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ConocoPhillips Alaska Reports $416M in Q1 Earnings

May 9, 2023 | News, Oil & Gas

ConocoPhillips tower.

Alaska Business

ConocoPhillips Alaska reported net income of $416 million in the first quarter of 2023.

Committed to Investment 

During the quarter, ConocoPhillips Alaska incurred an estimated $464 million in taxes and royalties, which includes $320 million to the State of Alaska and $144 million to the federal government.

Additionally, in the first quarter of 2023, ConocoPhillips Alaska invested $406 million in capital in the State.

“ConocoPhillips Alaska spent $1.1 billion in 2022, and in 2023 is projected to increase capital spend as the Willow project has commenced construction,” says Erec Isaacson, president of ConocoPhillips Alaska. “We remain committed to investing in projects on the North Slope that will deliver new barrels and contribute significantly to the state’s economy through job growth and revenue generation.”

For all of 2022, the company reported in February that its net income in Alaska was $2.4 billion. ConocoPhillips Alaska incurred an estimated $3 billion in taxes and royalties in 2022.

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At the time, Isaacson said, “Over the last three years of oil price volatility, ConocoPhillips Alaska has incurred $4.8 billion in taxes and royalties, while still investing $3.1 billion in capital in the state since January 1, 2020. Our net income was $3 billion during that same time.”

The first-quarter earnings statement ended, in typical fashion, by noting that ConocoPhillips Alaska has incurred more than $43 billion in taxes and royalties to the State of Alaska and the federal government since 2007. Of that amount, about $33 billion went directly to the state. In that same period, ConocoPhillips Alaska’s earnings were approximately $25 billion.

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