The SPE Foundation was established in 1977 by former SPE presidents. The Foundation is dedicated to generating funds to support and augment key society programs. SPE is a member-run organization. Members formulate policies and programs, and work to see goals met and new initiatives undertaken.

SPE serves to collect, disseminate, and exchange technical knowledge concerning the exploration, development and production of oil and gas resources, and related technologies for the public benefit; and to provide opportunities for professionals to enhance their technical and professional competence.