BP reports $9.465 billion in 2Q profits

London oil giant BP made $9.465 billion during the second quarter of the year, a 28 percent increase over the second quarter of last year, the company reported on July 29.

The company does not break out Alaska-specific financial information on a quarterly basis, but BP’s Alaska operations have accounted for 10.3 percent of total annual profits for the company on average over the past five years.

Through the first half of the year, BP made nearly $17 billion in profits companywide.

Over the second quarter of the year, BP reported an average market price of $123.61 per barrel for Alaska North Slope crude oil delivered to the West Coast

By comparison, ConocoPhillips reported an average delivered price of $118.88 per barrel over the same time period, and the state Tax Division reported an average spot price of $123.85 per barrel for the three-month period of April through June.

BP has paid around $500 million in Alaska production taxes each quarter this year as the result of increased prices and a tax code revision enacted by state lawmakers this past fall, according to Andy Inglis, chief executive of exploration and production.

Following similar comments from ConocoPhillips executives, Inglis also said BP would proceed on plans to build a natural gas pipeline in Alaska regardless of whether state lawmakers award a license for the project to TransCanada. BP and ConocoPhillips formed a joint venture in April to pursue the pipeline project.

Inglis also said Exxon has been invited to join the project.

—Eric Lidji