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ConocoPhillips

COP

COP: ConocoPhillips is a U.S.-based independent exploration and production firm. In 2022, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2022 were 6.6 billion barrels of oil equivalent.

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Recent trades of COP by members of U.S. Congress

Politician Type Traded
Lois Frankel House / D Purchase $1,001 - $15,000 Jun. 21, 2023
Josh Gottheimer House / D Sale $1,001 - $15,000 May. 23, 2023
Josh Gottheimer House / D Sale $1,001 - $15,000 Apr. 20, 2023
Josh Gottheimer House / D Sale $1,001 - $15,000 Apr. 12, 2023
Lois Frankel House / D Purchase $1,001 - $15,000 Mar. 22, 2023
Josh Gottheimer House / D Sale $1,001 - $15,000 Mar. 16, 2023
Josh Gottheimer House / D Sale $1,001 - $15,000 Mar. 06, 2023
Josh Gottheimer House / D Purchase $1,001 - $15,000 Jan. 11, 2023
Lois Frankel House / D Purchase $1,001 - $15,000 Jul. 20, 2022
Josh Gottheimer House / D Purchase $1,001 - $15,000 May. 23, 2022
Josh Gottheimer House / D Purchase $1,001 - $15,000 Apr. 28, 2022
Josh Gottheimer House / D Purchase $1,001 - $15,000 Apr. 14, 2022
John Rutherford House / R Sale $1,001 - $15,000 Feb. 23, 2021
Christopher L. Jacobs House / R Sale $1,001 - $15,000 Jan. 04, 2021
John A. Yarmuth House / D Sale $1,001 - $15,000 Sep. 15, 2020
King, Angus Senate / I Sale (Full) $1,001 - $15,000 Aug. 18, 2020
Perdue, David Senate / R Sale (Full) $1,001 - $15,000 Apr. 16, 2020
Perdue, David Senate / R Sale (Full) $1,001 - $15,000 Apr. 16, 2020
Perdue, David Senate / R Sale (Full) $1,001 - $15,000 Apr. 14, 2020
Perdue, David Senate / R Sale (Full) $1,001 - $15,000 Apr. 14, 2020
John A. Yarmuth House / D Purchase $1,001 - $15,000 Mar. 31, 2020
Lois Frankel House / D Purchase $1,001 - $15,000 Mar. 11, 2020
Lois Frankel House / D Purchase $1,001 - $15,000 Mar. 04, 2020
Mikie Sherrill House / D Sale $1,001 - $15,000 Feb. 20, 2020
Thomas Suozzi House / D Sale $1,001 - $15,000 Nov. 18, 2019
Thomas Suozzi House / D Purchase $1,001 - $15,000 Nov. 12, 2019
Perdue, David Senate / R Purchase $1,001 - $15,000 Sep. 30, 2019
Bill Flores House / R Sale $1,001 - $15,000 Sep. 19, 2019
Donna Shalala House / D Sale $1,001 - $15,000 Aug. 28, 2019
Bill Flores House / R Purchase $15,001 - $50,000 Jul. 15, 2019
Donna Shalala House / D Purchase $1,001 - $15,000 May. 20, 2019
Thomas Suozzi House / D Sale $1,001 - $15,000 Apr. 08, 2019
Perdue, David Senate / R Sale (Partial) $1,001 - $15,000 Feb. 25, 2019
Donna Shalala House / D Sale $1,001 - $15,000 Feb. 05, 2019
Perdue, David Senate / R Purchase $15,001 - $50,000 Jan. 16, 2018
Perdue, David Senate / R Sale (Full) $15,001 - $50,000 Dec. 13, 2017
King, Angus Senate / I Purchase $1,001 - $15,000 Nov. 28, 2017
Perdue, David Senate / R Sale (Partial) $1,001 - $15,000 Oct. 30, 2017
Thomas Suozzi House / D Purchase $1,001 - $15,000 Aug. 17, 2017
Murray, Patty Senate / D Sale (Full) $1,001 - $15,000 Jun. 15, 2017
Murray, Patty Senate / D Purchase $1,001 - $15,000 Mar. 16, 2017
Collins, Susan M. Senate / R Purchase $15,001 - $50,000 Dec. 30, 2016
Collins, Susan M. Senate / R Purchase $15,001 - $50,000 Dec. 30, 2016
Cassidy, Bill Senate / R Sale (Full) $1,001 - $15,000 Feb. 09, 2016
Frank A. Lobiondo House / R Sale $1,001 - $15,000 Feb. 02, 2016
Capito, Shelley Moore Senate / R Sale (Full) $1,001 - $15,000 Jan. 25, 2016
Lou Barletta House / R Sale $1,001 - $15,000 Dec. 28, 2015
Bill Flores House / R Sale $50,001 - $100,000 Oct. 21, 2015
Richard L. Hanna House / R Sale $100,001 - $250,000 Sep. 30, 2015
Thomas Macarthur House / R Sale $1,001 - $15,000 May. 27, 2015

