ConocoPhillips said Thursday that Ryan Lance will retire after 14 years as chief executive officer and be succeeded by chief financial officer Andy O Brien, marking the end of one of the longest tenures at the helm of a major oil company.
Lance, 64, will become executive chairman of the board, the Houston-based company announced in a statement. Konnie Haynes-Welsh, vice president for finance and controller, will step into the CFO role. The leadership transition is expected to take effect next month.
Lance led ConocoPhillips through a transformative period after the company split from its downstream business, Phillips 66, in 2012. Under his leadership, the company grew from assets valued at roughly $110 billion to a market capitalization of $139 billion, surpassing fully integrated supermajor BP.
His most consequential moves came during the Covid-era downturn, when he executed two landmark Permian Basin acquisitions: Concho Resources for $13 billion in 2021 and Shells Permian assets for $9.5 billion later that year. Those deals cemented ConocoPhillips as one of the top operators in North Americas most prolific oil patch.
I dont think the company has ever been in a stronger position, and I wouldnt leave if I didnt think that was the case, Lance told analysts on a conference call. Nows the right time.
O Brien, who joined the company when it was still called Conoco in 1997, has held leadership roles across Alaska, international operations, and the companys liquefied natural gas business. His appointment was telegraphed but the timing surprised some analysts.
JPMorgan analyst Arun Jayaram noted that the stocks valuation had embedded a Ryan Lance premium given his track record of counter-cyclical investing. Shares rose about 1% on the announcement and have climbed 25% over the past 12 months.
ConocoPhillips becomes the latest major US shale company to see a CEO transition following similar moves at Occidental Petroleum, Devon Energy, and Diamondback Energy. The company also reported second-quarter earnings that beat analyst expectations.
EnergyNow: ConocoPhillips CEO Lance Retiring
Sources: Bloomberg, EnergyNow, ConocoPhillips investor relations.
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