Conoco's Departing Head Regrets Iran Deal Collapse, Oil Price Predictions

Constantine S. Nicandros, the departing head of Conoco, reflects on his nearly 39-year tenure with the company, expressing regret over the collapse of a deal to develop oil fields in Iran and his inability to accurately predict oil prices. Despite these setbacks, Nicandros is proud of Conoco's success in European markets, which he believes was a major achievement in the company's growth. As he prepares to leave Conoco in February, Nicandros attributes the deal's collapse to U.S. lawmakers, who he believes hold back multinational companies for internal political reasons, allowing foreign competitors to establish market positions worldwide.

Key Takeaways:

• Constantine S. Nicandros, the outgoing head of Conoco, regrets the collapse of a deal to develop oil fields in Iran, citing the potential for it to be a "company-maker."
• Nicandros believes U.S. lawmakers are responsible for the deal's collapse, as they held back Conoco for internal political reasons, allowing France's Total S.A. to step in.
• Nicandros is proud of Conoco's successful venture into European markets, which he sees as a major achievement in the company's growth.
• As an economist, Nicandros expresses regret over his inability to accurately predict oil prices, despite others not doing better.
• Nicandros has had a long and distinguished career with Conoco, rising from a young man assessing international politics and economic conditions to becoming president and CEO in 1987.
• He will be succeeded by Archie W. Dunham, currently executive vice president of Conoco and senior vice president of DuPont, on January 1.

Statistics:

• 39 years: The length of time Constantine S. Nicandros has been with Conoco.
• 1981: The year Conoco merged with DuPont.
• 1987: The year Nicandros became president and CEO of Conoco.
• 62: The age of Constantine S. Nicandros, who will retire on February 29.

Sources:

• The Oil Daily, interview with Constantine S. Nicandros.