ANCHORAGE, Alaska – In connection with ConocoPhillips’ first-quarter 2021 earnings announced earlier today, ConocoPhillips Alaska (COPA) reported the following 2021 earnings facts.
ConocoPhillips Alaska reported a net income of $159 million in the first quarter of 2021, as reported in ConocoPhillips’ earnings supplemental information.
During the first quarter of 2021, the company incurred an estimated $227 million due to the State of Alaska in the form of production taxes, royalties, property taxes and state income tax. Additionally, the company invested $235 million in capital in the State of Alaska, which represents approximately 20 percent of the corporation’s global capital spend.
It should also be noted that the company has invested nearly $2 million in Alaska communities year-to-date, with almost 200 employee volunteer hours. Forecasted annual spend is approximately $4-5 million and volunteer hours average about 2,000 annually.
At the Alaska Support Industry Alliance’s annual Meet Alaska meeting in March, Erec Isaacson, president of ConocoPhillips Alaska, presented on how ConocoPhillips Alaska is getting back to work. “Last year’s response to the pandemic called for shutting down almost all drilling and Ballot Measure 1 was up for a vote,” noted Erec. “With the defeat of the ballot measure and our COVID-19 protocols in place, we are planning on a significant investment program in 2021,” he said. By end of 2021, the company plans to have four operated rigs and one non-operated rig drilling.
Since 2007, ConocoPhillips Alaska has paid over $38 billion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $30 billion went directly to the State.
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ConocoPhillips has been leading the search for energy in Alaska for more than 50 years. The company is committed to responsibly developing Alaska’s resources, providing economic opportunity for Alaska, operating at the highest safety standards and being good stewards of our communities. For more information, visit www.conocophillipsalaska.com.
Media Contacts Rebecca Boys (Alaska) 907-263-4115 rebecca.a.boys@conocophillips.com
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This news release includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results or the industries or markets in which we operate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes in tax, environmental and other laws applicable to ConocoPhillips’ business and other economic, business, competitive and/or regulatory factors affecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward-looking statements, which are only as of the date of this news release or as otherwise indicated, and we expressly disclaim any responsibility for updating such information.