Latest news with #WillowProject
E&E News
a day ago
- Business
- E&E News
9th Circuit allows Willow project to proceed but gives the agency homework
A federal appeals court is largely upholding the Interior Department's approval of ConocoPhillips' massive Willow project in Alaska's National Petroleum Reserve, even as it ordered some supplemental environmental reviews. In a 2-1 decision, a panel on the 9th U.S. Circuit Court of Appeals found Interior's Bureau of Land Management failed to fully explain its rationale for selecting a scaled-back project design that included three drilling areas in the remote Arctic region. 'BLM's lone error is at heart a procedural, not a substantive violation,' said Judge Ryan Nelson, a Trump appointee, writing the majority opinion for the court in the consolidated case. Advertisement 'And while some procedural errors could be 'serious,'' Nelson continued, 'this one is not.'
The Independent
a day ago
- Business
- The Independent
US appeals court refuses to vacate Biden approval of Alaska's Willow oil project
A federal appeals court panel on Friday refused to vacate the approval of the massive Willow oil project on Alaska's petroleum-rich North Slope though it found flaws in how the approval was reached. The decision from a panel of the 9th U.S. Circuit Court of Appeals comes in a long-running dispute over the project, most recently greenlit in March 2023 by then-President Joe Biden's administration and under development in the National Petroleum Reserve-Alaska by ConocoPhillips Alaska. The court's majority opinion found what it called a procedural error — but not a serious or substantive one — by the U.S. Bureau of Land Management as part of the analysis in approving Willow. The court sent the matter back to the agency for additional work. The majority determined that vacating the project's approval would be unwarranted and its consequences severe, though Judge Gabriel P. Sanchez dissented on that point. A prior version of the project approved late in President Donald Trump 's first term was overturned in 2021, leading to the environmental review process completed under Biden that drew the latest legal challenges from environmentalists and a grassroots Iñupiat group. Alaska's Republican governor and its congressional delegation and state Legislature have backed Willow. The project also has broad support among Alaska Native leaders on the North Slope and groups with ties to the region who see Willow as economically vital for their communities. But critics cast the project as being at odds with Biden's pledges to combat climate change and raised concerns that it would drive further industrialization in the region. Trump expressed support for additional drilling in the reserve as part of a broader, Alaska-specific executive order he signed upon his return to office aimed at boosting oil and gas drilling, mining and logging in the state. During the cold-weather seasons, ConocoPhillips Alaska has worked to build infrastructure such as new gravel roads, bridges and pipelines at the project site, and it has laid out a timeline for producing first oil in 2029. In a statement Friday, the company said it welcomed the ruling and looked forward to 'continuing the responsible development of Willow.' J. Elizabeth Peace, a spokesperson with the U.S. Department of the Interior, said the agency doesn't comment on litigation. The Bureau of Land Management falls under Interior. The appeals panel ruling comes more than a year after it heard arguments in the case. Environmental groups and the grassroots Sovereign Iñupiat for a Living Arctic had appealed a lower-court ruling that upheld Willow's approval. Attorneys representing the groups on Friday were evaluating next steps. Arguments before the appeals court panel focused largely on claims the land management agency did not consider a 'reasonable' range of alternatives in its environmental review, as well as the groups' contention the agency had limited its consideration of alternatives to those that allowed for full-field development of the project. Attorneys for ConocoPhillips Alaska argued the leases in the company's Bear Tooth Unit in the northeast part of the petroleum reserve are in areas open to leasing and surface development — and that the agency committed the unit to development in issuing leases there over a number of years. Willow is in the unit. Friday's ruling said the agency during the environmental review process took a stance that it needed to screen out alternatives that stranded an economically viable quantity of oil but then never explained whether the pared-back plan it ultimately approved satisfied the full-field development standard. The agency 'framed its environmental review based on the full field development standard and had a rational explanation for doing so,' the ruling states. 'But that does not permit BLM to potentially deviate from the standard without explanation.' ConocoPhillips Alaska had proposed five drilling sites for Willow but the Bureau of Land Management approved three, which it said would include up to 199 total wells. Erik Grafe, an attorney with Earthjustice who represented some of the groups that challenged Willow, saw the ruling as a partial victory. 'They found a fundamental flaw that led them to conclude that the BLM acted arbitrarily in approving the Willow project and have sent that back to the agency to reconsider in a non-arbitrary way and make a new decision,' he said.
