ConocoPhillips: $250M more in taxes - January 06, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2008

Vol. 13, No. 1

Week of January 06, 2008

ConocoPhillips: $250M more in taxes

In a Jan. 3 fourth-quarter interim update, ConocoPhillips said its worldwide production, including Syncrude and excluding Lukoil, is anticipated to be some 60,000 barrels-of-oil-equivalent per day higher than in the third quarter.

Exploration expenses are expected to be approximately $250 million before-tax for the fourth quarter.

The company said the new production tax legislation passed in Alaska in the fourth quarter is expected to have a negative after-tax impact of some $250 million, some $100 million of which is retroactive to prior periods in 2006 and 2007.

Conoco said its fourth-quarter results are expected to be positively impacted by approximately $350 million due to a tax-rate reduction recently enacted in Canada and the release of escrowed funds in connection with the extinguishment of the Hamaca project financing indebtedness.

—Petroleum News

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