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October 31, 2013 --- Vol. 19, No. 66October 2013

ConocoPhillips earns $494 million in third quarter

ConocoPhillips is reporting adjusted earnings of $494 million from its Alaska segment during the third quarter, a year-over-year decline despite a bump in production.

The adjusted earnings from the summer months were down from $585 million in the second quarter of the year, and $535 million from the third quarter of last year. The company reported pre-tax income of $787 million from its Alaska segment during the quarter. ConocoPhillips reported an adjusted effective income tax rate of 37.1 percent for Alaska, a figure that rises to 57.8 percent if taxes other than income taxes are included.

ConocoPhillips reported capital expenditures of $291 million in Alaska for the quarter, up from $283 million in the second quarter and $208 million in the third quarter of 2012.

ConocoPhillips produced 178,000 barrels of oil equivalent per day in Alaska during the third quarter, or 161,000 bpd of oil, 11,000 bpd of natural gas liquids and 35 million cubic feet per day of natural gas. The combined production figure is up 2,000 boe per day over the third quarter of 2012, which the company attributed to “less turnaround activity partially offset by normal field decline,” but down some from the second quarter of this year. North Slope production usually declines in summer because of maintenance work.

The company reported increases in all average commodity prices for the quarter.


CIE plans three Susitna basin gas wells

Cook Inlet Energy LLC is planning to drill up to three exploratory wells on remote natural gas prospects in the Susitna basin during the upcoming winter season.

The Anchorage-based company holds three state licenses giving it exclusive exploration rights over a combined 580,147 acres in the basin, located north of Cook Inlet and west of the Willow community.

The company plans to drill up to two gas wells on its Kroto Creek prospect, and one gas well farther west on the Moose Creek prospect, says a new plan of operations submitted on Oct. 4 to the Alaska Division of Oil and Gas.

Cook Inlet Energy already has built a drilling pad at Kroto Creek.


See full stories in Nov. 3 issue, available online at 11 a.m., Friday, Nov. 1, at www.PetroleumNews.com

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