Willow ConocoPhillips has been leading the search for energy in Alaska since 1952. As Alaska’s largest oil producer, we are committed to responsibly developing Alaska’s resources, providing economic opportunity for Alaskans, operating at the highest standards of safety and environmental stewardship, and serving as good neighbors in our communities.

October 2020

Accountability & Performance

Unwavering 50-year history Alaska’s leading Health and 218,000 barrels More than 1,100 One of commitment in Alaska oil producer Safety excellence of oil per day directly employed Alaska’s largest to the environment and explorer in 2019 in Alaska investors

Project Description ConocoPhillips announced a significant new oil discovery The company has 100 percent interest in approximately named Willow in January 2017. Willow is in the Bear Tooth 1.2 million acres of exploration and development lands in Unit in the northeast portion of the National Petroleum the area, including the Willow Discovery. Reserve-Alaska (NPR-A). The original Willow discovery wells, Tinmiaq 2 and 6, were drilled on federal leases in early The BLM completed public scoping in late September 2016. The $4 billion to $6 billion in invested capital for the 2018 and commenced drafting the Environmental Impact project could create more than 2,000 construction jobs Statement (EIS) for Willow. The EIS was conducted under and 300 permanent jobs and put more flow into the Trans- the existing Integrated Activity Plan (IAP) completed in Alaska Pipeline. The U.S. Bureau of Land Management (BLM) 2013, which sets out requirements for development in the estimates that Willow could generate more than $10 billion National Petroleum Reserve-Alaska (NPR-A). The Willow Draft dollars in federal, state, and North Slope Borough revenue. Environmental Impact Statement (DEIS) for the Willow Master Development Plan (MDP) was published on Aug. 23, 2019. After successful exploration and appraisal seasons in the Greater Willow Area, ConocoPhillips Alaska released the The BLM published the Willow FINAL Environmental Impact resource estimate of 450 million to 800 million barrels of oil Statement (FEIS) for the Willow MDP on Aug. 14, 2020 and equivalent (MMBOE) in late 2019. A project the size and scale issued the Record of Decision on October 27, 2020. of Willow hasn’t been developed on the North Slope since Alpine in the late 90s. The investment and benefits to be realized from the Willow project are significant.

The company has proposed a new stand-alone production facility to develop the resource in the Greater Willow Area. Willow is estimated to produce in excess of 100,000 BOPD, with the processing capacity to produce up to 200,000 BOPD. Currently, first oil is planned for 2026. Willow - continued -

Development Concept Module Transportation: the Ocean Point Crossing Willow Location: Approximately 30 air miles from is now the preferred sealift module delivery the Alpine Central Facility and approximately a option. Heavier modules would first arrive at the 36-mile road route from Nuiqsut. Oliktok Dock, east of the Colville River, then use Willow Scope: A Central Processing Facility with existing gravel roads and land-based ice roads up to five drill sites, separate camp and shops pad. for transporting modules to the site of the Willow Pipelines linking to existing Alpine infrastructure/ Central Facility (WCF). corridors. Seawater Source: Kuparuk Seawater Treatment Plant. New pipeline would be required from Kuparuk to Willow along existing and proposed corridors. Key Facts • Jobs created: Potential for hundreds of direct jobs, thousands of construction jobs • Cost to develop: Approximately $2 billion-$3 billion • Cumulative drilling capital over multiple years: Additional $2 billion to $3 billion • Peak production: In excess of 100,000 BOPD (gross) • First oil: Estimated 2026 • Royalty Sharing: Half of the federal royalty will be shared with the state of Alaska to be used to address potential needs of North Slope communities • Revenue: BLM estimates for Willow include taxes and revenue of $1.7 billion to the state of Alaska, $1.9 billion to the North Slope Borough, $4.4 billion to the Federal Government, and an additional $2.5 billion to impacted communities through NPR-A Impact Mitigation Grants, for a total of over $10 billion in public revenue over the life of the project.

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0 5 Miles N a t i o n a l P etroleum R e s e r v e – Alaska

³ February 17, 2020 Document Name: Willow_Option3.mxd

ConocoPhillips Alaska • Media & Advertising • PO Box 100360 • Anchorage, AK 99510 • 907-263-4153