ANCHORAGE, Alaska – In connection with ConocoPhillips’ third-quarter 2021 earnings announced earlier today, ConocoPhillips Alaska reported the following 2021 earnings.
ConocoPhillips Alaska reported a net income of $405 million in the third quarter of 2021. During this time, ConocoPhillips Alaska paid an estimated $369 million in taxes and royalties, of which an estimated $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 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.
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ConocoPhillips Alaska 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.