ANCHORAGE, ALASKA – In connection with ConocoPhillips’ quarterly 2024 earnings announced earlier today, ConocoPhillips Alaska reported net income of $346 million in the first quarter of 2024.
During the quarter, ConocoPhillips Alaska incurred an estimated $421 million in taxes and royalties, which includes $303 million to the State of Alaska and $118 million to the federal government.
Additionally, in the first quarter of 2024, ConocoPhillips Alaska invested $720 million in capital.
“We are wrapping up a successful first major winter construction season on the Willow project which helps support thousands of jobs and the local Alaska economy. Willow remains on track for first oil in 2029,” said Erec Isaacson, president, ConocoPhillips Alaska. “Significant achievements this winter include gravel road and pad construction, vertical support member installation, bridge construction, and progressing the fabrication of the Willow Operations Center. We are also advancing the Nuna project in the Kuparuk River Unit which is projected to see first oil in early 2025.”
“Our investment in projects like Willow and Nuna demonstrates our continued commitment to deliver new barrels and contribute significantly to the State’s economy. Alaska’s stable fiscal regime is clearly working to promote new and ongoing investment.”
Since 2007, ConocoPhillips Alaska has incurred more than $45 billion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $35 billion went directly to the state. In that same period, ConocoPhillips Alaska’s earnings were approximately $26 billion.
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About ConocoPhillips Alaska
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.
Contacts
Rebecca Boys (Alaska media)
907-263-4115
rebecca.a.boys@conocophillips.com
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