ConocoPhillips has signed a $300 million deal to acquire some of Chevron’s last oil assets in Alaska, bucking a trend of companies snubbing the state’s North Slope.
The move entrenches Conoco’s long-term position in northern Alaska, which includes its $8 billion Willow project that President Joe Biden approved over the protests of climate activists last year.
“This transaction once again demonstrates our investment in the state,” ConocoPhillips Alaska President Erec Isaacson said in a statement, touting a “sustained commitment to Alaska for more than 50 years.”
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Alaska is heavily dependent on the oil sector, and its residents receive annual dividends from industry revenue.
