ConocoPhillips History

600 North Dairy Ashford Street
Houston, Texas 77079-1100

Telephone: (281) 293-1000
Fax: (281) 293-1440

Public Company
Incorporated: 2001
Employees: 39,000
Sales: $105.1 billion (2003)
Stock Exchanges: New York
Ticker Symbol: COP
NAIC: 211111 Crude Petroleum and Natural Gas Extraction; 211112 Natural Gas Liquid Extraction; 213111 Drilling Oil and Gas Wells; 324110 Petroleum Refineries; 325110 Petrochemical Manufacturing; 422710 Petroleum Bulk Stations and Terminals; 447110 Gasoline Stations with Convenience Stores; 447190 Other Gasoline Stations; 486110 Pipeline Transportation of Crude Oil; 486210 Pipeline Transportation of Natural Gas; 486910 Pipeline Transportation of Refined Petroleum Products

Company Perspectives:

Purpose: Use our pioneering spirit to responsibly deliver energy to the world.

Key Dates:

Isaac Elder Blake founds the Continental Oil & Transportation Company in Ogden, Utah.
Standard Oil Co. takes control of Continental, which is merged with Standard's Rocky Mountain operations and reincorporated in Colorado as the Continental Oil Company.
Brothers Frank and L.E. Phillips form the Anchor Oil and Gas Company.
Following the U.S. Supreme Court-ordered breakup of Standard Oil, Continental Oil becomes an independent company once again.
Continental builds its first gas station.
Continental diversifies into oil production with the purchase of United Oil Company.
The Phillips brothers found Phillips Petroleum Company to acquire Anchor Oil and Gas; headquarters are established in Bartlesville, Oklahoma.
Continental adopts a new trademark featuring the word "Conoco."
Phillips Petroleum enters the refining and marketing businesses, opening its first gas station in Wichita, Kansas, under the Phillips 66 brand name.
Continental merges with Marland Oil Company; the new company takes the Continental name but is headquartered in Ponca City, Oklahoma, where Marland had been based.
Phillips Chemical Company is formed as a subsidiary.
Continental relocates its headquarters to Houston.
Phillips Petroleum makes its biggest discovery, the Greater Ekofisk field under the Norwegian North Sea.
Continental Oil changes its name to Conoco Inc.
To fend off hostile takeovers, Conoco agrees to be acquired by E.I. du Pont de Nemours and Company (DuPont) for $7.4 billion.
General American Oil Company is acquired by Phillips; Conoco's headquarters are shifted to Wilmington, Delaware.
Phillips fends off a takeover attempt by T. Boone Pickens, Jr.
Phillips fends off a takeover attempt by Carl Icahn, running debt up to $8.9 billion in the process; massive restructuring commences.
Conoco moves its headquarters back to Houston.
DuPont sells 30 percent of its Conoco stake to the public in a $4.4 billion public offering; Phillips completes Ekofisk II in the Norwegian North Sea.
DuPont divests its remaining 70 percent interest in Conoco.
Phillips' natural gas gathering, processing, and marketing operations are combined with those of Duke Energy Corporation to form Duke Energy Field Services, 30.3 percent owned by Phillips; the company doubles its oil and gas reserves through its biggest acquisition in company history, a $7 billion deal for the Alaskan assets of Atlantic Richfield; Phillips combines its worldwide chemicals businesses with those of Chevron to form a 50-50 joint venture called Chevron Phillips Chemical Company.
Phillips acquires Tosco Corporation, a major U.S. refiner and gasoline retailer, for $7.36 billion; Conoco acquires Calgary-based Gulf Canada Resources Ltd. for $4.33 billion.
Phillips Petroleum and Conoco merge, forming ConocoPhillips in a $15.12 billion deal.

