This Top Oil Stock Expects an Unlikely Source to Help It Double Its Free Cash Flow by 2029.

While other oil and gas companies stay focused on oil-rich regions like the Permian basin, ConocoPhillips is betting big on Alaska's North Slope.

The company's $9 billion Willow project may be three years away from coming online, but once it hits the production stage, it could produce $4 billion in incremental annual cash flow for the company.

Combine this with the $3 billion in additional annual cash flow ConocoPhillips anticipates from cost-cutting measures, and this stock appears well-positioned to benefit from both price appreciation and dividend growth.

Forget about the Permian Basin, Guyana, or other oil-rich regions that integrated oil and gas companies have been actively exploring in recent years. Oil and gas giant ConocoPhillips (NYSE: COP) is setting its sights north, far north, to Alaska's North Slope.

While Alaska has been a major oil exploration spot for decades, ConocoPhillips is not pouncing on some run-of-the-mill opportunity. Instead, the company has made this multibillion-dollar project a key component of its cash flow growth strategy.

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If successful, this project, known as Willow, could produce billions in incremental cash flow by 2029. Coupled with other efforts, this dramatic surge in profitability could bode well for ConocoPhillips, one of the most widely followed oil stocks .

Expected to cost up to $9 billion, ConocoPhillips' Willow project is the largest Alaskan North Slope energy exploration project in more than 20 years. While the price tag may seem hefty, the potential upside in crude oil production could be substantial. Company forecasts call for peak production of 180,000 barrels per day, with the site ultimately producing over 600 million barrels of recoverable oil.