ConocoPhillips Names New CEO as Profit Boosted by Climbing Oil Prices — Update

By Katherine Hamilton

ConocoPhillips recorded higher profit in the second quarter, driven by a 36% jump in average oil and gas prices, as it promoted its finance chief, Andy O'Brien, to become its new chief executive.

O'Brien will succeed Ryan Lance, who plans to retire and become executive chair of the gas and oil company, ConocoPhillips said Thursday. O'Brien will also join the board of directors.

The oil and natural gas company posted a profit of $3.9 billion, or $3.23 a share, compared with $2.0 billion, or $1.56 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $3.24, ahead of the $2.90 anticipated by analysts, according to FactSet.

Production for the second quarter was 2.25 million barrels of oil equivalent per day, a decrease of 143,000 barrels from the same period the year before. After adjusting for closed acquisitions and dispositions, production fell by 98,000 barrels or 4%.

Analysts expected production of 2.21 million barrels, according to FactSet.

The higher earnings were primarily driven by higher prices, ConocoPhillips said. The average realized price was $62.33 per barrel of oil equivalent, a 36% increase from the prior year.

ConocoPhillips reaffirmed its full-year outlook. It anticipates third-quarter production will be 2.29 million to 2.32 million barrels of oil equivalent per day, while analysts are projecting 2.31 million.

Separately, the company said Konnie Haynes-Welsh, who is currently vice president of finance and controller, will succeed O'Brien as chief financial officer.

The executive changes are scheduled to happen on Sept. 1, ConocoPhillips said.

O'Brien joined the company in 1997 and has held several finance, planning and strategy roles throughout his time. He became a member of the executive leadership team in 2022, and was named finance chief in June of last year.

Lance is retiring after 14 years as ConocoPhillips' top executive and more than four decades with the company.

ConocoPhillips didn't immediately disclose its compensation plan for the new executives. Lance earned $23.5 million in total compensation during 2025, while O'Brien made $6.3 million, according to a public filing.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

August 06, 2026 08:04 ET (12:04 GMT)