ConocoPhillips CEO Ryan Lance to Exit, CFO Andy O’Brien Named Successor

After 14 years at the helm, Ryan Lance will step down as chief executive of ConocoPhillips in September, remaining as executive chairman. The board has selected Andy O’Brien, the current chief financial officer and long-time Conoco lifer, to succeed him. Lance’s tenure began when the company split from Phillips 66 in 2012, and under his leadership the firm reported a second-quarter profit of $3.9 billion, up from $2 billion a year earlier, helped by oil price spikes from the Iran war.

ConocoPhillips, valued at roughly $140 billion, has finished selling $1.7 billion of non-core U.S. assets, achieving its $5 billion divestiture goal, and is expanding internationally with deals in Iraq and Syria. The most profitable segment remains the Permian Basin in West Texas. Konnie Haynes-Welsh will move from vice president of finance to senior vice president and chief financial officer.