Washington Post
a day ago
- Business
- Washington Post
US appeals court refuses to overturn Biden approval of Alaska's Willow oil project
JUNEAU, Alaska — A federal appeals court panel on Friday refused to overturn the approval of the massive Willow oil project on Alaska's petroleum-rich North Slope. The decision from a panel of the 9th U.S. Circuit Court of Appeals comes in a long-running dispute over the project, which was greenlit in March 2023 by then-President Joe Biden's administration and is being developed in the National Petroleum Reserve-Alaska by ConocoPhillips Alaska.
Associated Press
a day ago
- Business
- Associated Press
US appeals court refuses to overturn Biden approval of Alaska's Willow oil project
JUNEAU, Alaska (AP) — A federal appeals court panel on Friday refused to overturn the approval of the massive Willow oil project on Alaska's petroleum-rich North Slope. The decision from a panel of the 9th U.S. Circuit Court of Appeals comes in a long-running dispute over the project, which was greenlit in March 2023 by then-President Joe Biden's administration and is being developed in the National Petroleum Reserve-Alaska by ConocoPhillips Alaska. The court's majority opinion found what it called a procedural but not substantive error by the U.S. Bureau of Land Management as part of the analysis in approving Willow. The majority determined that overturning the project's approval would be unwarranted and its consequences severe. During the cold-weather seasons, ConocoPhillips Alaska has worked to build infrastructure such as new gravel roads, bridges and pipelines at the project site. The ruling comes more than a year after the appeals court panel heard arguments in the case. Environmentalists and a grassroots Iñupiat group had appealed a lower-court ruling that upheld Willow's approval. Alaska's Republican governor and members of its congressional delegation and state Legislature have backed Willow. The project also has broad support among Alaska Native leaders on the North Slope and groups with ties to the region who see Willow as economically vital for their communities. J. Elizabeth Peace, a spokesperson with the U.S. Department of the Interior, said the agency doesn't comment on litigation. The Bureau of Land Management falls under the Interior. Messages seeking comment were left with ConocoPhillips Alaska and environmental groups.
Yahoo
08-05-2025
- Business
- Yahoo
ConocoPhillips (NYSE:COP) Announces CFO Change And Robust Q1 Earnings With US$2.8 Billion Net Income
ConocoPhillips recently announced executive changes with the retirement of long-serving CFO Bill Bullock and his succession by Andy O'Brien, coinciding with notable Q1 earnings growth and a dividend declaration. Over the past month, ConocoPhillips experienced a 2% price increase. This movement aligns with broader market trends and may have been bolstered by positive earnings results and the affirmed robust dividend. Meanwhile, the U.S. market witnessed a surge due to a trade deal between the U.S. and U.K., adding weight to the risk asset rally. The market overall climbed 1.2% in the last week, reflecting investor optimism in the current economic climate. ConocoPhillips has 1 risk we think you should know about. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. The recent executive changes at ConocoPhillips, centered around the CFO transition, alongside Q1 earnings growth and a strong dividend declaration, could impact the company's operational efficiency narrative. A strong management team might bolster investor confidence, potentially influencing revenue forecasts and earnings projections positively. The company anticipates achieving efficiency gains and leveraging upcoming projects like Willow and Port Arthur to enhance operational goals and shareholder returns. Over the last five years, ConocoPhillips has delivered a total shareholder return of 162.32%, showcasing resilience and growth. When viewed against the shorter-term performance, the company underperformed the US market last year, which returned 7.7%. However, it's important to take a longer view where ConocoPhillips has shown strong cumulative growth compared to the last year's unfavorable comparisons. Despite recent positive share price movement, ConocoPhillips's current price at US$87.63 remains about 25.4% below the consensus analyst price target of US$117.47. This suggests a potential for further appreciation if forecasted earnings, supported by new projects and potential acquisition synergies, materialize. Analysts are cautious, given potential disruptions from geopolitical tensions and volatile commodity prices, which could impact projected revenue and earnings growth. Nonetheless, with strong cash flow supporting dividends and buybacks, there is a robust basis for expected shareholder returns. Examine ConocoPhillips' earnings growth report to understand how analysts expect it to perform. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:COP. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
