ConocoPhillips Names Leaders after CEO Retires
NEW YORK (AP) — ConocoPhillips on Friday announced who will lead the company once it splits into two.
The Houston energy company said in July that it would spin off its refining business. The move would divide Conoco into two companies: one that produces oil and another that refines it into gasoline and other fuels. Current CEO Jim Mulva will retire once the companies split.
Ryan Lance will become the chairman and CEO of the side that handles oil production and exploration. Greg Garland will be chairman and CEO of the side that handles oil refining and other "downstream" operations.
Lance, who was trained as a petroleum engineer, is currently the company's senior vice president for international exploration and production. Garland, a former project engineer at Phillips Petroleum, is now senior vice president for American production and exploration.
The separation is expected to be completed in the second quarter of 2012.
ConocoPhillips shares added 55 cents to $64.90 in premarket trading.