ConocoPhillips reported second-quarter profits of $3.9 billion, or $3.23 a share, compared with $2.0 billion, or $1.56 a share, a year earlier. The oil and natural gas company's higher profit was driven by a 36% jump in average oil and gas prices.

The company also announced a significant leadership transition, promoting its finance chief, Andy O'Brien, to become its new chief executive. O'Brien will succeed Ryan Lance, who plans to retire and become executive chair of the gas and oil company. O'Brien will also join the board of directors.

Stripping out certain one-time items, adjusted per-share earnings were $3.24, ahead of the $2.90 anticipated by analysts, according to FactSet. The results reflect the company's strong performance amid climbing commodity prices.