MAAT INDEX

CLAIM #16320 · ConocoPhillips (COP) · 2024Q1 earnings call · May 2, 2024 · due Dec 31, 2024

We still expect to be in the range of $1.5 billion here for 2024 and the progress that we're making here this year gives us confidence to keep our estimate on total capital to first production as being remaining unchanged. So we're still in that $7 billion to $7.5 billion range.

Kirk Johnson · SVP Global Operations

PENDING
graded after results covering Dec 31, 2024 are reported

In context

nson: Devin, this is Kirk. Yes. So we had a really strong start to project execution here on Willow this year. We were actively closing out here this week actually, our first major winter construction season on the North Slope where we were able to successfully mobilize over 1,200 workers and were able to successfully build out 7 miles of gravel road, 30 miles of gravel pads, 30 acres of gravel pads for future facilities. And we've successfully constructed all of the pipelines that we planned for this winter season. Certainly, in addition, module fabrication has continued to progress really well here this winter and this spring. And we're expecting to be ready to transport the first of those modules to the North Slope here on schedule here midyear, which is the Willow operations center. We still expect to be in the range of $1.5 billion here for 2024 and the progress that we're making here this year gives us confidence to keep our estimate on total capital to first production as being remaining unchanged. So we're still in that $7 billion to $7.5 billion range. And again, that's underpinned not just by the progress that we're making here on construction here this year, both on the North Slope and our offsite module fabrication. But we continue to make some really strong progress on our contractual scope. We've landed 3/4 of our total project scope here to date, and we have an expectation that we could be upwards of 90% of our total scope contractor here by year-end. And so as we look forward here for the remainder of the year, obviously, we're going to continue off-site module fabrication for production facilities, and then we'll continue to ramp up both procurement and certainly prepare for the follow-on winter construction season. So again, great progress here on the Willow project this year and putting us in a really strong position. We do

Verify independently

SEC filings for COP · Claim quote is verbatim from the 2024Q1 earnings call.