ConocoPhillips (NYSE: COP) announced today that it will move
forward with development of the Willow project in Alaska. This
Final Investment Decision approves the project and funds
construction needed to reach first oil. The decision follows the
Department of the Interior March 2023 Record of Decision and recent
positive court orders, including this week’s Ninth Circuit Court of
Appeals denial of plaintiffs’ request for an injunction.
“We are excited to reach this significant milestone,” said Ryan
Lance, chairman and chief executive officer. “With this project
authorization, we’ve begun winter construction and Alaskans have
started to receive the benefits from responsible energy
development.”
According to the Bureau of Land Management, the Willow project
is projected to deliver $8 billion to $17 billion in new revenue
for the federal government, the state of Alaska and Alaska Native
communities. When completed, Willow is estimated to produce
approximately 600 million barrels across the lifetime of the
project, decreasing American dependence on foreign energy supplies.
Designed to support and coexist with subsistence activities on
Alaska’s North Slope, the Willow project underwent five years of
rigorous regulatory and environmental review. Willow will be built
using materials primarily made and sourced in the U.S. and has the
potential to create over 2,500 construction jobs and approximately
300 long-term jobs.
“We are grateful for the many supporters who advocated for
Willow. Alaska Native communities and groups, especially those
closest to the project on the North Slope, continually provided
input that helped shape this project. We also appreciate the
unwavering support from Alaska’s bipartisan Congressional
Delegation – Senators Lisa Murkowski and Dan Sullivan and
Representative Mary Peltola – the state legislature and organized
labor groups,” Lance added. “Our employees and the contractor
community have dedicated years to designing a project that will
provide reliable energy while adhering to the highest environmental
standards.”
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $94 billion of total assets, and approximately 9,800
employees at Sept. 30, 2023. Production averaged 1,801 MBOED for
the nine months ended Sept. 30, 2023, and proved reserves were 6.6
BBOE as of Dec. 31, 2022. For more information, go to
www.conocophillips.com.
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Concho Resources Inc.; the impact of competition and consolidation
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or significantly higher cost of capital or insurance related to
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generally as set forth in our filings with the Securities and
Exchange Commission. Unless legally required, ConocoPhillips
expressly disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
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version on businesswire.com: https://www.businesswire.com/news/home/20231222593278/en/
Dennis Nuss (media) 281-293-1149
dennis.nuss@conocophillips.com
Rebecca Boys (Alaska media) 907-263-4115
rebecca.a.boys@conocophillips.com
Investor Relations 281-293-5000
investor.relations@conocophillips.com
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