Recently reported changes by institutional investors

Quarterly net insider trading by COP's directors and management

Government lobbying spending instances

  • $780,000 Jul 20, 2023 Issue: Railroads Financial Institutions/Investments/Securities Clean Air and Water (quality) Taxation/Internal Revenue Code Environment/Superfund Natural Resources Energy/Nuclear
  • $3,360,000 Apr 20, 2023 Issue: Financial Institutions/Investments/Securities Clean Air and Water (quality) Taxation/Internal Revenue Code Environment/Superfund Natural Resources Energy/Nuclear
  • $2,260,000 Jan 20, 2023 Issue: Chemicals/Chemical Industry Clean Air and Water (quality) Natural Resources Labor Issues/Antitrust/Workplace Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Environment/Superfund Energy/Nuclear
  • $560,000 Oct 20, 2022 Issue: Foreign Relations Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Environment/Superfund Natural Resources Energy/Nuclear
  • $1,270,000 Jul 20, 2022 Issue: Chemicals/Chemical Industry Financial Institutions/Investments/Securities Environment/Superfund Taxation/Internal Revenue Code Natural Resources Energy/Nuclear
  • $4,600,000 Apr 20, 2022 Issue: Financial Institutions/Investments/Securities Clean Air and Water (quality) Trade (domestic/foreign) Chemicals/Chemical Industry Environment/Superfund Natural Resources Energy/Nuclear Taxation/Internal Revenue Code
  • $60,000 Jan 20, 2022 Issue: Energy/Nuclear Taxation/Internal Revenue Code
  • $80,000 Jan 20, 2022 Issue: Energy/Nuclear Torts Taxation/Internal Revenue Code
  • $1,690,000 Jan 18, 2022 Issue: None
  • $60,000 Jan 05, 2022 Issue: Fuel/Gas/Oil Energy/Nuclear Taxation/Internal Revenue Code
  • $50,000 Jan 03, 2022 Issue: None
  • $20,000 Oct 20, 2021 Issue: Energy/Nuclear Taxation/Internal Revenue Code
  • $80,000 Oct 20, 2021 Issue: Energy/Nuclear Taxation/Internal Revenue Code Torts
  • $620,000 Oct 20, 2021 Issue: None
  • $50,000 Oct 13, 2021 Issue: None
  • $30,000 Oct 01, 2021 Issue: Energy/Nuclear Fuel/Gas/Oil Taxation/Internal Revenue Code
  • $80,000 Jul 20, 2021 Issue: Taxation/Internal Revenue Code Energy/Nuclear Torts
  • $770,000 Jul 19, 2021 Issue: None
  • $50,000 Jul 13, 2021 Issue: None
  • $50,000 Jul 02, 2021 Issue: Taxation/Internal Revenue Code Energy/Nuclear Fuel/Gas/Oil
  • $70,000 Apr 20, 2021 Issue: Torts Energy/Nuclear Taxation/Internal Revenue Code
  • $1,359,800 Apr 19, 2021 Issue: None
  • $50,000 Apr 14, 2021 Issue: None
  • $50,000 Apr 08, 2021 Issue: Fuel/Gas/Oil Energy/Nuclear Taxation/Internal Revenue Code
  • $60,000 Jan 21, 2021 Issue: Energy/Nuclear Taxation/Internal Revenue Code Torts
  • $1,040,000 Jan 20, 2021 Issue: None
  • $50,000 Jan 14, 2021 Issue: None
  • $60,000 Jan 04, 2021 Issue: Energy/Nuclear Taxation/Internal Revenue Code Fuel/Gas/Oil
  • $60,000 Oct 20, 2020 Issue: Torts Energy/Nuclear Taxation/Internal Revenue Code
  • $390,000 Oct 19, 2020 Issue: None
  • $50,000 Oct 09, 2020 Issue: None
  • $30,000 Oct 05, 2020 Issue: Taxation/Internal Revenue Code Fuel/Gas/Oil Energy/Nuclear
  • $60,000 Jul 20, 2020 Issue: Torts Energy/Nuclear Taxation/Internal Revenue Code
  • $580,000 Jul 17, 2020 Issue: None
  • $2,180,000 Jul 17, 2020 Issue: None
  • $50,000 Jul 13, 2020 Issue: None
  • $50,000 Jul 07, 2020 Issue: Taxation/Internal Revenue Code Energy/Nuclear Fuel/Gas/Oil
  • $60,000 Apr 20, 2020 Issue: Taxation/Internal Revenue Code Energy/Nuclear
  • $50,000 Apr 10, 2020 Issue: None
  • $50,000 Apr 02, 2020 Issue: Fuel/Gas/Oil Energy/Nuclear Taxation/Internal Revenue Code
  • $60,000 Jan 21, 2020 Issue: Taxation/Internal Revenue Code Energy/Nuclear
  • $50,000 Jan 21, 2020 Issue: None
  • $1,180,000 Jan 16, 2020 Issue: None
  • $50,000 Jan 10, 2020 Issue: Fuel/Gas/Oil Taxation/Internal Revenue Code Energy/Nuclear
  • $520,000 Oct 21, 2019 Issue: Clean Air and Water (quality) Fuel/Gas/Oil Energy/Nuclear Natural Resources Health Issues Trade (domestic/foreign) Taxation/Internal Revenue Code
