OIL: The Offshore Gamble

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McCollum disclaims working any miracles, says: "I found the business in excellent condition, lacking only leadership." He fired no one in a top position, brought in only half a dozen of his own people. Like the trained geologist he is (University of Texas, '25), he explored the ground thoroughly before moving, asked each executive one leading question: "You got enough authority to do the job?" If not, McCollum gave it to him. McCollum preached and practiced decentralization. Says one of his vice presidents: "He wants ideas and individual initiative—he doesn't want to do the whole thing himself."

With Conoco rolling along, McCollum feels an increasing obligation to take part in industry and community affairs, now spends about a third of his time on outside jobs: director of the American Petroleum Institute, chairman of the industry's National Gas & Oil Resources Committee, member of the Commerce Department's Business Advisory Council, a member of the American Assembly (set up by Columbia University President Dwight Eisenhower to discuss major issues), trustee of the Institute of International Education. Says McCollum: "Leaders of industry have a real responsibility. If we don't speak our minds, how in blazes is the country going to know what we feel?"