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NEWS BULLETIN

February 22, 2012 --- Vol. 18, No. 13February 2012

Conoco budgets $900 million for Alaska

ConocoPhillips is proposing a $900 million capital budget for Alaska this year.

The Houston-based major spent $775 million in Alaska in 2011, according to annual filings released by the U.S. Securities and Exchange Commission yesterday.

The annual report comes as the Alaska Legislature is pondering whether to change the production tax code to spur oil industry investment in the state. Because the figures show ConocoPhillips increasing spending, increasing profits and increase tax payments in Alaska, it should provide ammunition for policymakers on all sides of the debate.

When it comes to the majors, budgets and annual spending rarely align. For instance, ConocoPhillips spent $775 million in Alaska in 2011, but budgeted $900 million, just like this year. For 2008, ConocoPhillips budgeted $1 billion, but spent $1.4 billion.

ConocoPhillips paid $3.8 billion in income and production taxes in Alaska in 2011, up from $2.5 billion in 2010 and $1.8 billion in 2009. By comparison, it paid $1.2 billion in taxes in the Lower 48 in 2011, up from $1 billion in 2010 and $343 million in 2009.

—Eric Lidji

See story in Feb. 26 issue, available online at 11 a.m., Friday, Feb. 24 at www.PetroleumNews.com

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