The activation and conversion of hydrocarbons is one of the most important challenges in chemistry. This work shows that isolated Co(II) sites are catalysts for a number of hydrocarbon conversion reactions, such as the dehydrogenation of propane, the hydrogenation of propene, and the trimerization of terminal alkynes. The data are consistent with all of these reactions occurring by a common mechanism, involving heterolytic C–H or H–H activation via a 1,2 addition across a Co–O bond.