  • $660,000 Jul 22, 2019 Issue: Real Estate/Land Use/Conservation Natural Resources Clean Air and Water (quality) Fuel/Gas/Oil Defense Energy/Nuclear Taxation/Internal Revenue Code
  • $2,510,000 Apr 22, 2019 Issue: Natural Resources Energy/Nuclear Taxation/Internal Revenue Code Fuel/Gas/Oil Clean Air and Water (quality) Real Estate/Land Use/Conservation
  • $1,140,000 Jan 21, 2019 Issue: Clean Air and Water (quality) Fuel/Gas/Oil Foreign Relations Trade (domestic/foreign) Natural Resources Energy/Nuclear Taxation/Internal Revenue Code
  • $330,000 Oct 22, 2018 Issue: Natural Resources Taxation/Internal Revenue Code Banking Environment/Superfund Fuel/Gas/Oil Clean Air and Water (quality) Trade (domestic/foreign)
  • $460,000 Jul 19, 2018 Issue: Natural Resources Clean Air and Water (quality) Environment/Superfund Taxation/Internal Revenue Code Marine/Maritime/Boating/Fisheries Trade (domestic/foreign) Energy/Nuclear Fuel/Gas/Oil
  • $1,150,000 Apr 20, 2018 Issue: Natural Resources Fuel/Gas/Oil Environment/Superfund Taxation/Internal Revenue Code Labor Issues/Antitrust/Workplace Energy/Nuclear Clean Air and Water (quality)
  • $740,000 Jan 22, 2018 Issue: Natural Resources Environment/Superfund Taxation/Internal Revenue Code Trade (domestic/foreign) Fuel/Gas/Oil Clean Air and Water (quality) Energy/Nuclear
  • $510,000 Oct 19, 2017 Issue: Clean Air and Water (quality) Fuel/Gas/Oil Trade (domestic/foreign) Environment/Superfund Energy/Nuclear Natural Resources Taxation/Internal Revenue Code
  • $970,000 Jul 20, 2017 Issue: Environment/Superfund Taxation/Internal Revenue Code Natural Resources Fuel/Gas/Oil Trade (domestic/foreign) Clean Air and Water (quality) Aviation/Airlines/Airports
  • $790,000 Apr 20, 2017 Issue: Natural Resources Fuel/Gas/Oil Government Issues Trade (domestic/foreign) Financial Institutions/Investments/Securities Taxation/Internal Revenue Code Environment/Superfund Clean Air and Water (quality)
  • $694,000 Jan 18, 2017 Issue: Taxation/Internal Revenue Code Indian/Native American Affairs Financial Institutions/Investments/Securities Environment/Superfund Fuel/Gas/Oil Natural Resources Manufacturing
  • $482,000 Oct 20, 2016 Issue: Natural Resources Manufacturing Environment/Superfund Fuel/Gas/Oil Indian/Native American Affairs Taxation/Internal Revenue Code Clean Air and Water (quality)
  • $500,000 Jul 20, 2016 Issue: Natural Resources Fuel/Gas/Oil Energy/Nuclear Environment/Superfund Taxation/Internal Revenue Code
  • $822,000 Apr 20, 2016 Issue: Natural Resources Fuel/Gas/Oil Taxation/Internal Revenue Code Energy/Nuclear Environment/Superfund
  • $1,230,750 Jan 20, 2016 Issue: Natural Resources Fuel/Gas/Oil Energy/Nuclear Environment/Superfund
  • $483,468 Oct 20, 2015 Issue: Energy/Nuclear Environment/Superfund Taxation/Internal Revenue Code Trade (domestic/foreign) Fuel/Gas/Oil Natural Resources
  • $418,400 Jul 16, 2015 Issue: Natural Resources Environment/Superfund Taxation/Internal Revenue Code Trade (domestic/foreign) Fuel/Gas/Oil Energy/Nuclear
  • $1,002,965 Apr 20, 2015 Issue: Fuel/Gas/Oil Energy/Nuclear Environment/Superfund Natural Resources Taxation/Internal Revenue Code Trade (domestic/foreign)
  • $1,416,650 Jan 20, 2015 Issue: Natural Resources Trade (domestic/foreign) Energy/Nuclear Financial Institutions/Investments/Securities Taxation/Internal Revenue Code Fuel/Gas/Oil
  • $809,345 Oct 20, 2014 Issue: Natural Resources Fuel/Gas/Oil Environment/Superfund Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Trade (domestic/foreign) Energy/Nuclear Foreign Relations
  • $829,370 Jul 18, 2014 Issue: Natural Resources Environment/Superfund Foreign Relations Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Energy/Nuclear Transportation Fuel/Gas/Oil Trade (domestic/foreign)
  • $914,475 Apr 21, 2014 Issue: Fuel/Gas/Oil Environment/Superfund Financial Institutions/Investments/Securities Transportation Taxation/Internal Revenue Code Energy/Nuclear Natural Resources Foreign Relations
