Aug 6 (Reuters) – Oil and gas producer ConocoPhillips said on Thursday Chief Executive Ryan Lance will retire after leading the oil producer for 14 years, with Chief Financial Officer Andy O’Brien set to take over as CEO on September 1.
Lance took the helm of the company in 2012 after ConocoPhillips split from refining business Phillips 66, leaving it as a pure exploration and production company.
He oversaw a series of major portfolio moves, including the sale of billions of dollars of non-core assets following the 2014 oil price collapse.
As crude prices recovered, ConocoPhillips shifted to targeted acquisitions, buying Concho Resources in 2021 to expand its position in the Permian Basin and later acquiring Shell’s Permian assets.
In 2024, the company completed its $22.5 billion acquisition of Marathon Oil, significantly increasing its U.S. shale footprint.
Konnie Haynes-Welsh, currently vice president, finance and controller, will become senior vice president and chief financial officer.
Shares of the largest U.S. independent oil and gas producer rose 1.3% in premarket trading.
Separately, ConocoPhillips posted an adjusted profit of $3.24 per share for the second quarter ended June 30, compared with analysts’ average estimate of $2.88 per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)
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