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HOUSTON -- ConocoPhillips is prepping its move to separate companies with the appointment of the two executives who will lead the new entities. The board of directors chose Ryan M. Lance to head ConocoPhillips, the upstream company, as chairman and CEO. The board also chose Greg C. Garland to head the downstream company as its chairman and CEO.
As part of the company's previously announced repositioning, current Chairman and CEO Jim Mulva will retire subsequent to the completion of the split. That completion has a second quarter 2012 target date.
"The selection of Ryan and Greg as chairmen and CEOs following the separation is great news for all ConocoPhillips stakeholders," said Mulva. "Ryan and Greg are exceptionally well qualified to lead the respective companies. I look forward to working with Ryan and Greg and all our other colleagues in the months ahead to complete the separation and to position both companies for success."
Lance is currently senior vice president, Exploration and Production, International for ConocoPhillips. The petroleum engineer brings 26 years of oil and natural gas industry experience in senior management and technical positions with ConocoPhillips, predecessor Phillips Petroleum and ARCO.
"I am honored to lead the highly skilled and dedicated people at ConocoPhillips into the next chapter of its distinguished history as a pure-play exploration and production company," Lance said. "ConocoPhillips will retain the size, scale and capability to pursue any project globally, with the additional benefit of greater focus. With our enhanced balance sheet and strong capabilities, we will pursue the goals of the repositioning plan, including investing in good opportunities, maintaining capital discipline and continuing to return available cash to shareholders."
Garland is currently senior vice president, Exploration and Production, Americas for ConocoPhillips. He began his career as a project engineer with Phillips Petroleum and has been associated with ConocoPhillips, its predecessors and affiliated companies for more than 31 years. From 2008 to 2010, he was president and CEO of Chevron Phillips Chemical Co., the 50-50 joint venture of ConocoPhillips and Chevron. ConocoPhillips' interest in the joint venture will be transferred to the downstream company following the separation.
"The repositioning will create a standalone company with a unique, diverse and highly competitive portfolio of segment-leading businesses," Garland said. "I look forward to the opportunity to drive superior shareholder value in the downstream company by operating world-class assets with ConocoPhillips' philosophy of capital discipline and a strong dividend policy."