Company History:

Further Reading:

  • Banham, Russ, Conoco: 125 Years of Energy, Lyme, Conn.: Greenwich, 2000.
  • Barrionuevo, Alexei, "Chevron and Phillips to Form Venture with $5.7 Billion in Revenue," Wall Street Journal, February 8, 2000, p. A4.
  • ------, "Phillips Petroleum to Delay Finding Partner for Venture," Wall Street Journal, November 16, 2000, p. A6.
  • ------, "Suit Over BP Amoco-Arco Pact Halted: Move Follows Disclosure of Phillips Plan to Buy Arco's Alaskan Assets," Wall Street Journal, March 16, 2000, p. A3.
  • Barrionuevo, Alexei, and Steve Liesman, "Phillips Petroleum, in Strategy Shift, Seeks Sales or Ventures for Some Units," Wall Street Journal, September 24, 1999, p. B6.
  • Biesada, Alexandra, "The Levitation," Financial World, June 23, 1992, p. 36.
  • Blalock, Dawn, "Phillips Petroleum, Long Buried in Debt, Frees Itself," Wall Street Journal, April 15, 1996, p. B3.
  • Blumenthal, Karen, and Christopher Cooper, "Phillips and Ultramar Call Off Plans to Join Refining, Marketing Operations," Wall Street Journal, March 22, 1999, p. B8.
  • Borrego, Anne Marie, "Phillips Petroleum to Cut Staff by 8 Percent, Capital Spending," Wall Street Journal, January 7, 1999, p. A4.
  • ------, "Ultramar Diamond Shamrock, Phillips to Combine Refineries and Gas Stations," Wall Street Journal, October 9, 1998, p. A3.
  • Brown, Wesley, and John Stancavage, "Phillips Called Ripe for Merger," Tulsa World, August 19, 1998.
  • "Chevron, Phillips to Form Giant Chemical JV," Oil and Gas Journal, February 14, 2000, pp. 24-25.
  • Conoco: The First One Hundred Years, New York: Dell Publishing, 1975.
  • "Conoco's Takeover of Gulf Canada Leads Latest Merger Wave," Oil and Gas Journal, June 4, 2001, pp. 36-37.
  • Davis, Michael, "Conoco: How the Leopard Changed Its Spots," Houston Chronicle, November 17, 1998.
  • ------, "Oil Firm to Deal Service Stations: ConocoPhillips Selling More Assets," Houston Chronicle, January 9, 2003.
  • Deogun, Nikhil, and Alexei Barrionuevo, "Phillips to Buy Tosco in $7.49 Billion Deal: Move Reflects Strategy Shift for Firm That Set Focus on Output, Exploration," Wall Street Journal, February 5, 2001, p. A3.
  • Deogun, Nikhil, Alexei Barrionuevo, and Tamsin Carlisle, "Conoco Reaches Deal to Buy Gulf Canada for About $4.33 Billion, Debt Assumption," Wall Street Journal, May 29, 2001, p. A3.
  • de Rouffignac, Ann, "Conoco Goes Through a Changing of the Guard," Houston Business Journal, December 1, 1995, p. 16.
  • Finney, Robert, et al., Phillips: The First 66 Years, Bartlesville, Okla.: Phillips Petroleum Company, 1983.
  • Fletcher, Sam, "Merger Done: ConocoPhillips Now Third Largest U.S. Oil Firm," Oil and Gas Journal, September 9, 2002, p. 42.
  • Fletcher, Sam, and David Young, "Phillips, Conoco Plan $35 Billion 'Merger of Equals,'" Oil and Gas Journal, November 26, 2001, pp. 26, 28.
  • Frank, Robert, and Alexei Barrionuevo, "Phillips Petroleum, Conoco Agree to Merge," Wall Street Journal, November 19, 2001, p. A3.
  • Fritsch, Peter, "Conoco Proposes to Develop Gas Field in Mexican Sector Closed to Foreigners," Wall Street Journal, January 9, 1996, p. A4.
  • Gill, Douglas, "Fillip for Phillips: An Exciting New Find Brightens Its Future," Barron's, November 1, 1982, pp. 13+.
  • Gold, Jackey, "Phillips Petroleum: Take a Trip on Route 66," Financial World, October 15, 1991, pp. 16+.
  • Holloway, Nigel, "Conoco Discovers Asia," Far Eastern Economic Review, October 26, 1995, p. 78.
  • "How They Won the West--and More," Business Week, January 28, 1967.
