the COVID-19 pandemic in 2020, ConocoPhillips had to reduce its production in May as the price of oil in North Slope, which stood at about $10 per barrel at the end of April, rose to $40 per barrel. On October 19, 2020, ConocoPhillips announced it will buy Concho Resources for $9.7 bln. The purchase will make it the third largest energy company currently operating a substantial presence in the oil-rich Permian Basin. In December 2020, ConocoPhillips made the largest discovery of oil for the year, between 75.5 million and 201 million barrels in the Slagugle well. Executive Vice President Matt Fox, stated that this was the fourth successful exploration well to be found on the Norwegian continental shelf in the past 16 months. The acquisition of Concho Resources was confirmed in January 2021, after shareholders from both companies announced the approval. ConocoPhillips chairman and chief executive officer, Ryan Lance, stated that the acquisition should lead to a structural change in the industry which is essential for investors. The company expects to be able to provide affordable energy to the world, generate large returns, and demonstrate ESG Leadership. In September 2021, ConocoPhillips announced it would buy all of Royal Dutch Shell PLC's assets in the Permian basin for around $9.5 billion in cash. Operations ConocoPhillips explores for, produces, transports and markets crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. The company manages its operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. Board of directors Notable members of the board of directors of the company are as follows: Charles Bunch, CEO and chairman of PPG Industries Caroline Maury Devine, former president and managing director of a Norwegian affiliate of ExxonMobil John V. Faraci, former CEO and chairman of International Paper Company Jody Freeman, Archibald Cox Professor of Law at Harvard Law School Gay Huey Evans, chairman, London Metal Exchange Jeffrey A. Joerres, Former Executive Chairman and chief executive officer, ManpowerGroup Inc. Ryan Lance, CEO and chairman of the board Tim Leach, Executive Vice President, Lower 48 at ConocoPhillips Admiral William H. McRaven, Retired U.S. Navy Four-Star Admiral (SEAL) Sharmila Mulligan, Former Chief Strategy Officer of Alteryx Eric D. Mullins, chairman and chief executive officer, Lime Rock Resources Arjun Murti, former partner at Goldman Sachs Robert Niblock, former CEO,