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ConocoPhillips Announces Future Executive Appointments of Phillips 66

HOUSTON, Dec. 21, 2011 --- ConocoPhillips [NYSE:COP] today announced several future appointments to the executive management team of Phillips 66, the independent downstream company, which will become effective once the company’s strategic repositioning is complete in the second quarter of 2012.

Greg Garland, designated chairman and chief executive officer of Phillips 66, has named three additional members of his executive management team.

Greg Maxwell will become chief financial officer, Phillips 66. Maxwell currently serves as senior vice president, chief financial officer and controller of Chevron Phillips Chemical Company. Prior to joining Chevron Phillips Chemical in 2000, he held several senior positions with Phillips Petroleum Company (now ConocoPhillips).

Tim Taylor will lead commercial, marketing, transportation and business development for Phillips 66. Taylor recently announced his retirement as chief operating officer for Chevron Phillips Chemical. Prior to that position, Taylor also held senior positions in Phillips Petroleum Company (now ConocoPhillips).

Chantal Veevaete will lead human resources for Phillips 66. Veevaete is currently vice president, human resources for Chevron Phillips Chemical. Prior to her current role, Veevaete was vice president, human resources, for the Accredo division of Medco Health Solutions.

Taylor will join ConocoPhillips in January 2012 and Maxwell and Veevaete will join the company in February 2012. The three will serve in interim roles, reporting to Garland, until the repositioning is complete.

"These individuals bring a wealth of industry experience, credibility and leadership skills to Phillips 66," said Garland. "I am confident that the management team we are building for Phillips 66 will provide the vision and strategic insight necessary to enable us to excel in our new peer group."

Phillips 66, the independent downstream company, will have leading businesses in refining, marketing, midstream and chemicals.

ConocoPhillips’ repositioning into two independent companies is subject to market conditions, customary regulatory approvals, the receipt of an affirmative ruling from the U.S. Internal Revenue Service, the execution of separation and intercompany agreements and final board approval.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,700 employees, $155 billion of assets, and $247 billion of annualized revenues as of Sept. 30, 2011. 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 press 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 and refining and marketing margins; 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 difficulties maintaining or improving company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining crude oil; international monetary conditions; 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 (SEC). 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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