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ConocoPhillips board of directors choce leaders for independent energy companies

October 13/2011

(Arabian oil and gas) -- ConocoPhillips has announced that its board of directors has chosen the leaders for the two independent energy companies that will result from the previously announced strategic repositioning of ConocoPhillips.

Ryan Lance will become the chairman and chief executive officer of ConocoPhillips, the upstream company, and Greg Garland will become the chairman and chief executive officer of the downstream company.

Jim Mulva, the current chairman and chief executive officer of ConocoPhillips will retire subsequent to completion of the separation. The repositioning is expected to be completed in the second quarter of 2012.

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, said Lance. 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.

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