Leadership change occurs as the company targets $7 billion in free cash flow by 2029, driven by Alaska’s Willow project.
ConocoPhillips will replace CEO Ryan Lance with CFO Andy O’Brien on September 1, marking a leadership shift after Lance’s 14-year tenure. Lance will transition to an executive chair role as the company reports its strongest quarterly profit since 2022.
The transition aligns with ConocoPhillips’ multiyear plan to add $7 billion in free cash flow by 2029, with 75% of growth tied to the $9 billion Willow oil project in Alaska. The project’s budget was revised upward by $1.5 billion last year.
O’Brien, a 27-year company veteran, emphasized delivering major projects and cost reductions to meet the $7 billion target. Konnie Haynes-Welsh will succeed O’Brien as CFO.