ConocoPhillips (NYSE: COP) today announced that its board of
directors has elected Mr. Dennis V. Arriola to serve as a board
member.
Mr. Arriola has spent more than 28 years in the energy sector,
most recently serving as chief executive officer of Avangrid, Inc.
Prior to joining Avangrid, Mr. Arriola served as executive vice
president and group president and chief sustainability officer at
Sempra Energy. Throughout his career, Mr. Arriola has served in a
broad range of leadership positions in gas and electric utilities
as well as renewables, including as chairman, president and chief
executive officer of Southern California Gas Co., senior vice
president and chief financial officer of both San Diego Gas &
Electric and Southern California Gas Co., vice president of
communications and investor relations for Sempra, and regional vice
president and general manager of Sempra’s South American
operations.
“We are pleased to add Dennis to the ConocoPhillips board of
directors,” said Ryan Lance, chairman and chief executive officer.
“Dennis brings valuable perspective and expertise in the energy
sector, particularly in renewables and low carbon energy. We look
forward to his contributions as we deliver on our Triple Mandate of
meeting energy transition pathway demand, generating competitive
returns on and of capital, and achieving our net-zero emissions
ambition.”
Mr. Arriola previously served on the boards of Avangrid, Inc.,
the California Latino Economic Institute, the U.S. Chamber of
Commerce, the California Business Roundtable, the Edison Electric
Institute, and the boards of several Sempra operating companies,
including Infraestructura Energética Nova, a publicly traded
company in Mexico, Luz del Sur SAA, a publicly traded company in
Peru, and Chilquinta Energía in Chile.
The appointment of Mr. Arriola increases the number of
ConocoPhillips directors to 14, of which 12 are independent. Mr.
Arriola will serve on the Human Resources and Compensation
Committee and the Audit and Finance Committee of the ConocoPhillips
board.
About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $94 billion of total assets and approximately 9,400
employees at June 30, 2022. Production averaged 1,720 MBOED for the
six months ended June 30, 2022, and proved reserves were 6.1 BBOE
as of Dec. 31, 2021. 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 as defined
under the federal securities laws. Forward-looking statements
relate to future events, plans and anticipated results of
operations, business strategies, and other aspects of our
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“intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,”
“will,” “would,” “expect,” “objective,” “projection,” “forecast,”
“goal,” “guidance,” “outlook,” “effort,” “target” and other similar
words can be used to identify forward-looking statements. 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 be reasonable at the time such forward-looking statement is
made. However, these statements are not guarantees of future
performance and involve certain risks, uncertainties and other
factors beyond our control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from what is presented include the
impact of public health crises, including pandemics (such as
COVID-19) and epidemics and any related company or government
policies or actions; global and regional changes in the demand,
supply, prices, differentials or other market conditions affecting
oil and gas, including changes resulting from any ongoing military
conflict, including the conflict between Russia and Ukraine and the
global response to it, or from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by OPEC and other producing countries
and the resulting company or third-party actions in response to
such changes; changes in commodity prices, including a prolonged
decline in these prices relative to historical or future expected
levels; insufficient liquidity or other factors, such as those
listed herein, that could impact our ability to repurchase shares
and declare and pay dividends such that we suspend our share
repurchase program and reduce, suspend, or totally eliminate
dividend payments in the future, whether variable or fixed; changes
in expected levels of oil and gas reserves or production; potential
failures or delays in achieving expected reserve or production
levels from existing and future oil and gas developments, including
due to operating hazards, drilling risks or unsuccessful
exploratory activities; unexpected cost increases, inflationary
pressures or technical difficulties in constructing, maintaining or
modifying company facilities; legislative and regulatory
initiatives addressing global climate change or other environmental
concerns; investment in and development of competing or alternative
energy sources; disruptions or interruptions impacting the
transportation for our oil and gas production; international
monetary conditions and exchange rate fluctuations; changes in
international trade relationships, including the imposition of
trade restrictions or tariffs on any materials or products (such as
aluminum and steel) used in the operation of our business,
including any sanctions imposed as a result of any ongoing military
conflict, including the conflict between Russia and Ukraine; our
ability to collect payments when due under our settlement agreement
with PDVSA; our ability to collect payments from the government of
Venezuela as ordered by the ICSID; our ability to complete any
announced or any future dispositions or acquisitions on time, if at
all; the possibility that regulatory approvals for any announced or
any future 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 the transactions or our remaining
business; business disruptions following the acquisition of assets
from Shell (the “Shell Acquisition”) or any other announced or any
future dispositions or acquisitions, including the diversion of
management time and attention; the ability to deploy net proceeds
from our announced or any future dispositions in the manner and
timeframe we anticipate, if at all; potential liability for
remedial actions under existing or future environmental
regulations; potential liability resulting from pending or future
litigation, including litigation related directly or indirectly to
our transaction with Concho Resources Inc.; the impact of
competition and consolidation in the oil and gas industry; limited
access to capital or significantly higher cost of capital related
to illiquidity or uncertainty in the domestic or international
financial markets; general domestic and international economic and
political conditions or developments, including as a result of any
ongoing military conflict, including the conflict between Russia
and Ukraine; the ability to successfully integrate the assets from
the Shell Acquisition or achieve the anticipated benefits from the
transaction; unanticipated difficulties or expenditures relating to
the Shell Acquisition; changes in fiscal regime or tax,
environmental and other laws applicable to our business; and
disruptions resulting from accidents, extraordinary weather events,
civil unrest, political events, war, terrorism, cyber attacks or
information technology failures, constraints or disruptions; and
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 expressly disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220913006208/en/
Dennis Nuss (media) 281-293-1149 dennis.nuss@conocophillips.com
Investor Relations 281-293-5000 investor.relations@conocophillips.com
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