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49-522: Conoco ( / ˈ k ɒ n ə k oʊ / KON -ə-koh ), formerly known as Continental Oil , is an American petroleum brand that is operating under the ownership of the Phillips 66 Company since 2012 and is headquartered in Houston , Texas . One of the several successors of Standard Oil , Conoco was a subsidiary of that company from 1884 until its 1911 divestiture when the U.S. Supreme Court ruled to decouple
98-667: A 24.3% owner of DuPont. By 1995, Seagram was DuPont's largest single shareholder with four seats on the board of directors. In 1998, DuPont sold 30% of Conoco, and in 1999, DuPont sold the remaining 70% stake it holds in Conoco Inc. When the independent Conoco went public in October 1998, under a retooled name, Continental Oil Company, it resulted in the largest IPO in history. In 2001, Conoco announced it has agreed to buy Gulf Canada for C$ 6.7 billion ($ 4.3 billion). Conoco merged with Phillips Petroleum in 2002 to form ConocoPhillips . Before
147-569: A complete absence in states such as California and Florida . Continental Oil, originally based in Ogden , Utah was founded by Isaac Elder Blake in 1875 and was acquired by the Standard Oil Company in 1884. Eighteen years after Standard Oil’s dissolution, Marland Oil would acquire Continental, moving its headquarters to Ponca City , Oklahoma , in 1929. As the acquisition took effect, Marland favorably phased out its own name and rebranded into
196-494: A consideration of 2,317,266 shares of stock. The merged company took the more recognizable Continental name along with the Conoco brand. However, it adopted Marland's red triangle logo, which it retained until 1970 the now-familiar capsule logo was adopted. Dan Moran , who succeeded Marland founder E. W. Marland as president of Marland Oil in 1928, became the first president of the merged Conoco. Moran ran Conoco for twenty years, seeing
245-497: A critical concern for many nations. Oil accounts for a large percentage of the world's energy consumption , ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East. Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 36 billion barrels (5.8 km ) of oil per year, with developed nations being
294-543: A drilling/production oil-platform in 20 ft (6.1 m) of water some 18 miles off Vermilion Parish, Louisiana . Kerr-McGee Oil Industries, as operator for partners Phillips Petroleum ( ConocoPhillips ) and Stanolind Oil & Gas ( BP ), completed its historic Ship Shoal Block 32 well in November 1947, months before Superior actually drilled a discovery from their Vermilion platform farther offshore. In any case, that made Kerr-McGee's Gulf of Mexico well, Kermac No. 16,
343-504: A lighting and heating fuel, the demand for petroleum increased greatly, and by the early twentieth century had become the most valuable commodity traded on world markets. Imperial Russia produced 3,500 tons of oil in 1825 and doubled its output by mid-century. After oil drilling began in the region of present-day Azerbaijan in 1846, in Baku , the Russian Empire built two large pipelines:
392-557: A market share. For example: Midstream operations are sometimes classified within the downstream sector, but these operations compose a separate and discrete sector of the petroleum industry. Midstream operations and processes include the following: While some upstream companies carry out certain midstream operations, the midstream sector is dominated by a number of companies that specialize in these services. Midstream companies include: The oil and gas industry spends only 0.4% of its net sales on research & development (R&D) which
441-556: A new company called Conoco. Moran ran Conoco from 1928 to 1947 and saw the company successfully through the great depression and World War II. Under Moran's leadership, Conoco became a pioneer in offshore drilling, continental pipelines, petrochemicals, and aviation fuel. Dan Moran Park in Ponca City, Oklahoma is named for Moran. Moran is honored with a medallion at the Conoco Oil Pioneers of Oklahoma Plaza at Sam Noble Museum at
490-418: A takeover of Conoco. 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. Mobil Corporation, the nation's second-largest oil company at the time, also joined the bid, and borrowed $ 5 billion to bid for Cocono. In the end, Seagram and Mobil lost out in the Conoco bidding war. In exchange for its stake in Conoco Inc, Seagram became
