ConocoPhillips (NYSE: COP) today announced the retirement of Al
Hirshberg as executive vice president, Production, Drilling and Projects
after more than 35 years of industry service, including eight years with
ConocoPhillips. In conjunction with Hirshberg’s retirement, the company
also announced the realignment of executive leadership responsibilities,
as follows:
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Matt Fox, currently executive vice president, Strategy, Exploration
and Technology, will be named executive vice president and chief
operating officer. Matt will have responsibility for worldwide
exploration and production operations, corporate planning and
technology. Fox has over 30 years of industry experience in a broad
range of technical and leadership roles, including leading
ConocoPhillips’ exploration and production operations from 2012-2016.
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Don Wallette, Jr., currently executive vice president, Finance,
Commercial and chief financial officer, will be named executive vice
president and chief financial officer. Don will have responsibility
for the finance, commercial, acquisitions and divestitures, and
information technology functions. Wallette has over 30 years of
experience and has served in several technical and leadership roles in
ConocoPhillips, including leading the company’s business development
function from 2012-2016.
These appointments are effective on Jan. 1, 2019. Hirshberg will remain
in his current position until that date to provide support during the
transition of his responsibilities. Fox and Wallette will continue to
report to Chairman and Chief Executive Officer Ryan Lance.
“Al has been an impactful member of our leadership team and I want to
thank him for his many contributions to ConocoPhillips,” said Ryan
Lance. “Al played a valuable role in our launch as an independent
exploration and production company and in the successful execution of
our business strategy. We wish him the best in retirement. By taking on
expanded roles, Matt and Don will provide strong continuity within the
executive leadership team for delivering our disciplined,
returns-focused value proposition to all stakeholders.”
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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 17 countries, $71
billion of total assets, and approximately 11,100 employees as of Sept.
30, 2018. Production excluding Libya averaged 1,221 MBOED for the nine
months ended Sept. 30, 2018, and proved reserves were 5.0 billion BOE as
of Dec. 31, 2017. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
"SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "believe," "continue," "could," "intend," "may," "plan,"
"potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort,"
"target" and other similar words. However, the absence of these words
does not mean that the statements are not forward-looking. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and believed to have a reasonable basis. However, there can
be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to changes
in commodity prices; changes in expected levels of oil and gas reserves
or production; operating hazards, drilling risks, unsuccessful
exploratory activities; difficulties in developing new products and
manufacturing processes; unexpected cost increases or technical
difficulties in constructing, maintaining, or modifying company
facilities; international monetary conditions and exchange rate
fluctuations; changes in international trade relationships, including
the imposition of trade restrictions or tariffs relating to crude oil,
bitumen, natural gas, LNG, natural gas liquids and any materials or
products (such as aluminum and steel) used in the operation of our
business; our ability to collect payments when due under our settlement
agreement with PDVSA; our ability to liquidate the common stock issued
to us by Cenovus Energy Inc. at prices we deem acceptable, or at all;
our ability to complete the sale of our announced dispositions or
acquisitions on the timeline currently anticipated, if at all; the
possibility that regulatory approvals for our announced dispositions or
acquisitions will not be received on a timely basis, if at all, or that
such approvals may require modification to the terms of our announced
dispositions, acquisitions or our remaining business; business
disruptions during or following our announced dispositions or
acquisitions, including the diversion of management time and attention;
the ability to deploy net proceeds from our announced dispositions in
the manner and timeframe we currently anticipate, if at all; potential
liability for remedial actions under existing or future environmental
regulations; potential liability resulting from pending or future
litigation; limited access to capital or significantly higher cost of
capital related to illiquidity or uncertainty in the domestic or
international financial markets; and general domestic and international
economic and political conditions; as well as changes in tax,
environmental and other laws applicable to our business. Other factors
that could cause actual results to differ materially from those
described in the forward-looking statements include other economic,
business, competitive and/or regulatory factors affecting our business
generally as set forth in our filings with the Securities and Exchange
Commission. Unless legally required, ConocoPhillips undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or otherwise.
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