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ConocoPhillips Releases 3rd Quarter Earnings

By | November 1, 2013 - 11:05 am

ConocoPhillips has released its third quarter Alaska earnings.

According to a release Thursday, the oil company earned adjusted earnings of $494 million in the third quarter of 2013.

That’s down from adjusted earnings of $585 million during the second quarter of this year.

ConocoPhillips spokesperson Natalie Lowman says the earnings met expectations.

Third quarter oil production was down approximately 20,000 barrels of oil equivalent – that’s oil and gas – a day compared with the second quarter

“Our earnings were down slightly this quarter really due to seasonal maintenance,” Lowman said. “A lot of our maintenance is done and completed in the third quarter of the year.”

“So, that accounts for a slight downturn in income this time of year.”

ConocoPhillips paid out some $900 million dollars in obligations, fees and royalties during the third quarter to Alaska and to the federal government.

Of that, $652 million went to the state of Alaska for royalties, property taxes and income taxes.

Lowman says an improved business climate exists since the oil tax change SB 21, passed the state legislature, and that the company is looking to increase its North Slope investment

“We already have an additional rig working at Kuparuk,” Lowman said. “That rig is already bringing on 1,600 barrels of oil a day extra.”

And ConocoPhillips is planning a new drill site at Kuparuk River as well, and a new project – Greater Moose’s Tooth – in the National Petroleum Reserve, Alaska.

“We’re looking at that project as one that would come online, if approved, it would come online at the end of 2017,” Lowman said. “But, it could as much as 33,000 barrels of oil a day to the pipeline.”

Lowman says the new Kuparuk drill site, if approved, would bring on peak production of 8,000 barrels of petroleum a day, at a cost of $600 million.

Conoco Phillips third quarter earnings world is $2.5 billion.

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