ConocoPhillips AK shows net 2023 income of $1.8B; paid same in tax

Kay Cashman

Petroleum News

On Feb. 8, in connection with ConocoPhillips' fourth-quarter 2023 earnings call, ConocoPhillips Alaska reported net income of $1.8 billion for the full year of 2023.

ConocoPhillips Alaska incurred an estimated $1.8 billion in taxes and royalties in 2023, which includes $1.2 billion to the state of Alaska and $600 million to the federal government.

Additionally, for the full year of 2023, ConocoPhillips Alaska invested $1.7 billion in capital.

"On Dec. 22, 2023, ConocoPhillips announced that it will move forward with development of the Willow project. The Final Investment Decision, which approves the project and funds construction needed to reach first oil, is a significant milestone for Alaska and the company," said Erec Isaacson, president, ConocoPhillips Alaska. "Winter construction season is underway supporting thousands of jobs and the Alaska economy.

"ConocoPhillips remains committed to investing in projects on the North Slope that will deliver new barrels and contribute significantly to the State's economy through job growth and revenue generation. Alaska's existing fiscal regime is key to promoting a stable environment for ongoing investment and helped make the Willow project a reality," he said.

Since 2007, ConocoPhillips Alaska has incurred more than $44 billion in taxes and royalties to the state of Alaska and the federal government. Of that amount, about $34 billion went directly to the state. In that same period, ConocoPhillips Alaska's earnings have been approximately $26 billion.

ConocoPhillips Alaska has been in the forefront of searching 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 communities in the state.

For more information, check out www.conocophillipsalaska.com.

--Petroleum News