In connection with ConocoPhillips’ first-quarter 2023 earnings announced Thursday May 4th, ConocoPhillips Alaska reported net income of $416 million in the first quarter of 2023.
During the quarter, ConocoPhillips Alaska incurred an estimated $464 million in taxes and royalties, which includes $320 million to the State of Alaska and $144 million to the federal
government.
Additionally, in the first quarter of 2023, ConocoPhillips Alaska invested $406 million in capital in the State.
“ConocoPhillips Alaska spent $1.1 billion in 2022, and in 2023, is projected to increase capital spend as the Willow project has commenced construction. Alaska’s existing fiscal regime (SB21) is clearly working to promote new and ongoing investment,” said Erec Isaacson, president, ConocoPhillips Alaska.
“We remain 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.”
Since 2007, ConocoPhillips Alaska has incurred more than $43 billion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $33 billion went directly to the state. In that same period, ConocoPhillips Alaska’s earnings were approximately $25 billion.
