ConocoPhillips CEO Lance to retire, finance chief to take helm

Aug 6 (Reuters) - Oil and ‌gas producer ​ConocoPhillips ​said on Thursday CEO Ryan Lance will retire after leading the oil producer for 14 ‌years and CFO Andy O'Brien would take over the ⁠top role on September 1.

Lance took the helm of the company ‌in 2012 after ConocoPhillips ‌split from refining business Phillips 66, leaving it as a pure exploration and production company.

During his tenure, ConocoPhillips ​emerged as one of the largest independent oil and gas producers globally, with operations spanning North America, ⁠Europe, Asia-Pacific and the Middle East.

He oversaw a series of major portfolio moves, ​including the sale of billions of dollars of non-core assets following the 2014 oil price collapse.

As ​crude prices recovered, ConocoPhillips shifted ‌to targeted acquisitions, buying Concho Resources in 2021 to expand its position in the Permian ⁠Basin and later acquiring Shell's Permian assets.

The company completed its $22.5 billion acquisition of Marathon Oil in late 2024, significantly increasing ⁠its U.S. shale footprint.

Konnie Haynes-Welsh, who joined the company in 2012 and ​is currently vice president, finance and controller, will become senior vice president and chief financial officer.

Shares of the largest U.S. independent ‌oil and gas producer rose 1.4% in premarket trading.

ConocoPhillips on Thursday also posted an adjusted ‌profit of $3.24 per share for the second quarter ended ⁠June 30, compared with analysts' ‌average estimate of $2.88 ​per share, according to data compiled by LSEG.

(Reporting by Pooja Menon in Bengaluru; Editing by Shinjini ‌Ganguli)

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