ConocoPhillips earned $244 million in Alaska in the first three months of the year, down nearly 60 percent from the $603 million the company earned in the first quarter last year.
The drop reflects lower oil prices, but those lower prices also meant lower taxes in Alaska, helping the company turn a profit in the United States. ConocoPhillips reported a loss of $71 million from first-quarter exploration and production work in the Lower 48.
Companywide, ConocoPhillips reported earning $840 million in net income on $30.7 billion in revenues. The company produced 2.36 million barrels of oil equivalent.
ConocoPhillips earned $456 million in Alaska in the fourth quarter of 2008.
The figures come from financial filings released today.
The drop in earnings follows a volatile year for oil, where prices peaked near $150 per barrel, only to fall to around $30 per barrel and eventually level off around $50 per barrel.
ConocoPhillips reported a price of $41.75 per barrel for Alaska North Slope crude oil delivered to West Coast markets during the fourth quarter of the year, down from $64.13 in the fourth quarter of 2008 and $95.47 per barrel in the first quarter of last year.
See full story in April 26 issue, available online at noon Friday, April 24, at www.PetroleumNews.com