In 2024, ConocoPhillips has already invested more than $2 billion in Alaska projects, with two months to go, surpassing 2023’s total capital expenditures.
In the third quarter of 2024 alone, ConocoPhillips Alaska invested $691 million in capital in Alaska.
“Continued progress on projects like Willow and Nuna, along with our agreement to acquire certain Chevron oil and gas assets in Alaska, underscores our commitment to Alaska and demonstrates the effectiveness of the stable fiscal regime,” said Erec Isaacson, president of ConocoPhillips Alaska.
The investment creates jobs and promotes economic opportunities for Alaskans, Isaacson added.
Since 2007, ConocoPhillips Alaska has incurred approximately $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 over $27 billion.
ConocoPhillips Alaska reported a net income of $267 million in the third quarter of 2024.
During the third quarter, ConocoPhillips Alaska incurred an estimated $341 million in taxes and royalties, which includes $251 million to the State of Alaska and $90 million to the federal government.
It’s a shame Conoco gets to write off its expenses to construct Willow in the NPR-A when the State won’t get any royalties. Good for Conoco and shareholders, not so good for Alaska residents, government, or PFD.
Everybody needs to remember that when they draw well and there’s no oil that’s millions of dollars that just went proof. Yes oil companies make money but they spend money and again remember the price of gas is not set by the companies. It’s set by the commodities market right on Wall Street.
Did they earn enough to pay their taxes yet, or are we still a giveaway State?
If not for the natural resource of crude oil (with its vast products) and for solid corporations like ConocoPhillips, we would still be tearing up the Earth for coal. Plus, most of us who are now prospering would be either dead or living in abject poverty. A prayer of thanksgiving to Almighty God is in order, as well as an Alaskan gold medal of humanitarian achievement to C-P!
I got no problem with coal. In fact I love the stuff. It’s used for electricity, heat hardening steel and other practical happy uses.
Go woke or go broke
‘https://careers.conocophillips.com/working-here/diversity-equity-inclusion/
“Tired of This”, Covet much?
$27 billion since 2007? They shoulda went into pharmaceuticals.
Next time you complain about gas prices, consider what they pay in taxes to conduct business…..
As long as Harris/Biden limit oil production, prices will stay at $70/bbl, and Conoco-Phillips and their co-conspirators will continue to make out like bandits, considering they were making acceptable profits on this same oil when it was selling for $40/bbl. They may scream publicly about Harris/Biden’s limits on exploration, but their stock prices and corporate bonuses tell a different story.
Guess which candidate they really prefer?
Oil at $40 a barrel sinks Alaska’s future. Wake up and smell the coffee.