With higher commodity prices offsetting continued production declines, ConocoPhillips earned $549 million in Alaska in the first quarter of the year, up 6 percent from 2010.
The Houston-based major produced 214,000 barrels of liquids per day in Alaska during the quarter, down 13 percent from the 247,000 bpd produced in the first quarter of 2010, and 67 million cubic feet per day of natural gas, down from 94 million cubic feet per day last year.
ConocoPhillips reported an average sales price of $95.56 per barrel for its Alaska oil in the quarter, up from $77.25 per barrel during the same period last year. Natural gas prices, however, fell to $3.93 per thousand cubic feet from $4.33 year-over-year.
Sales from the liquefied natural gas export facility on the Kenai Peninsula declined to 20 million cubic feet per day per day in the first quarter of 2011 from 56 million cubic feet per day per day in the first quarter of 2010. ConocoPhillips and co-owner Marathon have plans to mothball the facility.
See more in May 1 issue, available online at 11 a.m. Friday, April 29, at www.PetroleumNews.com