Key PointsWhile 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…