ConocoPhillips Announces Lance Retirement After 14 Years as CEO

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessConocoPhillips Announces Lance Retirement After 14 Years as CEOConocoPhillips announced that Ryan Lance will retire after 14 years as the top boss and be succeeded by his financial chief Andy O’Brien next month.Author of the article:David Wethe and Mitchell Ferman You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — ConocoPhillips announced that Ryan Lance will retire after 14 years as the top boss and be succeeded by his financial chief Andy O’Brien next month.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountLance will become executive chair of the board, and Konnie Haynes-Welsh, vice president for finance and controller, will become chief financial officer, the oil giant announced Thursday in a statement.ConocoPhillips becomes the latest major US shale company since last year to see a retirement in its CEO suite after Occidental Petroleum Corp., Devon Energy Corp. and Diamondback Energy Inc., and the biggest global oil producer to welcome a new boss since BP Plc in April. Lance, 64, transformed ConocoPhillips into an exploration and production giant, becoming CEO of the upstream company that was split out from its downstream business Phillips 66 in 2012. The petroleum engineer from Montana Tech led the expansion of ConocoPhillips, which started with assets valued at an estimated $110 billion, into a market capitalization of $138 billion today that has even surpassed fully integrated supermajor BP.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againLance’s Covid-era shale deals in particular transformed ConocoPhillips into a Permian powerhouse – buying Concho Resources for $13 billion in 2021 and Shell’s Permian Basin assets later that year for $9.5 billion, cementing the company as one of the top operators in North America’s hottest oil patch.“While Andy O’Brien’s position as the likely successor to CEO Lance has been well telegraphed and anticipated by the investment community, we think the timing will still come as a surprise as most investors (including us),” Arun Jayaram, an analyst at JPMorgan Chase & Co., wrote Thursday in a note to investors. “While we believe Andy is the right person to lead the company on a go forward basis, we do believe the stock’s valuation appropriately embedded a ‘Ryan Lance premium’ given his unparalleled track record of counter-cyclical investing and prudent portfolio management decisions over the past 10+ years.”O’Brien, who began his career when the company was simply named Conoco in 1997, has held a number of leadership roles with the Houston-based operator including its Alaska and international units, as well as its liquefied natural gas business.He most recently warned investors on the earnings call three months ago that the Iran war was creating critical shortages of oil for some nations. The company posted second-quarter earnings results on Thursday that beat analysts’ expectations.Shares of ConocoPhillips, which have 23 buy ratings, eight holds and 1 sell, rose 1% in pre-market trading on Thursday. The shares have climbed 24% over the past 12 months, greater than the S&P 500 or Brent oil.(Updates with details on Lance’s tenure, company performance starting in paragraph 3.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.