Joshua Roberts / Reuters file

Financier T. Boone Pickens, seen in Washington in May 2010.

FORT WORTH, Texas -- Police are investigating the death of Thomas "Ty" Boone Pickens IV, the grandson of oilman T. Boone Pickens and a student at Texas Christian University, the school said Tuesday.

The university released a written statement Tuesday.

“We are deeply saddened by the loss of this member of our community and our hearts and thoughts are with Ty’s family at this time,” said Kathryn Cavins-Tull, TCU vice chancellor for student affairs. “Staff members are available if students need to speak with someone about this sad news.”

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TCU360.com reports Pickens was a junior strategic communication major.

The circumstances of Pickens' death were not immediately available. Fort Worth police Cpl. Tracey Knight said she had heard of the death but could not confirm if any investigation was under way or release any other details.

A spokeswoman for the Tarrant County Medical Examiner did not immediately return a call for comment.

A spokesperson for T. Boone Pickens said he was attending a family emergency in Fort Worth and offered no other details.

Southwest Airlines customers will soon pay a fee for not canceling a ticket before their flight.

The airline outlined the new policy Friday at an investors' conference in New York.

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Right now, Southwest lets passengers who don't use their ticket apply the price toward a new ticket. Southwest says it can reduce no-shows and generate more revenue by adding the cancellation fee on restricted tickets.

Company officials said the new fee will start next year, but they didn't give an exact date or say how much the fee will be.

Southwest also plans to increase fees it already charges, such as for early check-in and overweight bags. Its AirTran Airways subsidiary will raise bag fees in February. 

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