Longtime ConocoPhillips CEO Ryan Lance will step down in September, remaining in the executive chairman role and opening the door for chief financial officer Andy O’Brien to take over as CEO.
The announcement comes as ConocoPhillips reported a massive second-quarter profit of $3.9 billion—up from $2 billion year over year. ConocoPhillips has a market cap of about $140 billion—down only slightly from an all-time high achieved in late March. Profits were buoyed by high oil prices triggered by the Iran war.
