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ConocoPhillips Alaska reports $451 million in 2021 fourth quarter net income

Published: Feb. 3, 2022 at 11:33 AM AKST|Updated: Feb. 3, 2022 at 4:21 PM AKST
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ANCHORAGE, Alaska (KTUU) - ConocoPhillips Alaska, part of the petroleum giant based in Texas, reported $451 million in net income in the fourth quarter of 2021, with an estimated $420 million in taxes and royalties, according to a company spokesperson.

In a news release, the company reported that the fourth quarter wrapped up a 2021 calendar year that included an estimated amount of $1.4 billion of incurred taxes and royalties, with about $1.1 billion of that going to the state of Alaska and around $300 million to the federal government.

ConocoPhillips Alaska also reported that it invested $284 million in the state during the fourth quarter, totaling $982 million spent throughout 2021, which accounts for 18% of the corporation’s global capital expenditures and investments.

“Our success is Alaska’s success,” said ConocoPhillips Alaska President Erec Isaacson in the release.

Isaacson added that the start of oil production at the Greater Mooses Tooth No. 2 field in mid-December — one of ConocoPhillips’ bigger developments in recent years — helped boost company profits and investments.

“That project, like all our projects, represented significant investment and hundreds of direct jobs,” Isaacson said.

Clarification: This article has been updated to clarify that the fourth-quarter and calendar year earnings data is specifically for ConocoPhillips Alaska, which is part of the larger ConocoPhillips Company.

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