  • Jones, Billy M., "L.E. Phillips: Banker, Oil Man, Civic Leader," Oklahoma City: Oklahoma Heritage Association, 1981.
  • Kelly, Kevin, "You Got Trouble Right Here in Ponca City: A Bitter Dispute Over Whether Its Conoco Refinery Is a Toxic Hazard," Business Week, June 27, 1988, p. 38.
  • Knowles, Ruth Sheldon, The Greatest Gamblers: The Epic of American Oil Exploration, Norman: University of Oklahoma Press, 1978.
  • Kvendseth, Stig S., "Giant Discovery: A History of Ekofisk Through the First 20 Years," Tananger, Norway: Phillips Petroleum Company Norway, 1988.
  • Liesman, Steve, "Phillips Petroleum Again Is Hunting for Partner, with Chevron a Possibility," Wall Street Journal, September 20, 1999, p. A4.
  • ------, "Phillips Petroleum CEO Says Discovery in China Is Stronger Than Expected," Wall Street Journal, February 9, 2000, p. A10.
  • Mathews, John Joseph, Life and Death of an Oilman: The Career of E.W. Marland, Norman: University of Oklahoma Press, 1951.
  • McWilliams, Gary, Joseph Weber, and Susan Garland, "Why Didn't Conoco See This One Coming?: Washington's Signals on Iran May Have Been Too Subtle," Business Week, March 27, 1995, pp. 40-41.
  • Meyer, Richard, "The Final Straw," Financial World, January 26, 1988, pp. 39+.
  • Norman, James R., "The Sharks Keep Circling Phillips," Business Week, February 11, 1985, pp. 24+.
  • ------, "What the Raiders Did to Phillips Petroleum," Business Week, March 17, 1986, pp. 102+.
  • "Phillips Aims at 'Built-in Value,'" Business Week, June 27, 1959.
  • "Phillips, Duke Enter Agreement to Combine Certain Businesses," Oklahoma City Journal Record, December 17, 1999.
  • "Phillips Petroleum: Laying the Groundwork," Forbes, February 1, 1965.
  • "Phillips to Acquire Tosco in Multibillion-Dollar Deal," Oil and Gas Journal, February 12, 2001, pp. 33-35.
  • Plishner, Emily S., "The Dilemma: Will DuPont's New CEO Spin Off Conoco?," Financial World, December 5, 1995, p. 34.
  • Ray, Russell, "Phillips' 'Final Step,'" Tulsa World, February 6, 2001.
  • "Risk and Return," Economist, April 27, 1996, p. 66.
  • Rosett, Claudia, and Allanna Sullivan, "Conoco Tests the Tundra for Oil Profits," Wall Street Journal, September 1, 1994, p. A6.
  • Rublin, Lauren R., "Phillips Pays the Price and T. Boone Pickens Makes Another Big Score," Barron's, December 31, 1984, pp. 13+.
  • Ryan, Christopher, "Phillips Plans Cutbacks," Tulsa Tribune, November 21, 1991, p. 1A.
  • Schein, Chris, "Phillips Has Plans for More Layoffs," Tulsa World, November 13, 1991, p. B1.
  • Smith, Rebecca, "Duke Energy and Phillips Petroleum Form Gas-Gathering, Processing Firm," Wall Street Journal, December 17, 1999, p. A4.
  • Sullivan, Allanna, "Conoco's Dunham Makes Bold Moves to Hit Big Goals," Wall Street Journal, June 3, 1997, p. B4.
  • Tuttle, Ray, "Deep Drilling: Phillips Believes Mahogany Field May Contain 100 Million Barrels of Oil," Tulsa World, September 1, 1996, p. E1.
  • Vogel, Todd, "Phillips Climbs Up from the Bottom of the Barrel," Business Week, January 16, 1989.
  • Wallis, Michael, "Oil Man: The Story of Frank Phillips and the Birth of Phillips Petroleum," New York: Doubleday, 1988.
  • Warren, Susan, "DuPont Plans to Shed Conoco Oil Unit," Wall Street Journal, May 12, 1998, p. A2.
  • ------, "DuPont, Seeking to Shed Rest of Conoco, Offers $11.65 Billion Swap of Shares," Wall Street Journal, July 12, 1999, p. A3.

Source: International Directory of Company Histories, Vol.63. St. James Press, 2004.