BP Exploration (Alaska) Inc. made $2.45 billion in 2007, an 11.7 percent increase over 2006 earning, despite production declines on the North Slope and tax increases from state government.
The Alaska subsidiary of the London-based oil giant brought in $6.59 billion in revenue and paid $2.133 billion in taxes last year.
Of the 2007 tax burden, nearly half came from production taxes.
The company paid $1.052 billion in production taxes in Alaska in 2007, up from $665 million paid in 2006, which in turn rose from $352 million paid in 2005.
Altogether, the production tax burden carried by BP in Alaska nearly tripled between 2005 and 2007, while its total tax burden from Alaska operations jumped 43 percent during the same time period.
BP Alaska produced 209,000 barrels of oil equivalent a day in 2007, a 7 percent decrease from 2006 production figures that the company attributed to “normal decline in the large mature fields, partially offset by lower downtime.”
The company posted an average Alaska North Slope crude oil price per barrel of $71.68 for the year. The daily closing price of ANS crude oil delivered to the West Coast has fluctuated between $85.49 and $105.32 per barrel so far this year.
In companywide profits last year, BP p.l.c made $20.845 billion.
Editor’s note: See story in March 16 issue of Petroleum News, available to subscribers online at noon Friday, March 14, at www.PetroleumNews.com.