Surge in Oil Prices Boosts ConocoPhillips' Second-Quarter Earnings as New CEO Appointed

ConocoPhillips (NYSE: COP) reported a significant increase in second-quarter profit, driven by a 36% surge in average oil and gas prices, while also announcing the promotion of its Chief Financial Officer Andy O'Brien to the role of Chief Executive Officer.

On Thursday, ConocoPhillips stated that O'Brien will succeed Ryan Lance, who is planning to retire and transition to the role of Executive Chairman. O'Brien will also join the board of directors. The oil and gas company posted a profit of $3.9 billion, or $3.23 per share, compared to $2 billion, or $1.56 per share, in the same period last year. Excluding certain one-time items, adjusted earnings per share were $3.24, surpassing the $2.90 consensus estimate from analysts surveyed by FactSet.

Second-quarter production averaged 2.25 million barrels of oil equivalent per day, a decrease of 143,000 barrels from the prior year. After adjusting for completed acquisitions and asset sales, production fell by 98,000 barrels, or 4%. Analysts had anticipated production of 2.21 million barrels per day, according to FactSet data. ConocoPhillips attributed the profit growth primarily to higher prices, with the average realized price reaching $62.33 per barrel of oil equivalent, a 36% increase year-over-year.

ConocoPhillips reaffirmed its full-year guidance. The company expects third-quarter production to range from 2.29 million to 2.32 million barrels of oil equivalent per day, while analysts forecast 2.31 million barrels per day. Additionally, the company announced that Vice President of Finance and Controller Connie Haynes-Welsh will succeed O'Brien as Chief Financial Officer.

The executive changes are set to take effect on September 1. O'Brien, who joined ConocoPhillips in 1997, has held various roles in finance, planning, and strategy during his tenure. He became a member of the executive leadership team in 2022 and was appointed CFO last June. Lance is retiring after 14 years as ConocoPhillips' top executive and over 40 years with the company. ConocoPhillips has not yet disclosed the compensation packages for the new executives. According to public filings, Lance's total compensation in 2025 was $23.5 million, while O'Brien's was $6.3 million.