THE LINK: MARCH 2025 26 ConocoPhillips Alaska reported net income of $1.3 billion in 2024 in connection with the company’s fourth-quarter 2024 earnings announcement. The company reported the following results for the full year of 2024: “ConocoPhillips Alaska incurred an estimated $1.5 billion in taxes and royalties in 2024, which includes $1.1 billion to the State of Alaska and $400 million to the federal government,” the company said in a statement. “Additionally, for the full year of 2024, ConocoPhillips Alaska invested $3.2 billion in capital,” the statement said. Alaska’s oil and gas industry is continuing to benefit from changes in state petroleum taxes made by the state Legislature in 2013. In the years prior, Alaska’s tax policy was complicated and subject to frequent changes, which made it difficult for companies to plan investments in multi-year projects like Willow and Pikka on the North Slope. As for ConocoPhillips in Alaska, “The company had an exceptional year in 2024,” said Erec Isaacson, President of the company. “We successfully achieved first oil at Nuna, remaining under budget and ahead of schedule. Additionally, we exercised our preferential rights and acquired additional working interests in the Kuparuk River and Prudhoe Bay Units in the fourth quarter.” “We have also accomplished significant milestones on the Willow project, including delivery of the Operations Center modules to Alaska, along with infrastructure developments such as gravel roads, pads, bridges, and pipelines. This project is progressing well, bolstering Alaska’s economy and creating thousands of jobs. We remain on track for first oil in 2029,” Isaacson said. “Year-to-date, we invested more than $3 billion in Alaska projects, exceeding our total 2023 capital expenditures. We had an active year in 2024, highlighting our long-term commitment in Alaska and demonstrating the value of a stable fiscal regime.” Since 2007, ConocoPhillips Alaska has incurred approximately $46 billion in taxes and royalties to the State of Alaska and the federal government. Of that amount, about $36 billion went directly to the state. In that same period, ConocoPhillips Alaska’s earnings were approximately $28 billion. — Tim Bradner ConocoPhillips reports net income of $1.3B in ‘24 Photo Courtesy ConocoPhillips Alaska
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