ConocoPhillips cites commitment to state
gional municipal government for the North Slope. Additionally, in the third quarter of 2024, ConocoPhillips invested $691 million in its Alaska capital projects, mainly in new development work. “Continued progress on projects like Willow and Nuna, along with our agreement to acquire certain Chevron oil and gas assets in Alaska, under- scores our commitment to Alaska and demonstrates the effectiveness of the stable fiscal regime,” said Erec Isaac - son, president of ConocoPhillips Alaska. The state Legislature enacted a major overhaul of its oil and gas pro- duction tax system in 2013, in Senate Bill 21. The legislation was contro- versial but it survived a citizen ini - tiative to repeal it with a statewide
Company reports $267M income, $341M in taxes ConocoPhillips Alaska reported a net income of $267 million in the third quarter of 2024 but paid out more in taxes and royalties on its Alaska pro- duction, the company announced. During the quarter, the company paid an estimated $341 million in tax- es and royalties, which includes $251 million to the State of Alaska and $90 million to the federal government. The taxes paid in Alaska include the company’s property tax payments to the North Slope Borough, the re-
vote. Alaska’s fiscal and tax system has been stable during the past 10 years, which encouraged new drilling and discoveries like Willow and Pikka, a find now being developed by Santos Ltd. and Repsol. Even though Willow is on federal land in the National Petroleum Re - serve-Alaska the state’s production taxes are still paid, along with the state’s property tax on oil and gas fa- cilities. In his December statement Isaac - son said, “Year to date, we’ve invested more than $2 billion in Alaska proj- ects, which surpasses our total 2023 capital expenditures. This investment creates jobs and promotes economic opportunities for Alaskans.” Since 2007, ConocoPhillips Alaska has incurred approximately $45 bil- lion 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, ConocoPhil - lips Alaska’s earnings were over $27 billion. ConocoPhillips is the only North Slope producer that reports its Alaska net income and expenses. “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.” — Erec Isaacson, President, ConocoPhillips Alaska
— Tim Bradner
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