This Top Oil Stock Expects an Unlikely Source to Help It Double Its Free Cash Flow by 2029.
ConocoPhillips is looking north for its next big exploration opportunity.
This Top Oil Stock Expects an Unlikely Source to Help It Double Its Free Cash Flow by 2029.
Overview
Forget about the Permian Basin, Guyana, or other oil-rich regions that integrated oil and gas companies have been actively exploring in recent years. Oil and gas giant ConocoPhillips (NYSE: COP) is setting its sights north, far north, to Alaska's North Slope.
While Alaska has been a major oil exploration spot for decades, ConocoPhillips is not pouncing on some run-of-the-mill opportunity. Instead, the company has made this multibillion-dollar project a key component of its cash flow growth strategy.
Details
If successful, this project, known as Willow, could produce billions in incremental cash flow by 2029. Coupled with other efforts, this dramatic surge in profitability could bode well for ConocoPhillips, one of the most widely followed oil stocks.
Source
Originally published at www.fool.com.
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