For Immediate Release: November 1st, 2013
ConocoPhillips Q3 Alaska Earnings Report Shows Profits of $5,369,565 per day, or $223,731 per hour
ANCHORAGE – ConocoPhillips recently announced profits for Alaska operations that totaled $494 million for the third quarter of 2013, continuing their streak of half a billion dollar profit quarters for their Alaskan operations.
“As Alaskans continue to ponder the upcoming referendum on the Oil Wealth Giveaway, the most recent profits statement from ConocoPhillips confirms that Alaska continues to be a harvesting profit center for the industry,” said Senator Bill Wielechowski (D-Anchorage).
In the third quarter of 2013, ConocoPhillips made $223,731 per hour or $5,369,565 per day from Alaskan operations. Once again, profits from Alaska operations outpaced the Lower 48, Canada, and Latin America combined ($494 to $391 million), continuing to display the importance of Alaska in generating substantial cash profits to fuel exploration and development elsewhere. Per barrel oil equivalent profit measured $32.04 for Alaska operations compared with $6.64 in the Lower 48 and Latin America, a difference of $25.40. The per barrel profit margin of $32.04 marks a more then 100% increase on per barrel profit over the 10 year average from 2000-2010 in Alaska (click image for larger document).
“Alaskan oil equivalent was approximately 500% more profitable then crude equivalent in the lower 48 in the last financial quarter. Despite industry claims of an oppressive and over-taxed business climate, the raw numbers don’t lie – Alaska is a fantastic place to do business and among the most profitable locations in the world to extract petroleum,” stated Senator Wielechowski.
To view ConocoPhillips earnings report and the non-partisan Legislative Research analysis click below:
For more information, contact Senator Wielechowski at (907) 242-1558 or Sen.Bill.Wielechowski@akleg.gov.