BP Exploration (Alaska) Inc. earned $1.95 billion last year, down 21 percent from 2007 even as revenues increased 15 percent, the result of tax increases and production declines.
In year-end financial filings, the local subsidiary of London energy giant BP Plc reported total revenues of $7.76 billion, up from $6.59 billion in 2007 and $6 billion in 2006.
The company reported net profits of some $2.5 billion in 2007 and $2.4 billion in 2006.
BP Exploration paid $3.3 billion in taxes last year, a 36 percent increase from the roughly $2.1 billion paid in 2007. The company paid around $1.7 billion in total taxes in 2006.
Of the total taxes the company paid last year, some 71 percent, or $2.3 billion, came in the form of production taxes, up from about $1 billion in 2007 and $665 million in 2006.
BP Exploration produced 197,000 barrels per day of liquids on average in 2008, down 5.7 percent from 2007, and 41 million cubic feet of gas per day, down 25 percent from 2007.
See story in March 15 issue available online at noon Friday, March 13, at www.PetroleumNews.com