ConocoPhillips CEO Ryan Lance to Step Down After 14-Year Tenure
ConocoPhillips announced that CEO Ryan Lance will retire after leading the oil producer for 14 years. Andy O'Brien, currently CFO, will take over as top executive on September 1.
Lance took charge of the company in 2012 when ConocoPhillips split from its refining business Phillips 66. During his tenure, the company expanded into a global independent oil and gas producer with operations spanning North America, Europe, Asia-Pacific, and the Middle East.
Under Lance's leadership, ConocoPhillips made significant portfolio moves, including selling billions of dollars' worth of non-core assets following the 2014 oil price collapse. As crude prices recovered, the company shifted to targeted acquisitions, buying Concho Resources in 2021 to expand its position in the Permian Basin and later acquiring Shell's Permian assets.
ConocoPhillips recently completed a $22.5 billion acquisition of Marathon Oil, significantly increasing its U.S. shale footprint. The company posted an adjusted profit of $3.24 per share for the second quarter ended June 30, exceeding analysts' average estimate of $2.88 per share.