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Big Alaskan Gains for ConocoPhillips

Morning Headlamp, October 28, 2016


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Must be something in the water. According to recent earnings report, ConocoPhillips saw losses around the globe but saw big gains in Alaska. ConocoPhillips reported earnings of $65 million in Alaska in the third quarter of 2016 compared to an $826 million loss globally, according to a report of financial performance filed with federal securities regulators Thursday. With oil and gas prices mired in a long-term slump, the Houston-based oil company also reported adjusted quarterly income on its operations in the Asian Pacific and Middle East, taking in $87 million, and in Europe and North Africa of $3 million. The company is still paying millions of dollars in taxes and royalties to the state, said Natalie Lowman, communications director for ConocoPhillips Alaska, pointed out. During the quarter, ConocoPhillips incurred obligations of $113 million in taxes and royalties to Alaska, she said. Year-to-date taxes and royalties due to Alaska is estimated at $321 million.

 

In the quarterly report to the U.S. Securities and Exchange Commission, the company highlighted accomplishments at the new field, built on Native corporation land within the boundaries of the giant federal reserve. "An Alaskan state drilling depth record was achieved at CD5, which continues to perform well," the company said, referring to a well that extended 5 miles and daily oil production of 20,000 barrels that topped estimates of 16,000 barrels.

 

Anchorage lawyer Jonathan Katchen penned an op-ed in the Alaska Dispatch News addressing the state's financial issues. Specifically, Katchen argues that putting more oil in the Trans-Alaska Pipeline should be a principal objective if Alaska is to get back on track fiscally. According to Katchen, "Walker's inability to develop policies that will result in additional production is odd given that more oil through TAPs means more funding for our schools, first responders and social service agencies. More oil would also bolster the Permanent Fund, provide good paying jobs, and pump billions of dollars into the Alaska economy."

 

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First Reads

ConocoPhillips reports large global loss but income in Alaska
Alaska Dispatch News, Alex DeMarban, October 27, 2016

Part of Alaska's fiscal solution is to fill the pipeline
Alaska Dispatch News, Jonathan Katchen, October 27, 2016

US Crude Oil Production: Bullish or Bearish for Crude Oil Prices?
Market Realist, Gordon Kristopher, October 27, 2016

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