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ConocoPhillips Names Andy O’Brien CEO in Planned Succession, Ryan Lance to Become Executive Chair
The company also named a new finance chief as it reported second-quarter earnings that beat analysts’ expectations, reinforcing its internal succession plan.
- On Thursday, ConocoPhillips named CFO Andy O'Brien as CEO effective September 1, succeeding Ryan Lance, who will transition to executive chair after 14 years leading the U.S. oil producer.
- During his tenure, Lance transformed the company from $110 billion in assets to a $138 billion market capitalization, executing major acquisitions including Concho Resources for $13 billion and Shell's Permian Basin assets for $9.5 billion.
- Shares rose 1% in pre-market trading Thursday following the announcement, while JPMorgan Chase analyst Arun Jayaram noted the market's valuation had previously embedded a "Ryan Lance premium."
- Konnie Haynes-Welsh, vice president for finance and controller, will become chief financial officer upon the transition, taking effect September 1 alongside the CEO change.
- ConocoPhillips joins other major U.S. shale companies, including Occidental Petroleum Corp., Devon Energy Corp., and Diamondback Energy Inc., in seeing CEO turnover since last year.
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ConocoPhillips CEO Ryan Lance departs as oil producer posts best profit since 2022
ConocoPhillips said on Thursday that CEO Ryan Lance will retire after 14 years, with CFO Andy O'Brien set to succeed him on September 1 after the oil and gas producer posted better-than-expected quarterly profit.
·Englewood Cliffs, United States
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Coverage Details
Total News Sources20
Leaning Left1Leaning Right2Center8Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
C 73%
R 18%
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