“We’ve got to deliver our major projects and cost reduction program that underpin our $7 billion free cash flow inflection — that is on track,” O’Brien said. “That is going to be sort of hyper focus for the team and myself.”
New ConocoPhillips CEO inherits $7 billion cash flow pledge riding on Alaska oil project
Sheila Dang, Reuters, August 10, 2026
- ConocoPhillips targets $7 billion free cash flow growth by 2029
- Expensive Alaska oil project accounts for large portion of FCF growth plan
- Recent share lag versus Exxon and Chevron reflects heavy spending, analyst says
HOUSTON, Aug 10 (Reuters) – Andy O’Brien will succeed longtime ConocoPhillips CEO Ryan Lance next month and will inherit a major Alaska oil project to complete, costs to control and a share price that has recently lagged peers, analysts and investors said.
The largest independent oil exploration and production company in the U.S. announced the succession plan on Thursday alongside its biggest quarterly net income since 2022, lifted by higher crude prices due to the Iran war. O’Brien, currently chief financial officer and a nearly 30-year company veteran, will take over on September 1 when Lance steps down after 14 years as CEO to become executive chairman.
The timing of the move has surprised some analysts, as ConocoPhillips is partway through a multiyear plan to add $7 billion in free cash flow by 2029.
Reaching that goal depends on the company completing the pricey Willow oil project in Alaska, analysts said. ConocoPhillips is also contending with disruptions at two large liquefied natural gas expansions in Qatar stemming from the Middle East conflict.
“His plate is full and investors might be a little critical if things don’t go smoothly,” said Scott Hanold, a managing director with RBC Capital Markets. Shareholders placed a lot of trust in Lance, and O’Brien will have to navigate their high expectations, he added.
The EO notes what it calls “punitive restrictions” on resource development on state and federal land in Alaska, with a call to immediately reverse restrictions, making Alaska’s land and resources available for development and production.
Federal orders unlock Alaska’s critical minerals dominance
Amy Rotman, Mining.Com.AU. August 10, 2026
The US Department of the Interior has proposed a rule through the Marine Minerals Administration to modernize federal regulations for exploratory oil and gas drilling on the Arctic Outer Continental Shelf.
The proposal is the latest signal of the administration’s drive to deliver President Trump’s commitment to US energy dominance.
The proposed ruling supports President Trump’s Executive Order (EO) 14153, ‘Unleashing Alaska’s Extraordinary Resource Potential’, as well as other federal orders focused on developing Alaska’s vast resources for the country’s economic and energy security.
Secretary of the Interior Doug Burgum says that Alaska holds ‘significant resource potential,’ and focus should be on exploiting those resources for the benefit of Alaskan and US citizens.
EO 14153 first passed in January 2026, highlighting the vast, largely untapped supply of natural resources in the State of Alaska and opportunities to unlock the resources, providing economic and national security for the state and the US overall.
According to the Alaska Department of Natural Resources (DNR), 23% of US federal land open to mining is located in Alaska, with the state holding vast potential across a number of critical minerals.
Of the defined mineral resources globally, Alaska holds 7% of zinc resources, 7% of gold resources, 7% of silver resources, 12% of copper resources, 16% of molybdenum resources, 2% of lead resources, and 17% of coal resources, with the potential to produce 51 of 54 critical minerals identified by the US Geological Survey (USGS).
The state is also one of the premier investment destinations, with a 2024 survey by the Fraser Institute ranking it third globally for investment attractiveness and first globally for mineral potential independent of other considerations.
With 17 candidates vying to advance to the general election, name recognition and heavy spending have shaped the open primary.
In Alaska’s crowded race for governor, candidates struggle to stand out as primary nears
Iris Samuels, Anchorage Daily News, August 9th, 2026
In a crowded field of 17 candidates, how are Alaska voters going to pick their favorite in the governor’s race primary?
It’s a question confronting not only voters but also the candidates themselves, as they scramble for enough support to make the top four and advance to the November general election.
“I’ve never encountered anything like this where there are this many people, and quite frankly, many of us have similar ideas. So when you think about what’s the distinction, not only is the public having difficulty breaking through — so are the candidates,” said former state lawmaker Lesil McGuire, one of a dozen Republicans in the race.
Under Alaska’s open primary system, all candidates appear on the same ballot this month. The top four vote-getters, regardless of party, will advance to the general election. With days remaining until the Aug. 18 primary day, candidates are zigzagging across the state and spending hundreds of thousands of dollars in an effort to secure a spot.
Getting their names out there was the goal for nine candidates who trekked to Soldotna on Thursday evening — 12 days before the primary — to participate in a forum dubbed “Narrowing the Field.”