ConocoPhillips names new CFO, ‘realigns’ executive duties

Don Wallette, Jr. becomes new executive VP, Finance, Commercial and CFO

Houston, Texas – ConocoPhillips (NYSE: COP) today announced the retirement of Jeff Sheets as executive VP and CFO, after more than 35 years service, and a “realignment” of executive leadership roles.

The appointments are effective April 1, the company said in a press release.

Sheets will remain in his current position until the effective date and will remain an employee of ConocoPhillips through May 31 to provide support during the transition of his responsibilities.

“We will miss Jeff’s extensive knowledge and experience, and I want to thank him for his significant contributions throughout his career at ConocoPhillips,” said chairman and CEO Ryan Lance.

“He has been a valued member of the executive leadership team and played an instrumental role in our transformation as an independent exploration and production company.”

Jeff Sheets, former executive VP and CFO, ConocoPhillips.

Don Wallette, Jr. will assume Sheets’ previous duties. Al Hirshberg has been named executive vice president, Production, Drilling and Projects.  Matt Fox has been named executive vice president, Strategy, Exploration and Technology.

Hirshberg and Fox will continue to report to Lance.

“I also look forward to continued leadership from Don, Al and Matt in their new roles. This team is well prepared to take on the challenges and opportunities for ConocoPhillips at this important time in our industry,” said Lance.

Executive leadership changes:

• Don Wallette, Jr., currently executive vice president, Commercial, Business Development and Corporate Planning, has been named executive vice president, Finance, Commercial and chief financial officer. In this role, Wallette will be responsible for the company’s financial and commercial functions. Wallette has more than 30 years of experience across many aspects of the business and has served in numerous leadership roles.
• Al Hirshberg, currently executive vice president, Technology and Projects, has been named executive vice president, Production, Drilling and Projects. In this role, Hirshberg will oversee the company’s worldwide operations and will also be responsible for drilling, major projects and the health, safety and environmental function. Hirshberg has more than 30 years of industry experience in a variety of operational, technical and leadership roles.
• Matt Fox, currently executive vice president, Exploration and Production, has been named executive vice president, Strategy, Exploration and Technology. In this capacity, Fox will be responsible for strategic planning, exploration, business development and technology development. Fox has served in several operational, technical and leadership roles during more than 30 years in industry.