Ryan Lance

Ryan Lance became CEO of ConocoPhillips in May 2012, just six months after the company split from its downstream refining business (which became Phillips 66). This separation was itself a defining strategic moment — it created the world's largest independent pure-play exploration and production (E&P) company, focused entirely on finding and producing oil and gas. Lance's tenure has been defined by disciplined capital allocation and counter-cyclical M&A. During the 2020 oil price collapse, when many E&P companies were fighting for survival, Lance acquired Concho Resources for $9.7 billion, consolidating a major Permian Basin position at distressed prices. In 2024, he followed with the $22.5 billion acquisition of Marathon Oil, further expanding the low-cost resource base. ConocoPhillips under Lance operates with a clear philosophy: maintain a low cost of supply (typically below $40/barrel), return a substantial portion of cash flow to shareholders, and grow production modestly through organic investment supplemented by opportunistic M&A. The company returns over 30% of cash from operations to shareholders annually through dividends and buybacks. The pure-play E&P model means ConocoPhillips has no refining, chemicals, or retail gasoline exposure — its stock is a relatively pure bet on oil and gas prices and production volumes. Lance has navigated the ESG and climate transition debate by acknowledging the long-term energy transition while arguing that oil and gas investment will remain essential for decades to meet global energy demand. His track record of capital discipline and counter-cyclical dealmaking has earned ConocoPhillips a premium valuation among E&P peers.