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ConocoPhillips Alaska reports $535 million in quarterly earnings

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Posted: Friday, October 26, 2012 8:09 am

JUNEAU, Alaska - ConocoPhillips Alaska, one of the North Slope's major producers, reported net earnings of $535 million during the third quarter.

That's down from net earnings of $551 million during the second quarter, which the company attributes mainly to lower production during the slower summer maintenance season. But it's up compared to the third quarter of 2011.

ConocoPhillips is among the companies that are arguing for a change in Alaska's tax structure, which they say eats too deeply into profits when oil prices are high and discourages additional investment.

The company says its obligation to the state and federal government for taxes and royalties for the latest quarter is $917 million.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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