Conoco

Conoco

File:Conoco logo.svg Logo used since 1970
Company type	Brand
Industry	Petroleum
Predecessor	Continental Oil and Transportation Company
Founded	November 1, 1875 (1875-11-01) in Ogden, Utah, U.S.
Founder	Isaac Elder Blake
Fate	Merged with Phillips Petroleum in 2002 to form ConocoPhillips; brand now owned by Phillips 66 since 2012
Headquarters	Houston , United States
Area served	United States (notably Colorado, Texas, Montana, Missouri, Oklahoma, Eastern Pennsylvania)
Owner	Phillips 66 Company (since 2012)
Website	www.conoco.com

Conoco ( ), previously known as Continental Oil, is a U.S.-based petroleum brand currently owned by the Phillips 66 Company since 2012, with its headquarters located in Houston, Texas. It originated as a successor to the original Standard Oil Company, from which it was separated in 1911 due to an antitrust decision.

As part of Phillips 66's portfolio alongside Phillips 66 and 76, Conoco stands as a significant fuel brand, maintaining a strong market share in states such as Colorado, Texas, Montana, Missouri, and Oklahoma. Its footprint is growing in Eastern Pennsylvania through the acquisition of former Gulf Oil retail agreements. However, it does not operate in California or Florida.

The company was established in Ogden, Utah, in 1875 by Isaac Elder Blake under the name Continental Oil and Transportation Company. Standard Oil acquired it in 1884. Following the dissolution of Standard Oil in 1911, Continental was purchased by Marland Oil Company in 1929, which then relocated its headquarters to Ponca City, Oklahoma, and adopted the Continental and Conoco branding. Throughout the 1970s, Conoco expanded its operations internationally.

Conoco encountered operational difficulties during the energy crisis of the 1970s. In 1981, it became the focus of an expensive takeover contest involving Mobil and Seagram. DuPont intervened as a "white knight," acquiring Conoco for $1.5 billion—marking the largest merger in U.S. history at that time. DuPont retained ownership until beginning a divestiture process in 1998, which concluded by July 1999.

Until its merger with Phillips Petroleum in 2002 to create ConocoPhillips, Conoco managed its own refining facilities. In 2012, ConocoPhillips separated its downstream business—including gas stations operating under the Conoco, Phillips 66, and 76 brands—forming the independent Phillips 66 Company.

History

Founded by Isaac Elder Blake in November 1875 as the "Continental Oil and Transportation Company," the firm was based in Ogden, Utah and specialized in distributing petroleum products such as kerosene and benzene throughout the Western United States. The company was acquired by Standard Oil Company in 1884 but was later divested during the Standard Oil divestiture of 1911.

In 1929, Marland Oil Company, established by oil exploration pioneer E. W. Marland, purchased Continental Oil Company and moved its headquarters to Ponca City, Oklahoma. Marland Oil exchanged 2,317,266 shares for Continental’s assets and adopted the Continental name along with the Conoco brand while maintaining Marland’s red triangle logo until 1970 when it introduced the capsule emblem.

Dan Moran (1888–1948), who succeeded E. W. Marland as president in 1928, guided Conoco through economic hardships including the Great Depression before retiring in 1947. After the stock market crash of 1929, Conoco became a vital supplier for the U.S. government and Allied forces during World War II.

Following WWII under Leonard F. McCollum’s leadership, Conoco transformed from a regional entity into a global enterprise throughout the late 1940s and 1950s. The company struggled during the energy crisis of the 1970s caused by the Arab oil embargo of 1973 but rebounded by 1981 when it became a subsidiary of chemical conglomerate DuPont.

In 1981, Dome Petroleum launched a tender offer for a 20% stake in Conoco amid shareholder unrest. The cash-rich Seagram Company Ltd. initiated a takeover bid but was outbid by DuPont acting as a "white knight." Mobil Corporation also entered this bidding competition but failed to succeed. Seagram acquired a 32.2% interest in Conoco but exchanged this for a 24.3% stake in DuPont and became DuPont’s largest shareholder by 1995.