  • $1,367,640 Jan 21, 2014 Issue: Natural Resources Fuel/Gas/Oil Energy/Nuclear Environment/Superfund Financial Institutions/Investments/Securities Foreign Relations Taxation/Internal Revenue Code
  • $908,963 Oct 21, 2013 Issue: Natural Resources Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Fuel/Gas/Oil Foreign Relations Environment/Superfund Labor Issues/Antitrust/Workplace
  • $902,050 Jul 22, 2013 Issue: Natural Resources Homeland Security Financial Institutions/Investments/Securities Taxation/Internal Revenue Code Environment/Superfund
  • $1,063,700 Apr 22, 2013 Issue: Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Trade (domestic/foreign) Marine/Maritime/Boating/Fisheries Environment/Superfund Fuel/Gas/Oil Natural Resources
  • $1,504,736 Jan 18, 2013 Issue: Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Trade (domestic/foreign) Fuel/Gas/Oil Natural Resources Real Estate/Land Use/Conservation Clean Air and Water (quality)
  • $454,000 Oct 22, 2012 Issue: Natural Resources Environment/Superfund Taxation/Internal Revenue Code Commodities (big ticket) Trade (domestic/foreign) Real Estate/Land Use/Conservation Fuel/Gas/Oil Marine/Maritime/Boating/Fisheries Financial Institutions/Investments/Securities Homeland Security Clean Air and Water (quality)
  • $875,000 Jul 20, 2012 Issue: Natural Resources Fuel/Gas/Oil Taxation/Internal Revenue Code Financial Institutions/Investments/Securities Homeland Security Trade (domestic/foreign) Clean Air and Water (quality) Real Estate/Land Use/Conservation
  • $1,030,000 Apr 23, 2012 Issue: Real Estate/Land Use/Conservation Natural Resources Transportation Fuel/Gas/Oil Taxation/Internal Revenue Code Environment/Superfund Financial Institutions/Investments/Securities Foreign Relations Budget/Appropriations Homeland Security Clean Air and Water (quality)
  • $4,423,000 Jan 20, 2012 Issue: Fuel/Gas/Oil Environment/Superfund Clean Air and Water (quality) Taxation/Internal Revenue Code Transportation Budget/Appropriations Foreign Relations Financial Institutions/Investments/Securities Homeland Security Marine/Maritime/Boating/Fisheries Energy/Nuclear
  • $5,566,388 Oct 20, 2011 Issue: Homeland Security Fuel/Gas/Oil Environment/Superfund Budget/Appropriations Marine/Maritime/Boating/Fisheries Taxation/Internal Revenue Code Clean Air and Water (quality) Foreign Relations Trade (domestic/foreign) Transportation Real Estate/Land Use/Conservation Financial Institutions/Investments/Securities
  • $4,338,992 Jul 20, 2011 Issue: Homeland Security Fuel/Gas/Oil Clean Air and Water (quality) Environment/Superfund Marine/Maritime/Boating/Fisheries Financial Institutions/Investments/Securities Transportation Taxation/Internal Revenue Code Foreign Relations
  • $6,228,663 Apr 20, 2011 Issue: Clean Air and Water (quality) Fuel/Gas/Oil Environment/Superfund Foreign Relations Transportation Homeland Security Chemicals/Chemical Industry Marine/Maritime/Boating/Fisheries Natural Resources Taxation/Internal Revenue Code Budget/Appropriations Financial Institutions/Investments/Securities
  • $2,822,575 Jan 20, 2011 Issue: Clean Air and Water (quality) Foreign Relations Taxation/Internal Revenue Code Transportation Financial Institutions/Investments/Securities Health Issues Environment/Superfund Marine/Maritime/Boating/Fisheries Fuel/Gas/Oil Energy/Nuclear
  • $4,871,827 Oct 20, 2010 Issue: Natural Resources Accounting Energy/Nuclear Clean Air and Water (quality) Taxation/Internal Revenue Code Marine/Maritime/Boating/Fisheries Environment/Superfund Homeland Security Trade (domestic/foreign) Financial Institutions/Investments/Securities
  • $5,523,002 Jul 20, 2010 Issue: Real Estate/Land Use/Conservation Natural Resources Environment/Superfund Financial Institutions/Investments/Securities Marine/Maritime/Boating/Fisheries Taxation/Internal Revenue Code Accounting Energy/Nuclear Trade (domestic/foreign) Homeland Security