539-648: Is generally accepted that oil is formed mostly from the carbon rich remains of ancient plankton after exposure to heat and pressure in Earth 's crust over hundreds of millions of years. Over time, the decayed residue was covered by layers of mud and silt, sinking further down into Earth's crust and preserved there between hot and pressured layers, gradually transforming into oil reservoirs . Petroleum in an unrefined state has been utilized by humans for over 5000 years. Oil in general has been used since early human history to keep fires ablaze and in warfare . Its importance to
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#1732855694426588-514: Is in comparison with a range of other industries the lowest share. Governments such as the United States government provide a heavy public subsidy to petroleum companies , with major tax breaks at various stages of oil exploration and extraction, including the costs of oil field leases and drilling equipment. In recent years, enhanced oil recovery techniques – most notably multi-stage drilling and hydraulic fracturing ("fracking") – have moved to
637-597: Is often employed by means of aerobic degradation. More recently, other bioremediative methods have been explored such as phytoremediation and thermal remediation. The industry is the largest industrial source of emissions of volatile organic compounds (VOCs), a group of chemicals that contribute to the formation of ground-level ozone ( smog ). The combustion of fossil fuels produces greenhouse gases and other air pollutants as by-products. Pollutants include nitrogen oxides , sulphur dioxide , volatile organic compounds and heavy metals . Researchers have discovered that
686-430: Is usually divided into three major components: upstream , midstream , and downstream . Upstream regards exploration and extraction of crude oil , midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products . Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it
735-482: The White House announced that President Bill Clinton would issue a directive blocking all such transactions on grounds of national security. The official Conoco museum was completed in 2007 and is located in Ponca City, Oklahoma. Along with sister brands, Phillips 66, and 76, "Conoco" ( IPA: [ˈkɒnəkoʊ] ), is a major American brand of oil and gas station that has been owned by Phillips 66 since 2012 and
784-468: The oil industry , includes the global processes of exploration , extraction , refining , transportation (often by oil tankers and pipelines ), and marketing of petroleum products . The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products , including pharmaceuticals , solvents , fertilizers , pesticides , synthetic fragrances , and plastics . The industry
833-565: The petrochemical industry can produce ground-level ozone pollution at higher amounts in winter than in summer. Greenhouse gases caused by burning fossil fuels drive climate change . In 1959, at a symposium organised by the American Petroleum Institute for the centennial of the American oil industry , the physicist Edward Teller warned of the danger of global climate change . Edward Teller explained that carbon dioxide "in
882-503: The world economy however, evolved slowly, with whale oil being used for lighting in the 19th century and wood and coal used for heating and cooking well into the 20th century. Even though the Industrial Revolution generated an increasing need for energy, this was initially met mainly by coal, and from other sources including whale oil. However, when it was discovered that kerosene could be extracted from crude oil and used as
931-579: The 1880s. In the early 1930s the Texas Company developed the first mobile steel barges for drilling in the brackish coastal areas of the Gulf of Mexico . In 1937 Pure Oil Company (now part of Chevron Corporation ) and its partner Superior Oil Company (now part of ExxonMobil Corporation ) used a fixed platform to develop a field in 14 feet (4.3 m) of water, one mile (1.6 km) offshore of Calcasieu Parish, Louisiana . In early 1947 Superior Oil erected
980-606: The 833 km long pipeline to transport oil from the Caspian to the Black Sea port of Batum (Baku-Batum pipeline), completed in 1906, and the 162 km long pipeline to carry oil from Chechnya to the Caspian. The first drilled oil wells in Baku were built in 1871–1872 by Ivan Mirzoev , an Armenian businessman who is referred to as one of the 'founding fathers' of Baku's oil industry. At
