Ryan Lance will step down at the end of the month after 14 years as CEO of ConocoPhillips, America’s third‑largest oil company. He has led the firm since 2012 and will become executive chair of the board.

Andy O’Brien, the current CFO and EVP of strategy and commercial, will succeed Lance. O’Brien has been a long‑time Conoco veteran. Konnie Haynes‑Welsh will take over as CFO.

The shake‑up follows a sharp rise in oil prices caused by disruption from the Iran war, which shut Middle Eastern facilities and cut crude flows. Conoco reported Q2 earnings of $3.9bn or $3.23 per share, double last year’s figures.

Conoco remains a major U.S. player, with a market cap of $140bn, beating BP’s $109bn. Its focus on upstream Permian Basin output and shareholder returns via buybacks sets it apart from rivals such as Exxon.