The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

ConocoPhillips Announces Future Leadership

<p class='bwalignc'> <i>Ryan Lance to be CEO of upstream company, Greg Garland to be CEO of downstream company</i> </p>

Friday, October 07, 2011

ConocoPhillips Announces Future Leadership08:30 EDT Friday, October 07, 2011 HOUSTON (Business Wire) -- ConocoPhillips (NYSE:COP) announced that its board of directors has chosen the leaders for the two independent energy companies that will result from the previously announced strategic repositioning of ConocoPhillips. Ryan M. Lance will become the chairman and chief executive officer of ConocoPhillips, the upstream company, and Greg C. Garland will become the chairman and chief executive officer of the downstream company. Jim Mulva, the current chairman and chief executive officer of ConocoPhillips will retire subsequent to completion of the separation. The repositioning is expected to be completed in the second quarter of 2012. Lance is currently senior vice president, Exploration and Production, International for ConocoPhillips. A petroleum engineer, he has over 26 years of oil and natural gas industry experience in senior management and technical positions with ConocoPhillips, predecessor Phillips Petroleum and various divisions of ARCO. “I am honored to lead the highly skilled and dedicated people at ConocoPhillips into the next chapter of its distinguished history as a pure-play exploration and production company,” said Lance. “ConocoPhillips will retain the size, scale and capability to pursue any project globally, with the additional benefit of greater focus. With our enhanced balance sheet and strong capabilities, we will pursue the goals of the repositioning plan, including investing in good opportunities, maintaining capital discipline, and continuing to return available cash to shareholders.” Garland is currently senior vice president, Exploration and Production, Americas for ConocoPhillips. He began his career as a project engineer with Phillips Petroleum and has been associated with ConocoPhillips, its predecessors and affiliated companies for over 31 years. From 2008 to 2010, he was president and chief executive officer of Chevron Phillips Chemical Company, the 50-50 joint venture of ConocoPhillips and Chevron. ConocoPhillips' interest in the joint venture will be transferred to the downstream company following the separation. “The repositioning will create a standalone company with a unique, diverse and highly competitive portfolio of segment-leading businesses,” said Garland. “I look forward to the opportunity to drive superior shareholder value in the downstream company by operating world-class assets with ConocoPhillips' philosophy of capital discipline and a strong dividend policy.” “The selection of Ryan and Greg as chairmen and CEOs following the separation is great news for all ConocoPhillips stakeholders,” said Mulva. “Ryan and Greg are exceptionally well qualified to lead the respective companies. I look forward to working with Ryan and Greg and all our other colleagues in the months ahead to complete the separation and to position both companies for success.” Garland said, “Jim Mulva's vision and leadership have built the ConocoPhillips of today." Lance added, "Jim has been a mentor to both Greg and me over the years. We now look forward to building on his standard of excellence as we lead these two new independent companies.” Both appointments will become effective at the completion of ConocoPhillips' repositioning transaction next year. Lance and Garland will continue in senior management roles until that time, while also directing transition plans, including appointment of their executive management teams. For more information, including biographical profiles and other resources on ConocoPhillips' repositioning, click here. The repositioning of ConocoPhillips into two independent companies is subject to market conditions, customary regulatory approvals, the receipt of an affirmative ruling from the U.S Internal Revenue Service, the execution of separation and intercompany agreements, and final board approval. ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $160 billion of assets, and $244 billion of annualized revenues as of June 30, 2011. For more information, go to www.conocophillips.com. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects due to operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas; unsuccessful exploratory drilling activities; lack of exploration success; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; general domestic and international economic and political conditions, as well as changes in tax and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. ConocoPhillipsAftab Ahmed, 281-293-4138 (media)aftab.ahmed@conocophillips.comorClayton Reasor, 212-207-1996 (investors)c.c.reasor@conocophillips.com