1029-574: The East Indies oil-supply (especially via submarine campaigns ) considerably weakened Japan in the latter part of the war. After World War II ended in 1945, the countries of the Middle East took the lead in oil production from the United States. Important developments since World War II include deep-water drilling, the introduction of the drillship , and the growth of a global shipping network for petroleum – relying upon oil tankers and pipelines. In 1949
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#17328556944261078-744: The Middle East. The expansion of Imperial Japan to the south aimed largely at accessing the oil-fields of the Dutch East Indies. Germany, cut off from sea-borne oil supplies by Allied blockade , failed in Operation Edelweiss to secure the Caucasus oil-fields for the Axis military in 1942, while Romania deprived the Wehrmacht of access to Ploesti oilfields – the largest in Europe – from August 1944. Cutting off
1127-518: The Stamford complex was originally scheduled to expire in 1992. In 1995, Conoco Inc. was awarded a contract by Iran to develop a huge offshore oilfield in the Persian Gulf . It was the first energy agreement involving Iran and the United States since Washington severed relations with Tehran in 1980. The contract was signed after three years of negotiations. However, the company dropped the plan after
1176-757: The advent of hydraulic fracturing and other horizontal drilling techniques, shale play has seen an enormous uptick in production. Areas of shale such as the Permian Basin and Eagle-Ford have become huge hotbeds of production for the largest oil corporations in the United States. The American Petroleum Institute divides the petroleum industry into five sectors: Oil companies used to be classified by sales as " supermajors " ( BP , Chevron , ExxonMobil , ConocoPhillips , Shell , Eni and TotalEnergies ), "majors", and "independents" or "jobbers". In recent years however, National Oil Companies (NOC, as opposed to IOC, International Oil Companies) have come to control
1225-516: The area. Canada's first gusher (flowing well) erupted on January 16, 1862, when local oil-man John Shaw struck oil at 158 feet (48 m). For a week the oil gushed unchecked at levels reported as high as 3,000 barrels per day. The first modern oil-drilling in the United States began in West Virginia and Pennsylvania in the 1850s. Edwin Drake 's 1859 well near Titusville, Pennsylvania , typically considered
1274-621: The atmosphere causes a greenhouse effect " and that burning more fossil fuels could "melt the icecaps and submerge New York". The Intergovernmental Panel on Climate Change , founded by the United Nations in 1988, concludes that human-sourced greenhouse gases are responsible for most of the observed temperature increase since the middle of the twentieth century. As a result of climate change concerns, many people have begun using other methods of energy such as solar and wind. This recent shift has some petroleum enthusiasts skeptical about
1323-470: The brands of Conoco, Phillips 66 , and 76 . The divestiture would eventually commence and the spin off that contained the downstream operations of ConocoPhillips went under a separate company known as the Phillips 66 Company. The "Continental Oil and Transportation Company" was founded by Isaac Elder Blake in 1875. Based in Ogden, Utah , the company distributed oil, kerosene , benzene , and other products in
1372-443: 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 . In 1981, Dome Petroleum made a tender offer for 20% of Conoco. More than 50% of Conoco shares were tendered, evidence that shareholders were unhappy, and several companies made their own tender offers to take over Conoco. Cash rich and wanting to diversify, Seagram Company Ltd. engineered
1421-495: The company through challenges of the great depression, and retiring in 1947. 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 . Under the leadership of Leonard F. McCollum, Conoco grew from a regional company to a global corporation in the years after World War II. Another rough patch for
1470-511: The first ever well drilled with percussion tools to a depth of 21 meters for oil exploration. In 1878 Ludvig Nobel and his Branobel company "revolutionized oil transport" by commissioning the first oil tanker and launching it on the Caspian Sea . Samuel Kier established America's first oil refinery in Pittsburgh on Seventh avenue near Grant Street in 1853. Ignacy Łukasiewicz built one of