DuPont divested its ownership of Conoco in two phases: selling off 30% in 1998 followed by the remaining 70% in 1999. The now independent Conoco went public in October 1998 under its original Continental Oil Company name with one of the largest IPOs valued at $4.4 billion. In 2001, Conoco purchased Gulf Canada for C$6.7 billion (approximately $4.3 billion USD). The next year saw Conoco merge with Phillips Petroleum to establish ConocoPhillips.

Corporate headquarters

Prior to the merger, Conoco's main office was situated within the facility now recognized as the ConocoPhillips headquarters located in Houston's Energy Corridor. The company initially established its headquarters in Houston in 1949. In 1965, the headquarters transitioned to Manhattan, New York City, before relocating again in 1972 to the suburban area of Stamford, Connecticut, where it occupied offices in the High Ridge Park commercial complex for approximately ten years.

In 1982, DuPont declared that Conoco’s headquarters would be shifted to Wilmington, Delaware, aligning with DuPont’s historic base dating back to 1802. Edward G. Jefferson, then DuPont’s chairman, explained that this move aimed to centralize essential staff. Consequently, the Stamford lease was terminated ahead of schedule.

Conoco–Iran deal

In 1995, Conoco entered into an agreement with the Islamic Republic of Iran to develop a significant offshore oil field in the Persian Gulf. This marked the first energy contract between the United States and Iran since diplomatic relations were severed during the 1979–1980 hostage crisis. The agreement was reached after three years of negotiations. Nevertheless, following further evaluation, President Bill Clinton issued an order prohibiting such deals on national security grounds, leading Conoco to withdraw from the project.

Museum

The official Conoco historical museum was inaugurated in 2007 in Ponca City, Oklahoma. It is located adjacent to the preserved 1914 mansion known as the Marland Grand Home, which served as the former residence of co-founder E. W. (Ernest Whitworth) Marland (1874–1941) and his family.

Conoco brand

Conoco (), a prominent American oil and gas station brand owned by Phillips 66 since 2012, operates alongside its sister brands Phillips 66 and 76. Initially representing Conoco Inc. from its founding in 1875 until its merger with Phillips Petroleum in 2002, the brand maintains a nationwide presence where Phillips 66 Company operates. However, within California and Oregon, the Conoco brand is seldom found due to the predominance of the 76 brand.

Presidents

1. Isaac E. Blake, 1877–1893
2. Henry M. Tilford, 1893–1907
3. Edward T. Wilson, 1907–1924
4. C. E. Strong, 1924–1927
5. Sidney H. Keoughan, 1927–1929
6. Daniel J. Moran, 1929–1947
7. Leonard F. McCollum, 1947–1964
8. Andrew W. Tarkington, 1964–1969
9. John G. McLean, 1969–1972
10. Howard W. Blauvelt, 1974
11. Dr John E. Kircher, 1974–1977
12. Ralph E. Bailey, 1977–1987
13. Constantine S. Nicandros, 1987–1995
14. Archie W. Dunham, 1996–2002

Board Chairpersons

1. Edward T. Wilson, 1929–unknown
2. Charles A. Perlitz Jr, 1963–1964
3. Leonard F. McCollum, 1964–1972
4. John G. McLean, 1972–1974
5. Howard W. Blauvelt, 1974–1979
6. Ralph E. Bailey, 1979–1987
7. Constantine S. Nicandros, 1995–1996
8. Edgar S. Woolard Jr., 1998–1999
9. Archie W. Dunham, 1999–2002

Bibliography

• Mathews, John Joseph (1992). Life and Death of an Oil Man: The Career of E. W. Marland. University of Oklahoma Press. ISBN 0-8061-1238-7
• Conoco: The First One Hundred Years. Dell Publishing, 1975.

External links

• Official website of the Conoco Museum
• The Conoco-Somalia Declassification Project at College of DuPage