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Home » Press » NEWS: Senator French Applauds Strong Oil Industry Profits

NEWS: Senator French Applauds Strong Oil Industry Profits

For Immediate Release: January 24, 2013

Senator French Applauds Strong Oil Industry Profits

Legislative Research Report Notes Profits in Alaska Exceed Lower 48

JUNEAU – Senator Hollis French (D – Anchorage) applauds the strong profits and new exploration progress on Alaska’s North Slope.

A new report from the non-partisan Legislative Research Services shows that for the first three-quarters of 2012, ConocoPhillips made a profit of $1.7 billion in Alaska. That compares to approximately $556 million over the same time period in the lower 48/Latin America, where low gas prices have resulted in a net value of $4.42 per barrel of oil equivalent (BOE). ConocoPhillips made $1.14 billion more in Alaska than the rest of its United States operations combined.

The report came in the same week that ConocoPhillips announced it was increasing its capital investment in Alaska to approximately $1 billion in the coming year.

“Alaska remains a highly profitable place for oil and gas,” said Senator French, “and one that offers more stability than other regions. With work now underway at the Point Thomson Unit, as well as exploration by companies like Repsol, Great Bear, and Armstrong, the news from Alaska’s North Slope continues to be extremely encouraging.”

The report can be viewed here: http://alaskasenatedems.com/docs/012313_CP_Earnings_Analysis.pdf

For more information, please call Cindy Smith at (907) 465-3892 or email at cindy.smith@akleg.gov

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