ConocoPhillips Advances the Willow Project in Alaska Amidst Positive Legal Developments

ConocoPhillips is set to advance the development of the Willow project in Alaska, following the Final Investment Decision which endorses the project and allocates funding for construction necessary to achieve initial oil production. This decision comes on the heels of the Department of the Interior's Record of Decision in March 2023 and a series of favorable court rulings, including the recent denial by the Ninth Circuit Court of Appeals of a request for an injunction by plaintiffs. Upon completion, the Willow project is projected to yield approximately 600 million barrels over its lifespan, significantly reducing American reliance on foreign energy sources. The project, which is designed to be compatible with and support subsistence activities in Alaska's North Slope, has undergone five years of thorough regulatory and environmental scrutiny.