ConocoPhillips CEO Lance retires, finance chief will take over.
ConocoPhillips, an oil and?gas producer, announced on Thursday that Chief Executive Officer Ryan Lance will retire after 14 years of?leading? the oil producer. Andy O'Brien is set to become CEO in September.
Lance became the CEO of the company?in 2012. This was after ConocoPhillips separated from Phillips 66's refining division, leaving the company as a pure exploration company.
He was responsible for a number of portfolio changes, including the sale?of billions of dollars worth of non-core assets after?the 2014 oil?price?collapse.
ConocoPhillips began to focus on targeted acquisitions as crude prices recovered. In 2021, it acquired Concho Resources to increase its Permian Basin position and then Shell's Permian Basin assets.
The?company acquired Marathon Oil for $22.5 billion in 2024. This acquisition will significantly increase its U.S. Shale footprint.
Konnie Haynes Welsh, currently vice president of finance and controller will be promoted to'senior' vice president and chief financial officers.
In premarket trading, shares of the biggest independent U.S. oil and gas producer rose by 1.3%.
Separately ConocoPhillips reported an adjusted profit per share of $3.24 for the?second quarter ended 'June 30', compared to analysts' average estimates of $2.88, according data compiled by LSEG. (Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)
(source: Reuters)
