ConocoPhillips Willow FCF Terminal D3 v7 SEN-TEST

Alaska Willow Project Free Cash Flow Stress Test vs $7.0B CEO Target Pledge

$7B Pledge Status FULFILLED

Completion Target 2032 (Yr 4)

10-Yr Cum. Cash $11.45B

Cumulative Cash Flow Trajectory vs $7.0B Pledge Baseline

$7B Pledge Line Free Cash Flow

Model Parameters

Brent Crude Oil Price $75 / bbl

Total Capex $8.0 B

Opex per Barrel $18 / bbl

Peak Production 180,000 bpd

First Oil Start Year 2029

Breakeven Brent Price $48.20 / bbl

10-Yr Royalty/Tax to AK $3.82 B

Annual Willow Financial Schedule ($ Millions USD)

Year	Prod (bpd)	Gross Rev ($M)	AK Taxes/Roy ($M)	Opex ($M)	Capex ($M)	Net FCF ($M)	Cum. FCF ($M)

Active Model Target: $7.00B Pledge

Status: Pledge Satisfied in 2032

10-Year Net Cash Flow: $11,450M