William Bullock

About William Bullock

ConocoPhillips EVP & CFO (Sept 2020–June 1, 2025), with 39 years at COP starting in 1986 across engineering, operations, commercial and business development; previously President, Asia Pacific & Middle East (2015–2020) and VP, Corporate Planning & Development (2012–2015). Education: B.S. Chemical Engineering, Texas A&M; MBA (Finance), Oklahoma City University; Registered Professional Engineer (Texas) . Performance context during his CFO tenure includes 2024 earnings of $9.2B (EPS $7.81), cash from operations of $20.1B, ROCE 14% and $9.1B returned to shareholders; multi‑year PSP 22 (2022–2024) paid at 114% driven by 3‑year TSR ≈15.8% (51st percentile) and relative Adjusted ROCE (61st percentile) .

Past Roles

Organization	Role	Years	Strategic Impact
ConocoPhillips	EVP & CFO	2020–2025	Oversaw finance, IR, IT/digital, M&A, trading; supported $9.1B 2024 capital returns, 14% ROCE, and MRO acquisition integration framework .
ConocoPhillips	President, Asia Pacific & Middle East	2015–2020	Led international portfolio across AP/ME regions, setting base for LNG and regional growth initiatives cited in later strategic milestones .
ConocoPhillips	VP, Corporate Planning & Development	2012–2015	Corporate strategy and portfolio shaping, preceding later enterprise ROCE/TSR focus embedded in incentive design .

External Roles

Organization	Role	Years	Notes
Texas A&M University	Engineering Advisory Council member	n/a	Advisory role to the engineering program .
Texas A&M University at Qatar	Joint Advisory Board member	n/a	Advisory role supporting Qatar campus .
Sam Houston Area Council, Boy Scouts of America	Director	n/a	Community leadership .
Kodiak Gas Services (NYSE: KGS)	Director	2025–	Joined board after retiring from COP (Sept 2025) .

Fixed Compensation

Metric (USD)	2022	2023	2024
Base Salary	$953,556	$1,004,976	$1,084,776
Target VCIP %	n/d	n/d	115% of eligible earnings
VCIP Paid (Non-Equity Incentive Plan Comp)	$1,211,016	$1,469,777	$1,496,991
All Other Compensation (Perks/Benefits)	$595,849	$226,476	$187,005 (see breakdown)

Perquisites breakdown (2024): business-related aircraft $29,287; matching gift $10,000; other perqs $13,853; tax & financial planning $15,750; exec life insurance $6,522; tax gross-up $3,259; qualified plan match $37,950; nonqualified defined contribution $70,384; total $187,005 .

Performance Compensation

Annual Incentive (VCIP) – 2024 Structure and Outcome

Metric	Weight	Target/Method	Result	Payout
HSE (TRR relative; PSE)	20%	Top-quartile TRR; continuous improvement	Top quartile TRR; fewer PSE vs 2023; one fatality	80% (16% weighted)
Operations (Production/Capital/O&O Costs/Milestones)	30%	Prod 1,941 MBOED; Capex $11.4B; O&O $9.0B; milestones	Prod 1,955 MBOED; Capex $11.8B; O&O $9.2B; most milestones met	100% (30% weighted)
Financial (Adjusted ROCE – Absolute & Relative)	30%	Matrix-based absolute & relative	Absolute 14.9% (198% subscore); Relative 48th percentile (94% subscore)	146% (44% weighted)
Strategic Milestones	10%	LNG buildout; ESG risk mitigation; DEI framework	Achieved objectives; LNG agreements; rolled out DEI learning	150% (15% weighted)
Energy Transition Milestones	10%	Emissions intensity trajectory; MACC projects; LCT stage gates	Met intensity target; projects under budget; advanced LCT	150% (15% weighted)
Corporate VCIP Payout	—	—	—	120% of target

Bullock’s 2024 VCIP payout: Eligible earnings $1,084,776; target 115%; corporate payout 120% ⇒ $1,496,991 .

Long-Term Incentives

Program design: PSP (cash-settled) with 3-year performance; PSP 22/23 metrics: Relative TSR (60%) and Relative Adjusted ROCE (40%); ERSU (RSUs) with 3-year cliff vest; PSP awards settle in cash; RSUs settle in stock; dividend equivalents reinvested; forfeiture exceptions for retirement, death, disability, layoff; double-trigger acceleration on CIC for assumed awards .
PSP 22 (2022–2024) outcome: 3-year TSR ≈15.8% (51st percentile) ⇒ 102% TSR subscore; Relative Adjusted ROCE 61st percentile ⇒ 132% subscore; total payout 114% of target; Bullock received 42,758 units, settled Feb 2025 (deferrable to KEDCP) .

