Conoco Inc.
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| Former type | Defunct |
|---|---|
| Industry | Oil |
| Fate | Merged with Phillips Petroleum Company |
| Successor(s) | ConocoPhilips |
| Founded | Ogden, Utah (1875) |
| Defunct | August 30, 2002 |
| Headquarters |
Ponca City, Oklahoma Houston |
| Website | None |
Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Company. It is now a brand of gasoline and service station in the United States which belongs to the ConocoPhillips Company. Before the merger, Conoco had its headquarters in what is now the current ConocoPhillips headquarters in the Energy Corridor of Houston, formerly known as the Conoco Center.
History
In 1875, the Continental Oil Company was founded in Utah.[1] Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West.[citation needed] The main office was later moved to Ponca City, Oklahoma, when in 1929, Marland Oil Company (founded by exploration pioneer E. W. Marland) acquired the Continental Oil Company.[1] Marland Oil acquired the assets (subject to liabilities) of Continental Oil Company for a consideration of 2,317,266 shares of stock. At that time, Marland Oil changed its name to Continental Oil Company. The acquisition gave Conoco the red triangle symbol previously used by Marland and would become Conoco's logo from 1930 to 1970, when the current capsule logo was adopted.[citation needed]
The company ran into early trouble when, shortly after acquisition, it was hit by the Great Crash of October 1929. Conoco became a key supplier to the United States government during World War II.[citation needed] Under the leadership of Leonard F. McCollum, Conoco grew from a regional company to a global corporation. Another rough patch for the company came during the 1970s oil crisis, from which it did not recover until 1981, when Conoco became a subsidiary of former rival DuPont.[citation needed]
In 1981, cash rich and wanting to diversify, Seagram Company Ltd. engineered a takeover of Conoco Inc., a major American oil and gas producing company. Although Seagram acquired a 32.2% stake in Conoco, DuPont was brought in as a white knight by the oil company and entered the bidding war. In the end, Seagram lost out in the Conoco bidding war. In exchange for its stake in Conoco Inc, it became a 24.3% owner of DuPont.[citation needed] By 1995, Seagram was DuPont's largest single shareholder with four seats on the board of directors.[citation needed]
In 1998, DuPont and Conoco parted ways.[2] When the independent Conoco went public in October 1998, under the retooled name, Continental Oil Company, it resulted in the largest IPO in history. Conoco bought what was left of Gulf Oil's Canadian operations in 2002. Conoco merged with Phillips Petroleum Company in 2002. The merged company was announced as the now well-known ConocoPhillips.[citation needed]
Corporate headquarters
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Before the merger, Conoco had its headquarters in what is now the current ConocoPhillips headquarters in the Energy Corridor of Houston; the complex was formerly known as the Conoco Center.[3][4]
The headquarters of Conoco moved to Houston, Texas, in 1949.[1] In 1965, the headquarters moved to Manhattan, New York City. In 1972, the headquarters moved to Stamford, Connecticut; in Stamford Conoco occupied space in the three story High Ridge Park complex.[5] In 1982, DuPont announced that Conoco's headquarters would move from Stamford to Wilmington, Delaware.[6] The move occurred in 1982.[2] Edward G. Jefferson, the chairperson of DuPont, said that the headquarters relocation was to bring the head workforces of DuPont and Conoco together. DuPont also announced that it was closing the Conoco offices in Stamford; the lease in the Stamford complex was originally scheduled to expire in 1992.[5]
References
- ↑ 1.0 1.1 1.2 "ConocoPhillips Announces Museum Plans For Ponca City and Bartlesville.ConocoPhillips. May 13, 2005. Retrieved on January 22, 2010.
- ↑ 2.0 2.1 "DuPont, Conoco Splitting." Ponca City News. Monday May 11, 1998. Retrieved on February 3, 2010.
- ↑ "Write Conoco!." Conoco Inc. February 19, 1997. Retrieved on January 16, 2010.
- ↑ "Conoco World Headquarters Address." Conoco Inc. November 1, 1996. Retrieved on January 17, 2010.
- ↑ 5.0 5.1 "Conoco Offices to Close." The New York Times at The Spokesman-Review. Sunday November 7, 1982. C10. Google News 48 of 67. Retrieved on February 3, 2010.
- ↑ "DU PONT TO MOVE CONOCO'S OFFICES." Philadelphia Enquirer. November 6, 1982. D08. Retrieved on February 3, 2010.
External links
1. Moody’s Industrial Manual, 1960 "E. W. Marland: Life and Death of an Oil Man", John Joseph Mathews. (Norman: University of Oklahoma Press, (1951): ISBN 0806112887.
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