Is "or" by itself a conditional term?

In general, we are able to turn "or" statements into conditional statements when they deal with mutual exclusivity (for example the idea that this animal is either a dolphin or a porpoise). In these cases, the "either" is implied, even though it's not explicitly written. Therefore, in cases when it is an "or" but "not both", meaning it is one or the other, then we could turn it into a conditional by saying if A -> Not B, and if B -> Not A. However, when we have "or" statements without any other words like "either" or "must" I tend to just remember that it has to be one but not both and leave it as that without trying to turn it into a condition. So I would just diagram our example as Porpoise or dolphin (Not Both). Hope this helps!