ConocoPhillips Alaska announced a net income of $327 million for the first quarter of 2025, according to figures released today in conjunction with parent company ConocoPhillips’ quarterly earnings. The result reflects continued investment and operational momentum in Alaska.
During the first quarter of 2025, ConocoPhillips Alaska paid an estimated $362 million in taxes and royalties, with $251 million to the State of Alaska and $111 million to the federal government.
That’s down from the $437 million in taxes and royalties reported for the first quarter of 2024, reflecting reduced earnings and commodity price impacts.
The company also invested more than $1 billion in capital during the quarter. The rise is largely attributed to activity at the Willow project, where ConocoPhillips completed its largest-ever winter construction season.
“This quarter’s accomplishments are significant,” said Erec Isaacson, president of ConocoPhillips Alaska. “We achieved critical milestones on Willow, keeping us on track for first oil in 2029.
Isaacson emphasized the company’s broader strategy for Alaska, highlighting development potential in Kuparuk and the Western North Slope, and crediting the state’s fiscal policy for enabling continued investment.
“We continue to deepen our Alaska portfolio through optimization and exploration. We have a strong pipeline of resource opportunities across our operated assets which will drive growth in Kuparuk through Nuna, Coyote, and viscous developments, and in Western North Slope satellite reservoirs. This continuing activity underscores our commitment to Alaska and demonstrates the effectiveness of state fiscal stability in our state,” Isaacson said.
Since 2007, ConocoPhillips Alaska has paid more than $46 billion in taxes and royalties, approximately $36 billion of which went to the State of Alaska, while earning around $28 billion for its investors during that same period.