Aug. 7 at 2:22 AM
ConocoPhillips announced that CEO Ryan Lance will retire next month after 14 years leading the company, with CFO Andy O'Brien set to succeed him. Lance, the longest-serving CEO among major oil companies, will transition to executive chairman, while Vice President of Finance and Controller Konnie Haynes-Welsh will become CFO.
Lance, 64, took over ConocoPhillips in 2012 after the company's separation from Phillips 66 and transformed it into one of the world's largest independent exploration and production companies. During his tenure, the company expanded through major acquisitions and disciplined capital allocation, increasing its market capitalization to about
$139 billion, surpassing BP's valuation. Lance told investors the company is in its strongest position and said the timing was right for a leadership transition.
The move continues a wave of executive changes across the U.S. shale sector following leadership transitions at Occidental Petroleum, Devon Energy.
$COP