Charles Arthur Meade

Charles Arthur Meade inquired about the current cost tracking of the Willow project against updated assumptions and the impact of the recent Rig D26 incident on development or exploration schedules.

Answer

Kirk Johnson, EVP of Global Operations and Technical Functions, confirmed that the Rig D26 incident had no impact on exploration or Willow development, as the rig was backfilled, and Willow pre-drill starts in 2027. He reported that Willow's winter construction season started early and is on track, with the bulk of gravel work planned for this year and the permanent camp now open, allowing for capital winding down. The project is nearing 50% completion, with costs and schedule on track for early 2029 first oil.

Charles Arthur Meade requested an update on the Willow project's costs and schedule, and assessed the impact of the recent Rig D26 incident on both development and exploration activities in Alaska.

Answer

Kirk Johnson, Executive Vice President of Global Operations and Technical Functions, ConocoPhillips, confirmed no injuries from the Rig D26 incident and no impact on exploration or Willow development due to successful rig backfilling. He reported that Willow's winter construction season is on track, with costs tracking as guided. Key progress includes completing gravel work, pipeline construction, and prefab of process modules, with the project nearing 50% completion for an early 2029 first oil.