ANCHORAGE, Alaska – In connection with ConocoPhillips’ second-quarter 2021 earnings announced earlier today, ConocoPhillips Alaska reported the following 2021 earnings facts.
ConocoPhillips Alaska reported a net income of $371 million in the second quarter of 2021, as per ConocoPhillips’ earnings supplemental information.
During this time, ConocoPhillips Alaska incurred an estimated $279 million in taxes and royalties due to the State of Alaska and $76 million in estimated taxes and royalties due to the federal government. Additionally, the company invested $228 million in capital in the State of Alaska, which represents approximately 18 percent of the corporation’s global capital expenditures and investments in the second quarter.
Year to date 2021, ConocoPhillips Alaska has incurred an estimated $506 million in the form of taxes and royalties to the State of Alaska, $105 million estimated federal taxes and royalties, and has invested $463 million in capital in the State.
“After working through last year’s market volatility and the pandemic, the theme for us this year has been Getting Back to Work,” said Erec Isaacson, president, ConocoPhillips Alaska, “and we are full speed ahead.”
“Alaskans are back to work on the North Slope,” he continued, “and ConocoPhillips is investing in Alaska’s future. The state’s economy is no doubt still on shaky ground, but we are fully engaged in multiple large-scale projects, like our planned Willow field, and the long-term engineering, construction, and maintenance they require are crucial to that recovery. The state needs now, more than ever, a predictable and stable fiscal regime in order to stay competitive in the global market.”
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 $30 billion went directly to the State. In that same period, ConocoPhillips Alaska’s earnings have been approximately $21 billion.
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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.