2024 grants (Feb 13, 2024):

Award	Units/Shares	Grant-Date Fair Value
PSP 24 target units	31,100	$3,432,974
Executive RSUs (ERSU)	13,956	$1,540,533
Total 2024 stock awards	—	$4,973,507

Vesting schedule examples:

ERSU: 3-year cliff from grant anniversary (e.g., 2024 grant vests Feb 2027), settle in stock .
PSP 22: restrictions lapsed Feb 11, 2025; paid in cash .

2024 realized equity/option activity:

Options exercised: 45,200 shares; value realized $2,444,403 .
Stock awards vested: 138,565 units; value realized $15,367,966 (includes 2021 ERSU and PSP 21 vesting; ERSU tax-withholding lapses) .

Equity Ownership & Alignment

Category (as of Feb 18, 2025)	Quantity
Total common stock beneficially owned	60,548 shares (includes 266 in William L. Bullock Family Trust; 41,254 in Sharon D. Bullock Family Trust; beneficial interest disclaimed as applicable)
Options exercisable within 60 days	152,200
Restricted/Deferred stock units (vested/deferred)	51,624

Outstanding/Unvested awards snapshot at 12/31/2024 (illustrative counts disclosed):

Executive RSUs: 14,592 (2022 grant), 11,984 (2023 grant), 13,814 (2024 grant) – vest 3 years from grant and settle in shares .
PSP 22 target RSUs: 37,507 (paid 42,758 units in Feb 2025 in cash) .

Ownership guidelines and policies:

Stock ownership guidelines: 3–4x base salary for NEOs; NEOs exceed guidelines; 5-year compliance window .
Anti-pledging/hedging: Pledging, margining, and hedging of COP stock prohibited for all employees/officers/directors .
Clawback: Restated Oct 2, 2023 to comply with SEC/NYSE; recoupment required in restatement scenarios; additional detrimental activity provisions in award docs; no NEO clawbacks to date .

Related-party note: Audit & Finance Committee approved employment of Bullock’s son-in-law (Cameron J. Smith) in a non-executive role; 2024 aggregate compensation ≈$363,009; standard benefits .

Employment Terms

Element	Key Terms
Employment agreements	No individual employment agreements for NEOs .
Severance	Company maintains severance and CIC severance plans to attract/retain executives; taxes: no excise tax gross-ups .
CIC vesting	Double-trigger for accelerated vesting of PSP/ERSU if awards are assumed .
Clawback	See above; expanded in 2023 to SEC/NYSE requirements .
Pension (present value at 12/31/2024)	Qualified CPRP (Title IV): $2,406,001; Nonqualified KESRP: $17,561,184 .
Deferred comp balances (12/31/2024)	DCMP: $767,175; KEDCP: $331,804 .
Termination/CIC economics (illustrative incremental vs voluntary resignation)	Involuntary not-for-cause: $4,805,183; CIC (involuntary or good reason): $10,447,842; Death: $2,198,300 life insurance .

Say-on-Pay & shareholder feedback:

2024 Say-on-Pay support: more than 95% approval .
Investor engagement emphasized support for ESG in incentives and compensation program design .

Investment Implications

Pay-for-performance and alignment: 2024 corporate VCIP at 120% and PSP 22 at 114% tie payouts to ROCE, TSR, and strategic/energy-transition milestones; Bullock’s 2024 total direct comp reflects large proportion of performance-based equity (PSP/ERSU) and formulaic VCIP without individual uplifts, consistent with strong say-on-pay support (>95%) .
Insider supply/vesting cadence: Material vesting/settlement events include PSP 22 settlement in Feb 2025 and scheduled ERSU cliffs (2023 grants in 2026; 2024 grants in 2027). 2024 activity shows option exercise (45,200) and significant stock award vesting ($15.37M realized), which can create episodic selling/withholding flows but are programmatic; pledging/hedging is prohibited, reducing adverse alignment risk .
Retention and transition risk: Retirement announcement (June 1, 2025 CFO handoff to Andy O’Brien) reduces individual retention risk; double‑trigger CIC terms and retirement‑eligible treatment in equity programs moderate forfeiture risk and smooth leadership transition .
Governance and red flags: No employment agreement; no excise tax gross‑ups; robust clawback; anti‑pledging/hedging policy; one approved related‑party employment involving his son‑in‑law (non‑executive) — low materiality but should be monitored .

References:
; ConocoPhillips news release (May 8, 2025) ; Kodiak Gas Services board bio ; Insider profile (education confirmation) .