ConocoPhillips Alaska reported a sharp jump in quarterly profits at the start of the year, as the Russia invasion of Ukraine has boosted oil prices.
The top oil producer in Alaska reported a sharp jump in quarterly profits at the start of the year, as the Russia invasion of Ukraine has boosted oil prices.
ConocoPhillips Alaska on Thursday said it took home $584 million in its Alaska operations, about 29% higher than its net earnings in the final three months of last year. Oil prices for North Slope crude shot above $100 a barrel in March, shortly after Russia invaded Ukraine. Such prices haven’t been seen since 2014, and they’re juicing producer profits.$5.8 billion in the first quarter, more than doubling from the previous three months.at the CD1 drilling pad at the Alpine oil field. The company and state regulators are investigating the leak.
The company is on track to make capital investments of $1 billion in Alaska this year, about the same as last year. It made $253 million in such investments in the first three months of the year, the company said. “This investment in Alaska will bring new projects online and add new barrels of oil to the trans-Alaska pipeline,” said Erec Isaacson, president of ConocoPhillips Alaska.
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