A controversial Alaska oil project has edged a step closer to approval after the Biden administration indicated support for a slimmed down version of the drilling venture, sparking the ire of environmental groups. The Bureau of Land Management released a final environmental study for the $8bn Willow project on Wednesday that recommended cutting the scope to three drilling sites from the five initially proposed by its developer, the oil company ConocoPhillips. The storm surrounding Willow’s approval has underlined the dilemmas facing president Joe Biden, who has pursued an aggressive climate agenda while demanding oil companies increase production to ease fuel prices for consumers.
(Reuters) -President Joe Biden's administration said on Wednesday it would support a scaled-back version of ConocoPhillips' planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal. The Willow project's fate is being closely watched by both the oil and gas industry and environmental groups as Biden seeks to balance his goal of fighting climate change with calls to increase domestic fuel supplies to keep prices down.
ConocoPhillips (COP) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.