Exchange President R. Patrick Thompson, who helped present the award at a banquet May 1 at the New York Metropolitan Museum, said that Dunham personified leadership in the global energy industry.
The New York Mercantile Exchange directors' award for global vision in energy was developed by the Exchange in 1997 to recognize on an annual basis an individual or entity that has demonstrated entrepreneurial leadership, promoted competitive markets, and, at the same time, has convincingly enhanced the financial performance of the company in the global energy industry.
"It is with great pleasure that we bestow this honor on Archie Dunham because he has shown effective leadership in bringing Conoco into the 21st century," Mr. Thompson said. "Through his vision, Conoco has demonstrated effective use of risk management tools; was one of the first non-utilities to get into the cash market electricity trading; and continues to succeed in commercial oil discoveries, with half of its wildcat wells hitting a commercial deposit in 1999."
"I'd like to express my appreciation to the Board of Directors of the New York Mercantile Exchange for this honor," Mr. Dunham said. "The Exchange knows the energy industry and rides the cycles of highs and lows with us every day. Conoco and the Exchange have had a long and productive relationship, and it's one that we highly value."
In his remarks, Mr. Dunham also noted the citation served to recognize the achievements the company has made over the last two years.
"This award affirms what we have believed all along: that in the volatile, rapidly changing energy industry, leadership and vision are as important today as they ever were. And they will be even more important as the 21st century unfolds," he said.
Mr. Dunham has held managerial positions at every major operating department at Conoco. He joined the company in 1966 as an associate engineer, working in the natural gas and natural gas products department and corporate new project development group. In 1985, he was elected to the Conoco board of directors and, in 1987, DuPont selected him to head its chemicals and pigment sector in Wilmington, Delaware. He also served on DuPont's Environmental Leadership Council, was a corporate executive vice president, and, from 1996 to 1999, was a member of DuPont's office of the chief executive.
He returned to Conoco as its executive vice president of exploration and production, holding that position until he was named chief executive officer in January 1996. He was elected chairman of the board in August 1999. He is also chairman of the United States Energy Association, and serves on the boards of the American Petroleum Institute, the Energy Institute of America, the Smithsonian Institution, the George Bush Presidential Library Foundation, and other organizations.
Mr. Dunham is the fourth recipient of the Directors' Award for Global Vision in Energy. Previous recipients include Jeffrey Skilling, president and chief operating officer of Enron Corporation; Thomas O'Malley, chairman and chief executive officer of Tosco Corporation; and Charles Koch chairman of the board and chief executive officer of Koch Industries, Inc. Conoco, celebrating its 125th anniversary, is a major, integrated energy company based in Houston and active in over 40 countries.
