NEWS BULLETIN

November 19, 2019 --- Vol. 25, No.49November 2019

Alaska a significant part of ConocoPhillips 10-year plan

Alaska results and plans unveiled at ConocoPhillips' analyst and investor meeting this morning were provided by Michael Hatfield, president, Alaska, Canada & Europe, who said drilling results at Narwhal and Willow are proving "bigger and better" than expected.

Alaska highlights from the presentation, which laid out a 10-year company-wide plan for ConocoPhillips, were as follows:

--In 2020-21 ConocoPhillips will sell a 25% interest in its 100% owned western North Slope assets to partner "consistent with the company's historical practice of not funding major-project expenditures at 100 percent."

--Over a 10-year period, ConocoPhillips expects to invest $15 billion in Alaska projects, with an additional $15 billion for operating.

--As a result of the developments the company has in the works, including Greater Mooses Tooth-2, Nuna, Narwhal, Eastern NEWS and Willow, throughput though the trans-Alaska pipeline system, or TAPS, will increase.

--The long-term flow test on the 2019 Narwhal horizontal well drilled this past year exceeded expectations with an initial peak test rate of 4,500 barrels of oil per day.

--The six 2019 Willow appraisal wells and tests also exceeded expectations at an average of 2,500 bpd.

--Largest ever exploration and appraisal North Slope drilling season is planned for this coming winter, with one horizontal injector to be drilled in fourth quarter 2019 at Narwhal to confirm reservoir connectivity, and four wells at Willow to define range on potential resource and optimize drilling pad locations, and three exploration wells at the undrilled Harpoon prospect in high-potential Brookian topset targets with stacked plays.

--75% of ConocoPhillips' exploration acreage is undrilled - map in upcoming Petroleum News story that goes online Friday, will show 12 already identified undrilled prospects and Harpoon, southwest of Willow.

--ConocoPhillips' Alaska production is normally 95% oil.

--The estimated ultimate recovery, or EUR, at Willow was increased by this past winter's drilling by 450-800 million barrels of oil equivalent gross - Narwhal's single well upper its EUR by 150-400 million boe.

--There will be "several incremental projects at Prudhoe Bay" which will be executed in the "near future."

- KAY CASHMAN

See story in Nov. 24 issue, available Friday, Nov. 22 at www.PetroleumNews.com.

For information on PN's news bulletin service, call 907-522-9469.

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