ConocoPhillips earnings: Net income of $1.8 billion, and paid $1.8 billion in taxes and royalties

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ConocoPhillips Alaska reported the following earnings for 2023, with net income of $1.8 billion, and taxes and royalties of $1.8 billion. The State of Alaska got $1.2 billion of that, and $600 million went to the federal government.

Also in 2023, ConocoPhillips Alaska invested $1.7 billion in capital projects.

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

“On December 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.”

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.

8 COMMENTS

  1. Conoco paid taxes and royalties of $1.8 billion. The State of Alaska got $1.2 billion of that, and $600 million went to the federal government. If true, which I suspect it is, where does $1.2 for the state go? I could do my research and probably find that out, but I am not sure what I would find that would convince me we are using it wisely. The PFD is not a life saver for me, but it is for others. With these kinds of taxes and royalties coming to the state, one would think our PFD could be based on its original distribution formula.

  2. This once again shows that oil subsidizes government, not the other way around. Also, the $1,800,000,000.00 that ConocoPhillips paid in taxes is just the beginning of the taxation on that oil. It will be taxed when it is transported, when it is processed, when it is transported as a refined product, when it is sold, when it is used in manufacturing other products, and in some cases when it is used.

  3. Don’t forget it cost money to pay fines and fees for leaks or spills they also need large sines to drill and pay lawyers and staff to complete all the federal and state regulations so a billion dollars profit goes back into the business.

    • INDEED! A show of appreciation is in order. Just imagine a “miserable” life in Alaska without … ARCO, Exxon-Mobil, Marathon, Chevron, Unocal, BP, Sohio, ENI, Santos, Conoco-Phillips, Hilcorp, Alyeska Pipeline, Repsol, Shell, and Marathon.

  4. Alaska has become a socialist nightmare. The state owns the mineral rights and has married its governmental power with the productive corporations of the mineral development and export. They are on the cusp of no longer paying out the dividend severing the connection to the citizen. The only reason they pay the dividend now is because it’s the best political game they have to manipulate their own constituents. With an $8.5 billion budget, about 1/3 of which comes from the federal government, the state has no idea how to stabilize the economy and get out of the way of the private sector. Instead, it competes with it in an attempt to become independent of its own citizens. It’s time to challenge the Statehood Act in the Supreme Court so that we can take a step towards restoring the mineral rights to the people. The state or government owning the mineral rights has never worked out well for the people, and it’s not working out well now for the people of Alaska. This is what destroyed Argentina, and only when the mineral rights are restored to the people can this state actually be an independent state instead of a federal enclave. The derivative of freedom and sovereignty is ownership of private property, including the right of disposal. That means the people need their subsurface rights in order to be free. We need to get the government out of the mineral development and export business. Look at Texas; they’re awash in oil money, and the companies are happy to be there developing. There are many other examples of states that own the mineral rights that have destroyed their economies, alongside many examples where the people own the mineral rights, and they are thriving. The Statehood Act was written in such a manner that the mineral rights could never go back to the people, and therefore, Alaska will never truly have freedom or be an independent state but always a federal enclave. The mineral rights must be restored; there is no other way. The state is out of control, attempting to become an independent entity that will only lead to further degradation of our society and the ideals of a free America. People think we pay little to no taxes here but that is totally untrue we pay equal if not more taxes just indirectly through cost of production of all the companies and products that the state taxes not to mention inflation the largest tax of all corporations don’t pay taxes consumers do this is why Juneau is filled with special interest.

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