COP - 2Q26 Preview; Strong Operational Progress Continues

Research evidence excerpt

COP - 2Q26 Preview; Strong Operational Progress Continues

in the recent $163.7MM NPR-A lease sale. The 2026 Winter Exploration Program consisted

of four exploration and appraisal wells, three of which are located in the Bear Tooth Unit and one in the Greater Mooses Tooth Unit.

Despite the Rig D26 incident, there was no impact to its exploration schedule or development timeline and first oil remains on track

for early 2029. Recall, the company backfilled the D26 scope using one of its other active rigs operating in nearby units and Willow's

specific pre-drill program isn't scheduled to begin until 2027. We note that peak production at Willow is expected to reach 180kbd with

cumulative oil recoveries of 600 MMBbls, though given historical track record at Alpine and Kuparuk (2bn-6bn Bbls vs. 1.6bn Bbls initially

estimated) we believe recoveries will likely be biased higher. Stay tuned. Also during the quarter, COP signed a 30-year agreement

to supply natural gas for Phase One of the Alaska LNG project. As a result of the agreement, Alaska LNG now has enough volumes

to support FID for Phase One of the project.

European gas project get approval. In May Norway's energy ministry approved development and operating plans for the Previously

Produced Fields (PPF) project in the Greater Ekofisk area, which is a joint redevelopment of the Albuskjell, Vest Ekofisk, and Tommeliten

Gamma fields. COP and its partners expect to invest ~$2.16Bn to bring the three fields back online, which were shut down in 2019. COP

holds a 35.1% stake in Albuskjell and Vest Ekofisk, and 28.3% stake in Tommeliten Gamma. First gas production is expected to start in

4Q28, while the entire project is expected to deliver 90-120 MMboe in recoverable gas and condensate.

Other details to look for on the call.