ConocoPhillips reports net income of $1.3B in ‘24 Photo Courtesy ConocoPhillips Alaska
bridges, and pipelines. This project is progressing well, bolstering Alaska’s economy and creating thousands of jobs. We remain on track for first oil in 2029,” Isaacson said. “Year-to-date, we invested more than $3 billion in Alaska projects, ex- ceeding our total 2023 capital expen- ditures. We had an active year in 2024, highlighting our long-term commit- ment in Alaska and demonstrating the value of a stable fiscal regime.” Since 2007, ConocoPhillips Alaska has incurred approximately $46 bil- lion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $36 billion went directly to the state. In that same pe- riod, ConocoPhillips Alaska’s earnings were approximately $28 billion.
cated and subject to frequent changes, which made it difficult for companies to plan investments in multi-year projects like Willow and Pikka on the North Slope. As for ConocoPhillips in Alaska, “The company had an exception- al year in 2024,” said Erec Isaacson, President of the company. “We suc- cessfully achieved first oil at Nuna, remaining under budget and ahead of schedule. Additionally, we exercised our preferential rights and acquired additional working interests in the Kuparuk River and Prudhoe Bay Units in the fourth quarter.” “We have also accomplished sig- nificant milestones on the Willow project, including delivery of the Operations Center modules to Alas- ka, along with infrastructure devel- opments such as gravel roads, pads,
ConocoPhillips Alaska report- ed net income of $1.3 billion in 2024 in connection with the company’s fourth-quarter 2024 earnings an- nouncement. The company reported the follow- ing results for the full year of 2024: “ConocoPhillips Alaska incurred an estimated $1.5 billion in taxes and royalties in 2024, which includes $1.1 billion to the State of Alaska and $400 million to the federal govern- ment,” the company said in a state- ment. “Additionally, for the full year of 2024, ConocoPhillips Alaska in- vested $3.2 billion in capital,” the statement said. Alaska’s oil and gas industry is continuing to benefit from changes in state petroleum taxes made by the state Legislature in 2013. In the years prior, Alaska’s tax policy was compli-
— Tim Bradner
THE LINK: MARCH 2025
26
Made with FlippingBook - Share PDF online