  • $6,408,978 Apr 20, 2010 Issue: Real Estate/Land Use/Conservation Natural Resources Homeland Security Environment/Superfund Financial Institutions/Investments/Securities Clean Air and Water (quality) Trade (domestic/foreign) Energy/Nuclear Accounting Taxation/Internal Revenue Code Foreign Relations Marine/Maritime/Boating/Fisheries
  • $4,687,779 Jan 20, 2010 Issue: Natural Resources Fuel/Gas/Oil Financial Institutions/Investments/Securities Homeland Security Foreign Relations Environment/Superfund Taxation/Internal Revenue Code Accounting Energy/Nuclear
  • $3,951,151 Oct 20, 2009 Issue: Natural Resources Financial Institutions/Investments/Securities Homeland Security Fuel/Gas/Oil Foreign Relations Health Issues Taxation/Internal Revenue Code Environment/Superfund Trade (domestic/foreign)
  • $3,269,993 Jul 20, 2009 Issue: Fuel/Gas/Oil Foreign Relations Taxation/Internal Revenue Code Energy/Nuclear Environment/Superfund Trade (domestic/foreign) Accounting Health Issues Natural Resources Real Estate/Land Use/Conservation
  • $5,980,935 Apr 20, 2009 Issue: Natural Resources Energy/Nuclear Environment/Superfund Accounting Trade (domestic/foreign) Transportation Foreign Relations Taxation/Internal Revenue Code Health Issues Real Estate/Land Use/Conservation Fuel/Gas/Oil
  • $2,469,234 Jan 21, 2009 Issue: Environment/Superfund Natural Resources Energy/Nuclear Labor Issues/Antitrust/Workplace Foreign Relations Transportation Taxation/Internal Revenue Code
  • $1,553,618 Oct 17, 2008 Issue: Energy/Nuclear Environment/Superfund Natural Resources Foreign Relations Civil Rights/Civil Liberties Transportation Taxation/Internal Revenue Code
  • $1,652,679 Jul 16, 2008 Issue: Natural Resources Energy/Nuclear Environment/Superfund Foreign Relations Transportation Trade (domestic/foreign)
  • $2,783,522 Apr 15, 2008 Issue: Environment/Superfund Foreign Relations Trade (domestic/foreign) Transportation Energy/Nuclear Natural Resources
  • $1,847,086 Jan 10, 2008 Issue: Natural Resources Energy/Nuclear Foreign Relations Environment/Superfund Trade (domestic/foreign) Transportation
  • $2,242,482 Aug 13, 2007 Issue: Natural Resources Energy/Nuclear Foreign Relations Transportation Trade (domestic/foreign) Taxation/Internal Revenue Code Environment/Superfund
  • $1,918,291 Feb 12, 2007 Issue: Natural Resources Energy/Nuclear Foreign Relations Transportation Fuel/Gas/Oil Trade (domestic/foreign) Indian/Native American Affairs Environment/Superfund
  • $100,000 Aug 10, 2006 Issue: Clean Air and Water (quality) Taxation/Internal Revenue Code
  • $2,089,872 Feb 08, 2006 Issue: Transportation Taxation/Internal Revenue Code Foreign Relations Environment/Superfund Energy/Nuclear Torts Natural Resources
  • $3,008,212 Aug 11, 2005 Issue: Trade (domestic/foreign) Transportation Foreign Relations Marine/Maritime/Boating/Fisheries Environment/Superfund Energy/Nuclear Fuel/Gas/Oil Homeland Security Torts Science/Technology Natural Resources
  • $1,463,018 Feb 10, 2005 Issue: Trade (domestic/foreign) Transportation Retirement Foreign Relations Marine/Maritime/Boating/Fisheries Environment/Superfund Energy/Nuclear Torts Clean Air and Water (quality) Natural Resources
  • $1,207,420 Aug 04, 2004 Issue: Natural Resources Clean Air and Water (quality) Homeland Security Energy/Nuclear Trade (domestic/foreign) Transportation Taxation/Internal Revenue Code Foreign Relations Marine/Maritime/Boating/Fisheries Budget/Appropriations Environment/Superfund
  • $700,000 Feb 09, 2004 Issue: Trade (domestic/foreign) Transportation Taxation/Internal Revenue Code Foreign Relations Marine/Maritime/Boating/Fisheries Environment/Superfund Energy/Nuclear Fuel/Gas/Oil Science/Technology Natural Resources
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Quiver LogoOur Analysis
Posted: 5 months, 3 weeks ago // March 29, 2023 3:36 p.m. UTC
Lawmakers are Betting on an Alaskan Energy Comeback

