ConocoPhillips achieves first oil at 12,000-bpd Coyote 3SX project in Alaska

Aker BP ASA agreed to acquire stakes in the Losgann and Slagugle oil discoveries from Apache and ConocoPhillips, respectively. The deals aim to consolidate operations and maximize value. Aker BP also increased its stake in the Johan Sverdrup field to 31.7163%, paying around $32 million. The company expects these transactions to align with its strategy of infrastructure-led development.

ConocoPhillips said it has started production at the Coyote 3SX project on Alaska’s North Slope, expected to add up to 12,000 bpd gross. The project cost about $800 million and was completed ahead of schedule and under budget. Output will flow to the Trans-Alaska Pipeline System. ConocoPhillips also cited Alaska investment of about $1 billion annually and noted Willow’s 2029 target capacity of 180,000 bpd.

ConocoPhillips (NYSE:COP) reported Q2 2026 results on Aug. 6, with adjusted earnings up 122% YoY, production above the top of guidance, and a record. The company targets returning 45% of CFO to shareholders and aims to grow free cash flow by $7 billion by 2029, supported by its Alaska Willow project. CEO Ryan Lance steps down Aug. 10, replaced by CFO Andy O’Brien.

ConocoPhillips reported Q2 2026 adjusted EPS of $3.24 versus $1.42 a year earlier, with cash from operations of $7.2 billion and free cash flow of $4.2 billion. Production averaged 2.248 million boe/d, including record Permian output. The company guided Q3 production to 2.29-2.32 million boe/d and expects $7 billion free cash flow by 2029, while planning $3 billion quarterly capex.

ConocoPhillips Alaska said the Coyote 3SX development in the Kuparuk River Unit on Alaska’s North Slope has reached first oil. The $800 million project was sanctioned in Oct. 2025 and construction started in early 2026, including a pad expansion, 20+ miles of pipeline, and 19 wells. Peak output is expected at 12,000 b/d gross.

Noble Corporation said ConocoPhillips awarded it a contract for the 2014-built Noble Interceptor to perform plug and abandonment wells in the Greater Ekofisk Area. Work is expected to start in Q3 2027 for about 670 days. Noble also noted the rig will support Aker BP in Norway from Sep 2026 to Feb 2027, with a $38.7m accommodation scope plus up to 90 option days.