ConocoPhillips (NYSE: COP) today announced that Tim Leach,
previously executive vice president, Lower 48, has become advisor
to the chief executive officer, effective May 1, 2022. In addition
to his new role, Leach will continue serving as a member of the
company’s board of directors.
In conjunction with this change, the company also announced that
Jack Harper, previously president, Permian for ConocoPhillips, and
former president of Concho Resources, has assumed the role of
executive vice president, Lower 48 and joined the ConocoPhillips
executive leadership team, effective May 1, 2022. Harper has more
than 25 years of experience leading operations, finance, corporate
planning/strategy, capital markets and business development
functions.
“Tim is an industry visionary who founded Concho in 2004 and
grew it into one of the Permian’s largest and best-run producers.
He has been instrumental in guiding our Lower 48 organization and
driving value from the Concho transaction,” said Ryan Lance,
ConocoPhillips chairman and chief executive officer. “He and I
share a similar philosophy for this industry, and I am pleased that
we will continue benefiting from his significant experience and
strategic relationships in his new role and as a member of the
board of directors. I am also pleased to welcome Jack to our
executive leadership team. He is a proven leader who will ensure
that our Lower 48 organization does its part in delivering on the
company’s Triple Mandate of meeting energy transition pathway
demand, generating competitive returns on and of capital and
achieving our net-zero emissions ambition.”
“We ushered in a new era of energy leadership with the strategic
combination of the ConocoPhillips and Concho assets, operations and
teams. I am so proud of what we have accomplished thus far and look
forward to continuing to work with Ryan to deliver value for
ConocoPhillips,” said Leach. “I have also had the pleasure of
working with Jack for close to 20 years. He brings tremendous
experience and a true passion for this business, and I look forward
to seeing Jack continue driving efficiency and value across the
company’s low cost of supply Lower 48 business.”
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 14
countries, $91 billion of total assets and approximately 9,900
employees at Dec. 31, 2021. Production including Libya averaged
1,567 thousand barrels of oil equivalent per day for the 12 months
ended Dec. 31, 2021, and proved reserves were 6.1 billion barrels
of oil equivalent as of Dec. 31, 2021. 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 1995
This news release contains forward-looking statements as defined
under the federal securities laws. Forward-looking statements
relate to future events, plans and anticipated results of
operations, business strategies, and other aspects of our
operations or operating results. Words and phrases such as
“anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,”
“will,” “would,” “expect,” “objective,” “projection,” “forecast,”
“goal,” “guidance,” “outlook,” “effort,” “target” and other similar
words can be used to identify forward-looking statements. 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 be reasonable at the time such forward-looking statement is
made. However, these statements are not guarantees of future
performance and involve certain risks, uncertainties and other
factors beyond our control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from what is presented include the
impact of public health crises, including pandemics (such as
COVID-19) and epidemics and any related company or government
policies or actions; global and regional changes in the demand,
supply, prices, differentials or other market conditions affecting
oil and gas, including changes resulting from any ongoing military
conflict, including the conflict between Russia and Ukraine and the
global response to it, or from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by OPEC and other producing countries
and the resulting company or third-party actions in response to
such changes; changes in commodity prices, including a prolonged
decline in these prices relative to historical or future expected
levels; insufficient liquidity or other factors, such as those
listed herein, that could impact our ability to repurchase shares
and declare and pay dividends such that we suspend our share
repurchase program and reduce, suspend, or totally eliminate
dividend payments in the future, whether variable or fixed; changes
in expected levels of oil and gas reserves or production; potential
failures or delays in achieving expected reserve or production
levels from existing and future oil and gas developments, including
due to operating hazards, drilling risks or unsuccessful
exploratory activities; unexpected cost increases or technical
difficulties in constructing, maintaining or modifying company
facilities; legislative and regulatory initiatives addressing
global climate change or other environmental concerns; investment
in and development of competing or alternative energy sources;
disruptions or interruptions impacting the transportation for our
oil and gas production; international monetary conditions and
exchange rate fluctuations; changes in international trade
relationships, including the imposition of trade restrictions or
tariffs on any materials or products (such as aluminum and steel)
used in the operation of our business, including any sanctions
imposed as a result of any ongoing military conflict, including the
conflict between Russia and Ukraine; our ability to collect
payments when due under our settlement agreement with PDVSA; our
ability to collect payments from the government of Venezuela as
ordered by the ICSID; our ability to liquidate the common stock
issued to us by Cenovus Energy Inc. at prices we deem acceptable,
or at all; our ability to complete any announced or any future
dispositions or acquisitions on time, if at all; the possibility
that regulatory approvals for any announced or any future
dispositions or acquisitions will not be received on a timely
basis, if at all, or that such approvals may require modification
to the terms of the transactions or our remaining business;
business disruptions following the acquisition of assets from Shell
(the “Shell Acquisition”) or any other announced or any future
dispositions or acquisitions, including the diversion of management
time and attention; the ability to deploy net proceeds from our
announced or any future dispositions in the manner and timeframe we
anticipate, if at all; potential liability for remedial actions
under existing or future environmental regulations; potential
liability resulting from pending or future litigation, including
litigation related directly or indirectly to our transaction with
Concho Resources Inc.; the impact of competition and consolidation
in the oil and gas industry; limited access to capital or
significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets;
general domestic and international economic and political
conditions or developments, including as a result of any ongoing
military conflict, including the conflict between Russia and
Ukraine; the ability to successfully integrate the assets from the
Shell Acquisition or achieve the anticipated benefits from the
transaction; unanticipated difficulties or expenditures relating to
the Shell Acquisition; changes in fiscal regime or tax,
environmental and other laws applicable to our business; and
disruptions resulting from accidents, extraordinary weather events,
civil unrest, political events, war, terrorism, cyber attacks or
information technology failures, constraints or disruptions; and
other economic, business, competitive and/or regulatory factors
affecting our business generally as set forth in our filings with
the Securities and Exchange Commission. Unless legally required,
ConocoPhillips expressly disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220502005205/en/
Dennis Nuss (media) 281-293-1149 dennis.nuss@conocophillips.com
Investor Relations 281-293-5000 investor.relations@conocophillips.com
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