ConocoPhillips reports $405 million third quarter Alaska profit; pays $369 million in taxes and invests $235 million

ConocoPhillips Alaska reported a net income of $405 million in the third quarter of 2021 and paid close to that amount in taxes and royalties to government.

The company also made substantial capital investments in the state in the same period.

During this time the company paid an estimated $369 million in taxes and royalties, of which about $301 million was paid to the State of Alaska and an estimated $68 million was paid to the federal government.Year-to-date 2021, ConocoPhillips Alaska has paid an estimated $980 million in the form of taxes and royalties of which an estimated $807 million was paid to the State of Alaska and an estimated $173 million was paid to the federal government. Additionally, in the third quarter of 2021, ConocoPhillips Alaska invested $235 million in the State of Alaska, which represents approximately 18 percent of the corporation’s global capital expenditures and investments. Year-to-date 2021, ConocoPhillips Alaska has invested $698 million on projects in the State of Alaska, which is 19 percent of the corporation’s global capital expenditures and investments. “Our continuous investment in projects on the North Slope benefits Alaska’s future,” said Erec Isaacson, president, ConocoPhillips Alaska.

“GMT2 and Fiord West (two new projects) will soon be coming into production and will provide new revenue for the North Slope communities and the state. Projects like these continue to create hundreds of jobs in Alaska and contribute to a stable Alaska economy.” Since 2007, ConocoPhillips Alaska has paid over $39 billion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $31 billion went directly to the state. In that same period, ConocoPhillips Alaska’s earnings have been approximately $22 billion.