In recent months, lawmakers from both parties have been an unusually high amount of Conoco Phillips (COP) shares. These lawmakers include Michael McCaul, Josh Gottheimer, and Lois Frankel. These purchases come as lawmakers trimmed their exposure to the sector in recent months, as oil & gas prices continue to tread water well below their summer 2022 highs.

This buying activity comes as The Biden Administration approved Conoco Phillips's move ahead with The Willow Project earlier this month. The Willow Project is a $6 billion oil and gas program located on Alaska's north slope. While Conoco Phillips originally got approval for the project from The Trump Administration, however, this was blocked by a federal judge in 2021, citing environmental concerns, resulting in a 2-year legal battle.

It's worth noting that Alaskan oil production is at it's lowest level in more than 40 years, as most major companies have reduced or abandoned their projects in the state due to challenging conditions and environmental pushback,

However, the project's approval came with a contingency: Conoco may only move ahead with three drill pads rather than the five drill pads initially planned. This ruling appears to be a significant blow to Conoco when considering that each drill pad typically contains 50 oil wells. Therefore, reducing the number to just three drill pads equates to 100 fewer oil wells, cutting Conoco's ambitious plans for the north slope appears to be cut by 40%.

As a result, investors appear to Conoco Phillips shares have slipped in recent weeks, dropping 10% since the decision. However, mischaracterization of the situation might present an investment opportunity.

In the 1970s, a typical drill pad had an above-ground footprint of 65 acres and an accessible drilling area underground of just 3 square miles. However, modern drilling technology has improved substantially. Today a drill pad requires just 12 acres of land and has an accessible drilling area of 154 square miles underground:

Because of this, Conoco will still be able to access the oil and gas underneath the drill pads that they had to relinquish, despite being unable to access the ground above it.

Furthermore, while headlines suggest that The Willow Project could produce up to 600 million barrels of oil over its 30-year timeline, some sources indicate the number is far larger. In a conference call in 2021, Conoco’s head of Global Operations stated that they identified more than 3 billion barrels of oil nearby that they could extract at the cost of approximately $35 a barrel. Assuming an average sale price of $60 a barrel, this results in $75 billion in free cash flow over the next 30 years. If we forecast with a more conservative $ 50-a-barrel sale price, that number is $45 billion.

For these reasons, The Willow Project remains a potential major catalyst for Conoco, which remains one of the few major oil and gas companies operating in northern Alaska. At the same time, Russia continues to invest billions into numerous oil and gas projects in the Arctic. While it's yet to be seen how this project plays out, lawmakers appear to be enthusiastic about the company as they continue to buy shares hand over fist.

Disclosure: The content is for informational purposes only; you should not construe any such information as investment, financial, or other advice. I/We have no business relationship with any company whose stock is mentioned in this article.

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