1519-540: The first modern oil-refineries near Jasło (then in the Austrian dependent Kingdom of Galicia and Lodomeria in Central European Galicia ), present-day Poland, in 1854–56. Galician refineries were initially small, as demand for refined fuel was limited. The refined products were used in artificial asphalt, machine oil and lubricants, in addition to Łukasiewicz's kerosene lamp . As kerosene lamps gained popularity,
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1568-611: The first offshore oil-drilling at Oil Rocks (Neft Dashlari) in the Caspian Sea off Azerbaijan eventually resulted in a city built on pylons. In the 1960s and 1970s, multi-governmental organizations of oil–producing nations – OPEC and OAPEC – played a major role in setting petroleum prices and policy. Oil spills and their cleanup have become an issue of increasing political, environmental, and economic importance. New fields of hydrocarbon production developed in places such as Siberia, Sakhalin , Venezuela and North and West Africa. With
1617-566: The first oil discovery drilled out of sight of land. Forty-four Gulf of Mexico exploratory wells discovered 11 oil and natural gas fields by the end of 1949. During World War II (1939–1945) control of oil supply from Romania, Baku, the Middle East and the Dutch East Indies played a huge role in the events of the war and the ultimate victory of the Allies . The Anglo-Soviet invasion of Iran (1941) secured Allied control of oil-production in
1666-622: The first true modern oil well , touched off a major boom. In the first quarter of the 20th century, the United States overtook Russia as the world's largest oil producer. By the 1920s, oil fields had been established in many countries including Canada, Poland, Sweden, Ukraine, the United States, Peru and Venezuela. The first successful oil tanker , the Zoroaster , was built in 1878 in Sweden, designed by Ludvig Nobel . It operated from Baku to Astrakhan . A number of new tanker designs developed in
1715-812: The forefront of the industry as this new technology plays a crucial and controversial role in new methods of oil extraction. Some petroleum industry operations have been responsible for water pollution through by-products of refining and oil spills . Though hydraulic fracturing has significantly increased natural gas extraction, there is some belief and evidence to support that consumable water has seen increased in methane contamination due to this gas extraction. Leaks from underground tanks and abandoned refineries may also contaminate groundwater in surrounding areas. Hydrocarbons that comprise refined petroleum are resistant to biodegradation and have been found to remain present in contaminated soils for years. To hasten this process, bioremediation of petroleum hydrocarbon pollutants
1764-483: The future of the industry. Dan Moran Daniel James Moran (May 31, 1888 – April 3, 1948) an American oilman who served as a senior officer with Texaco , Marland Oil , and Continental Oil . Moran was the first President of Conoco oil company. After E. W. Marland lost control of Marland Oil Company to J. P. Morgan in 1928, Moran was brought in as the new president. Moran successfully acquired Continental Oil Company and merged it with Marland Oil creating
1813-417: The largest consumers. The United States consumed 18% of the oil produced in 2015. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value. Petroleum is a naturally occurring liquid found in rock formations. It consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds. It
1862-575: 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. The headquarters of Conoco moved to Houston, in 1949. In 1965, the headquarters moved to Manhattan , New York City . In 1972, the headquarters moved to Stamford, Connecticut ; in Stamford Conoco occupied space in
1911-483: The monopolized entity. Alongside Phillips 66 and 76 , it operates as one of the major fuel brands of the Phillips 66 Company. Of those two brands, Conoco has a more dominant presence of gas stations in the markets of Colorado , Texas, Montana , Missouri , and Oklahoma , as well as a growing presence in Eastern Pennsylvania following taking over the retail contracts of several Gulf locations, while having
1960-404: The more nationally known Continental and Conoco nameplates. As it became one of the largest oil companies in the United States, Conoco further expanded its operations globally during the 1970s decade. Similar to other oil companies during the 1970s energy crisis , Conoco’s operations were negatively impacted, and so in 1981 Conoco, the ninth-largest oil company at the time, was embroiled in one of
