Lessons from a Legend

E. W. Marland failed eight times before he finally discovered oil near Ponca City, Oklahoma in the 20s, eventually controlling 10% of all of the world’s oil. He founded Conoco Oil, which was headquartered in Ponca City and was a “kept town” by Conoco, which totally dominated the town of 25,000.

Twenty years ago 5,000 people in the town worked for Conoco, but today it is down to only 1,600. More importantly, as Stan Kisler, an ex Conoco VP, today a city commissioner and head of their economic development efforts said, “Conoco provided the genetic material for the town.” Having a one-horse town is a big plus as long as the horse is healthy.

Today Ponca City has an impressive revitalization of their economy taking place. They’ve passed a ½ cent sales tax for economic development, put together an entrepreneurial board (no bankers or Conoco-Phillips execs), and did a nationwide search for their ED Director. As Stan told me about their ED group, “We work like a skunk works rather than a bureaucracy. We’re having the most fun that you will ever have with your clothes on.”

Just as Conoco’s founder failed many times, picking himself off the ground, before moving onto to greatness, Ponca City is rebounding from the shrinking of Conoco. They’ve got a great plan, motivated locals and a lesson of what is possible if you don’t give up.