COP · Earnings call · 2026Q3T · Full report

Willow Project Development

CONOCOPHILLIPS · 2026-11-05 · Importance 50 · Surprise 24 · In source text

Management said Willow remains on track for first oil in early 2029 and that process-module fabrication on the Gulf Coast had exceeded 75% completion, with fabrication expected to finish in the second quarter before modules are shipped to Alaska in summer. The company plans to drill roughly four exploration wells and acquire additional seismic in the coming winter season; it has received federal permits to begin that drilling program. The exploration is intended to identify satellite opportunities that can use Willow infrastructure after the project comes off plateau, with management expecting Willow capital to decline even while exploring and developing satellites.

Key facts

• CONOCOPHILLIPS said Willow infrastructure needed to begin drilling operations was expected to be completed as early as the following year.
• CONOCOPHILLIPS said Willow process-module fabrication had exceeded 75% completion and was expected to wrap up in the second quarter.
• CONOCOPHILLIPS planned to begin Willow drilling the following year to build production-ready inventory for a strong ramp-up in early 2029 and across that year.
• CONOCOPHILLIPS said it had completed the critical infrastructure civil scope for Willow on Alaska’s North Slope during the prior winter season and had passed the halfway point of the project overall.
• CONOCOPHILLIPS remained confident that Willow would achieve first production in early 2029.

Impact estimates