The Newcomen Society in North America has honored DeGolyer and MacNaughton for its accomplishments in applying scientific principles to solve problems faced in the petroleum industry – for blending the fields of geology, geophysics, petroleum engineering and economics with knowledge, skill, expertness, sound judgment and integrity to provide realistic, independent opinions to its clients and the financial community.  

The Newcomen Society was established in America in 1923 to distinguish and recognize "those factors which have contributed or are contributing to the progress of Mankind" through a material (as opposed to a political) contribution or influence.

The society honors "corporate entities and other organizations which contribute to or are examples of success attained under free enterprise, and recognizes contributions to that system".

The society is named for Thomas Newcomen (1663–1729), the British pioneer whose contributions in improvements to the newly invented steam engine by James Watt 50 years earlier brought Newcomen lasting fame in the world of mechanical arts. In 1712, Newcomen invented the first practical atmospheric steam engine.