A Review of the Nigerian Energy Industry

ConocoPhillips names new CEOs

7 October 2011, Sweetcrude, Houston – Houston, United States-based integrated energy company, ConocoPhillips, has named Ryan Lance and Greg Garland as successors to chief executive officer, Jim Mulva, who is retiring after the major splits in two in the second quarter of 2012.

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

Lance is currently senior vice president of international exploration and production for the company.

A petroleum engineer by trade, he has more than 26 years of industry experience in senior management and technical positions with ConocoPhillips, predecessor Phillips Petroleum and various divisions of Arco.

“ConocoPhillips will retain the size, scale and capability to pursue any project globally, with the additional benefit of greater focus”, Lance commented in a statement on the leadership reshuffle.

He said the split would leave the E&P arm with an enhanced balance sheet and strong capabilities for expansion.

Garland is currently senior vice president of exploration and production in the Americas.

He started as a project engineer with Phillips Petroleum, and has since been associated with ConocoPhillips, its predecessors and affiliated companies for more than 31 years.

From 2008 until last year, Garland was president and chief executive of Chevron Phillips Chemical Company, the 50-50 joint venture of ConocoPhillips and Chevron, of which ConocoPhillips’ share will go to the new downstream company.

Garland said the split would leave the refining company with a diverse and competitive portfolio of segment leaders.

Both men paid tribute to their predecessor. Garland said that Mulva’s “vision and leadership have built the ConocoPhillips of today”, while Lance said Mulva had been a mentor to both executives, and had left a standard of excellence to build upon.

Both appointments will become effective at the completion of ConocoPhillips’ split next year. Lance and Garland will continue in senior management roles until that time, while also directing transition plans, including appointment of their executive management teams.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company has almost 30,000 employees, $160 billion in assets, and $244 billion of annualized revenues as of 30 June.

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  • I could sit here and tell more of the truth to unveil your truth which is werappd in a bodyguard of lies but I will simply debunk your first claim about exxon Mobil being one of the top ten reason’s America is broke by dispelling the myht that thier federal income tax rate is so low:U.S. federal: -$156 millionU.S. state and local: $110 millionInternational: $15.2 billionExxon paid the most taxes last year of any U.S. company, by far but not a cent went to the IRS for income taxes. That’s because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon’s federal income-tax bill down into negative territory.That said, Uncle Sam gets his money in other ways. Including sales taxes and duties (READ: Tariffs) , Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.Its grand total in global taxes for the year? A whopping $78.6 billion. The company’s effective income tax rate was a hefty 47%, its highest in three years.Now if you want to get huffy about the little guy getting screwed here would be a good start. We get hit at the pump for those sales taxes and a healthy profit margin covers the tariffs the company had to pat previously) so is Exxon screwing us, or are politicians screwing us? My wager is on both.