2009-509: The most expensive corporate takeovers in history when the Mobil Corporation and Seagram attempted to acquire the company. DuPont , who was conjured by Ralph Bailey (the CEO of Conoco at the time) was hired as a white knight and would eventually emerge triumphant defending Conoco from the two vendors. DuPont’s acquisition of Conoco at US$ 1.5 billion made it the largest merger in U.S. history at
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2058-586: The refining industry grew in the area. The first commercial oil-well in Canada became operational in 1858 at Oil Springs, Ontario (then Canada West ). Businessman James Miller Williams dug several wells between 1855 and 1858 before discovering a rich reserve of oil four metres below ground. Williams extracted 1.5 million litres of crude oil by 1860, refining much of it into kerosene-lamp oil. Some historians challenge Canada's claim to North America's first oil field , arguing that Pennsylvania 's famous Drake Well
2107-549: The rights over the largest oil reserves; by this measure the top ten companies all are NOC. The following table shows the ten largest national oil companies ranked by reserves and by production in 2012. Most upstream work in the oil field or on an oil well is contracted out to drilling contractors and oil field service companies. Aside from the NOCs which dominate the Upstream sector, there are many international companies that have
2156-409: The three-story High Ridge Park complex. In 1982, DuPont announced that Conoco's headquarters would move from Stamford to Wilmington, Delaware . The move occurred in 1982. 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
2205-749: The time, surpassing that of Shell Oil ’s acquisition of the Belridge Oil Company at USD$ 3.5 billion in 1979. In 1998, DuPont and Conoco announced their intentions to split which was commenced when DuPont sold 30% that year and the remaining 70% in July 1999, officiating their separation. For many years, the company would operate its own refineries until 2002 when it was merged with the Phillips Petroleum Company to form ConocoPhillips . A decade later, ConocoPhillips would divest its downstream operations that consisted of its gas stations operations under
2254-586: The turn of the 20th century, Imperial Russia's output of oil, almost entirely from the Apsheron Peninsula , accounted for half of the world's production and dominated international markets. Nearly 200 small refineries operated in the suburbs of Baku by 1884. As a side effect of these early developments, the Apsheron Peninsula emerged as the world's "oldest legacy of oil pollution and environmental negligence". In 1846 Baku (Bibi-Heybat settlement) featured
2303-567: The western United States. Continental Oil Company was acquired by Standard Oil Company in 1884, and was subsequently spun off during the Standard Oil divestiture in 1911. 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. Marland Oil acquired the assets (subject to liabilities) of Continental Oil Company for
2352-1160: Was originally the brand used by its originator, Conoco Inc., from 1875 to its merger with Phillips Petroleum in 2002. Although the Conoco brand can be used in any state in which the Phillips 66 Company operates, it is very rare to see the Conoco brand in California and Oregon where the 76 brand predominates. Isaac E. Blake, 1877–1893 Henry M. Tilford , 1893–1907 Edward T. Wilson, 1907–1924 C. E. Strong, 1924–1927 Sidney H. Keoughan, 1927–1929 Daniel J. Moran , 1929–1947 Leonard F. McCollum, 1947–1964 Andrew W. Tarkington, 1964–1969 John G. McLean, 1969–1972 Howard W. Blauvelt, 1974 Dr John E. Kircher, 1974–1977 Ralph E. Bailey, 1977–1987 Constantine S. Nicandros, 1987–1995 Archie W. Dunham, 1996–2002 Edward T. Wilson, 1929–19?? Charles A. Perlitz Jr, 1963–1964 Leonard F. McCollum, 1964–1972 John G. McLean, 1972–1974 Howard W. Blauvelt, 1974–1979 Ralph E. Bailey, 1979–1987 Constantine S. Nicandros, 1995–1996 Edgar S. Woolard Jr. , 1998–1999 Archie W. Dunham , 1999–2002 Petroleum industry The petroleum industry , also known as
2401-411: Was the continent's first. But there is evidence to support Williams, not least of which is that the Drake well did not come into production until August 28, 1859. The controversial point might be that Williams found oil above bedrock while Edwin Drake 's well located oil within a bedrock reservoir . The discovery at Oil Springs touched off an oil boom which brought hundreds of speculators and workers to
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