ConocoPhillips (NYSE: COP) welcomes the Department of the
Interior’s Record of Decision (ROD) on the Willow project, adopting
the three core pads detailed in the Bureau of Land Management (BLM)
preferred Alternative E. ConocoPhillips Alaska completed
extensive preparations with key contractors and expects to
immediately initiate gravel road construction activities. The
company continues to review the ROD and will advance internal
approval processes towards a Final Investment Decision.
“This was the right decision for Alaska and our nation,” said
Ryan Lance, ConocoPhillips chairman and chief executive officer.
“Willow fits within the Biden Administration’s priorities on
environmental and social justice, facilitating the energy
transition and enhancing our energy security, all while creating
good union jobs and providing benefits to Alaska Native
communities.”
After nearly five years of rigorous regulatory and environmental
review, the National Environmental Policy Act (NEPA) process is
complete. Willow is designed to support and coexist with
subsistence activities with many mitigation measures built into the
project design.
“We are truly grateful for the steadfast support from Alaska’s
Congressional Delegation – Senators Lisa Murkowski and Dan Sullivan
and Representative Mary Peltola – Alaska Native communities, the
state legislature and organized labor groups,” Lance added. “We
also thank our employees and the contractor community, who
dedicated years to designing a project that will provide reliable
energy while adhering to the highest environmental standards.”
Located in the National Petroleum Reserve in Alaska (NPR-A), the
Willow project is estimated to produce 180,000 barrels of oil per
day at its peak, decreasing American dependence on foreign energy
supplies. The project is projected to deliver between $8 billion to
$17 billion in new revenue for the federal government, the state of
Alaska and North Slope Borough communities. 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.
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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 9,500
employees at Dec. 31, 2022. Production averaged 1,738 MBOED for the
12 months ended Dec. 31, 2022, and proved reserves were 6.6 BBOE as
of Dec. 31, 2022. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES
OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined
under the federal securities laws. Forward-looking statements
relate to future events, plans and anticipated results of
operations, business strategies, and other aspects of our
operations or operating results. Words and phrases such as
“anticipate," “estimate,” “believe,” “budget,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,”
“will,” “would,” “expect,” “objective,” “projection,” “forecast,”
“goal,” “guidance,” “outlook,” “effort,” “target” and other similar
words can be used to identify forward-looking statements. However,
the absence of these words does not mean that the statements are
not forward-looking. Where, in any forward-looking statement, the
company expresses an expectation or belief as to future results,
such expectation or belief is expressed in good faith and believed
to be reasonable at the time such forward-looking statement is
made. However, these statements are not guarantees of future
performance and involve certain risks, uncertainties and other
factors beyond our control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from what is presented include
changes in commodity prices, including a prolonged decline in these
prices relative to historical or future expected levels; global and
regional changes in the demand, supply, prices, differentials or
other market conditions affecting oil and gas, including changes
resulting from any ongoing military conflict, including the
conflict between Russia and Ukraine and the global response to it,
security threats on facilities and infrastructure, the imposition
of price caps, or from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by OPEC and other producing countries
and the resulting company or third-party actions in response to
such changes; insufficient liquidity or other factors, such as
those listed herein, that could impact our ability to repurchase
shares and declare and pay dividends such that we suspend our share
repurchase program and reduce, suspend, or totally eliminate
dividend payments in the future, whether variable or fixed; changes
in expected levels of oil and gas reserves or production; potential
failures or delays in achieving expected reserve or production
levels from existing and future oil and gas developments, including
due to operating hazards, drilling risks or unsuccessful
exploratory activities; unexpected cost increases, inflationary
pressures or technical difficulties in constructing, maintaining or
modifying company facilities; legislative and regulatory
initiatives addressing global climate change or other environmental
concerns; public health crises, including pandemics (such as
COVID-19) and epidemics and any impacts or related company or
government policies or actions; investment in and development of
competing or alternative energy sources; potential failures or
delays in delivering on our current or future low-carbon strategy,
including our inability to develop new technologies; disruptions or
interruptions impacting the transportation for our oil and gas
production; international monetary conditions and exchange rate
fluctuations; changes in international trade relationships,
including the imposition of trade restrictions or tariffs on any
materials or products (such as aluminum and steel) used in the
operation of our business, including any sanctions imposed as a
result of any ongoing military conflict, including the conflict
between Russia and Ukraine; our ability to collect payments when
due, including our ability to collect payments from the government
of Venezuela or PDVSA; our ability to complete any announced or any
future dispositions or acquisitions on time, if at all; the
possibility that regulatory approvals for any announced or any
future dispositions or acquisitions will not be received on a
timely basis, if at all, or that such approvals may require
modification to the terms of the transactions or our remaining
business; business disruptions following any announced or future
dispositions or acquisitions, including the diversion of management
time and attention; the ability to deploy net proceeds from our
announced or any future dispositions in the manner and timeframe we
anticipate, if at all; potential liability for remedial actions
under existing or future environmental regulations; potential
liability resulting from pending or future litigation, including
litigation related directly or indirectly to our transaction with
Concho Resources Inc.; the impact of competition and consolidation
in the oil and gas industry; limited access to capital or insurance
or significantly higher cost of capital or insurance related to
illiquidity or uncertainty in the domestic or international
financial markets or investor sentiment; general domestic and
international economic and political conditions or developments,
including as a result of any ongoing military conflict, including
the conflict between Russia and Ukraine; changes in fiscal regime
or tax, environmental and other laws applicable to our business;
and disruptions resulting from accidents, extraordinary weather
events, civil unrest, political events, war, terrorism,
cybersecurity threats or information technology failures,
constraints or disruptions; and other economic, business,
competitive and/or regulatory factors affecting our business
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
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230313005597/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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