Congratulations, Conoco.

ConocoPhillips Alaska profits outpace Lower 48, Canada, Latin America, and Europe – Combined

Senator Bill Wielechowski (D – Anchorage) applauded ConocoPhillips on another quarter in which profits from Alaska operations exceeded a half of a billion dollars.

“After spending three months in Juneau listening to complaints about the competitive disadvantage of doing business in Alaska, public records once again indicate near record profits from Alaska operations,” said Senator Wielechowski.

ConocoPhillips financial statements released today indicate 1st quarter profits in Alaska of $543 million. Adjusted earnings in Alaska exceeded those in the Lower 48, Canada, Latin America, and Europe combined. Capital expenditures in Alaska increased 13% to $262 million.

A non-partisan Legislative Research Report showed Alaska’s profits per barrel continued to remain among the highest in the world, at $27.99 per barrel, much higher than the $17.80 total global average profit per barrel, and over eight times the $3.15 Lower 48 profit per barrel

“Unfortunately, despite mountains of evidence and statements from oil executives that the tax changes in SB 21 would not induce significant new investments, the Governor and Legislature pushed through their faith-based oil tax changes. A citizen’s referendum to ‘Stop the Giveaway’ is already underway to restore a fair tax system with equitable returns for industry and Alaskans,” stated Senator Wielechowski.

To view ConocoPhillips earnings report and the Legislative Research analysis click below:
http://alaskasenatedems.com/docs/042513_13Q1_Supplemental.pdf
http://alaskasenatedems.com/docs/042513_13-373.pdf

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