ConocoPhillips (COP) Friday announced the heads for the two stand-alone companies that would be formed by splitting the integrated energy firm. Ryan Lance would become the Chairman and Chief Executive Officer of ConocoPhillips, the upstream company, and Greg Garland will become the Chairman and Chief Executive Officer of the downstream company. The split was announced in July.
Jim Mulva, the current Chairman and Chief Executive Officer of ConocoPhillips, will retire following the separation, which is expected to be completed in the second quarter of 2012. Both appointments are effective on the completion of ConocoPhillips' repositioning transaction next year.
Lance is currently Senior Vice President, Exploration and Production, International for ConocoPhillips. He is a petroleum engineer and has over 26 years of oil and natural gas industry experience in senior management and technical positions with ConocoPhillips, its predecessor Phillips Petroleum and various divisions of ARCO.
Commenting on his appointment, Lance said, "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. He has been associated with ConocoPhillips, its predecessors and affiliated companies for over 31 years.
From 2008 to 2010, Garland was President and Chief Executive Officer of Chevron Phillips Chemical Company, the 50-50 joint venture between ConocoPhillips and Chevron Corp. (CVX). When the separation is completed, ConocoPhillips' interest in the joint venture will be transferred to the downstream company.
Lance and Garland will continue in senior management roles until the separation. During that time, they will also direct transition plans, including appointment of their executive management teams.
COP, which closed at $64.35 on Thursday, is adding $0.45 in pre-market trading.
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