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January 26, 2011 --- Vol. 17, No. 7January 2011

ConocoPhillips earns $1.7 billion in Alaska in 2010

ConocoPhillips earned $1.735 billion in Alaska in 2010, up 13 percent from 2009, as significantly higher oil prices offset continuing declines in North Slope production.

The Houston-based major produced 230,000 barrels of oil per day in Alaska in 2010, down from 252,000 bpd in 2009. The company also produced 82 million cubic feet of natural gas per day in Alaska in 2010, down from 94 mmcf per day in 2009.

But while ConocoPhillips sold its Alaska North Slope crude oil for an average price of $59.23 per barrel in 2009, that price increased to $78.61 per barrel in 2010.

Average natural gas prices fell, though. ConocoPhillips sold its Alaska natural gas for an average of $4.62 per thousand cubic feet in 2010, down from $5.33 per mcf in 2009.

ConocoPhillips reported $41 million in Alaska exploration charges for 2010, down from $70 million in 2009. The company also reported $621 million in depletion, depreciation and amortization charge for Alaska in 2010, down from $694 million in 2009.

The financial figures come as state lawmakers are considering changes to fiscal regime that governs how oil and gas companies are taxed and encouraged to explore in Alaska.

See more in Jan. 30 issue, available to subscribers online by 11 a.m. Friday, Jan. 28, at www.PetroleumNews.com

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