Finance chiefs are increasingly ascending to the chief executive role across the Fortune 500, and ConocoPhillips is the latest prominent example.

Houston-based ConocoPhillips, the United States' leading independent oil and gas producer, announced Thursday that Andy O'Brien—currently CFO and EVP of strategy and commercial—will succeed Ryan Lance as president and chief executive, effective September 1. Lance is retiring from the top role and will transition to executive chair of the board of directors.

The succession announcement coincides with ConocoPhillips (No. 75 on the Fortune 500) reporting second-quarter profit of $3.9 billion, up from $2 billion a year earlier. The company's market capitalization stands at approximately $140 billion, down only slightly from the all-time high reached in late March. Profits were boosted by elevated oil prices triggered by the Iran war.

Lance has spent more than four decades at the company. He became CEO in 2012, when ConocoPhillips and Phillips 66 spun off from each other. During his tenure, Lance oversaw a period of significant portfolio expansion, including the company's $22.5 billion acquisition of Marathon Oil completed in 2024, which substantially increased ConocoPhillips' U.S. onshore acreage and production base.

O'Brien has similarly built his entire career at ConocoPhillips. He joined the company in 1997 as a financial analyst in England. According to his LinkedIn profile, he has held more than a dozen roles across finance, strategy, and planning over the years—ranging from controller in Alaska to senior vice president of global operations. In a statement, O'Brien said he plans to build on the momentum Lance established and continue raising the bar for the company. As CFO, O'Brien has been responsible for capital allocation across a sprawling global portfolio at a time when investors in the energy sector have placed growing emphasis on shareholder returns, debt reduction, and capital discipline over aggressive production growth.

The CFO-to-CEO succession trend shows no sign of slowing in 2026, according to executive search firm Crist Kolder Associates. For 2025, the firm reported that 10.26% of sitting CEOs at Fortune 500 and S&P 500 firms came directly from the CFO role, compared with 7.1% in 2024 and 6.5% in 2015. The trend has been particularly pronounced in capital-intensive industries such as energy, manufacturing, and healthcare, where boards increasingly prioritize financial sophistication and capital allocation expertise at the top.

Scott Simmons, co-managing partner at Crist Kolder, was asked what experience—beyond his financial stewardship at ConocoPhillips—makes O'Brien "CEO-ready" in the board's eyes. Simmons explained that O'Brien has nearly 29 years of experience at the company and has worked around the world in a variety of positions and markets. He spent time outside of finance in global operations and commercial roles, building credibility with the board on intangibles such as overall leadership ability and investor relationships. O'Brien has also been part of the executive leadership team since 2022.

"All of this is a strong recipe for a successful CFO-to-CEO transition," Simmons said.

Konnie Haynes-Welsh, currently vice president of finance and controller at ConocoPhillips, was promoted to senior vice president and CFO. Haynes-Welsh has also had a long tenure at the company—nearly 15 years—and has held a variety of roles across finance and strategy, from manager of SEC compliance to chief accounting officer to vice president and treasurer.

The leadership changes at ConocoPhillips reflect a broader pattern in which reaching the top seat increasingly requires taking on many different roles to gain a comprehensive range of experience.

This story was originally featured on Fortune.com.