnOilman, Philanthropist Walter Helmerich III Dies

Oilman, Philanthropist Walter Helmerich III Dies

Tulsa oilman and philanthropist Walter Helmerich III has died.

Helmerich and his wife, Peggy Dow Helmerich, created the Helmerich Foundation, which has been among the most prolific givers of time and money to the Tulsa area, donating to the University of Tulsa, Oklahoma State University and the University of Oklahoma as well as schools, museums, parks, libraries, hospitals and churches.

Walter Helmerich III was 88 years old. He is survived by his wife of 60 years, former actress Peggy Dow Helmerich, five sons and 12 grandchildren.

Services will be held Friday at 2 p.m. at Boston Avenue United Methodist Church. In lieu of flowers, the Helmerich family asks that people donate to Park Friends, Inc. or the charity of their choice.  

Helmerich was born in Tulsa in 1923 and attended the University of Oklahoma and the Harvard Business School. He served as President of Helmerich & Payne, the oil company his father founded, from 1960 to 1987 and had been Chairman of the Board since 1987.

His son, Hans Helmerich, took over as CEO of Helmerich & Payne in 1989.

News of Helmerich's death were met with sadness by those who knew him, including Tulsa Mayor Dewey Bartlett and Oklahoma Congressman John Sullivan.