Ryan Lance

This separation was itself a defining strategic moment — it created the world's largest independent pure-play exploration and production (E&P) company, focused entirely on finding and producing oil and gas. Lance's tenure has been defined by disciplined capital allocation and counter-cyclical M&A. During the 2020 oil price collapse, when many E&P companies were fighting for survival, Lance acquired Concho Resources for $9.7 billion, consolidating a major Permian Basin position at distressed prices. In 2024, he followed with the $22.5 billion acquisition of Marathon Oil, further expanding the low-cost resource base. ConocoPhillips under Lance operates with a clear philosophy: maintain a low cost of supply (typically below $40/barrel), return a substantial portion of cash flow to shareholders, and grow production modestly through organic investment supplemented by opportunistic M&A. The company returns over 30% of cash from operations to shareholders annually through dividends and buybacks. The pure-play E&P model means ConocoPhillips has no refining, chemicals, or retail gasoline exposure — its stock is a relatively pure bet on oil and gas prices and production volumes. Lance has navigated the ESG and climate transition debate by acknowledging the long-term energy transition while arguing that oil and gas investment will remain essential for decades to meet global energy demand. His track record of capital discipline and counter-cyclical dealmaking has earned ConocoPhillips a premium valuation among E&P peers.