ConocoPhillips Alaska reports first quarter 2022 net income of $584M

ConocoPhillips Alaska reported net income of $584 million for the first quarter of 2022.

The oil company also declared an estimated $702 million in taxes and royalties, including $524 million to the state of Alaska and $178 million to the federal government.

Erec Isaacson, president of ConocoPhillips Alaska, said the company also invested $253 million in its business in the state.

“ConocoPhillips is on track to invest approximately $1 billion of capital in the state for 2022. This investment in Alaska will bring new projects online and add new barrels of oil to the Trans-Alaska Pipeline,” Isaacson said. “The existing fiscal regime continues to generate revenue for Alaska and promotes a stable environment for ongoing investment.”

Overall average gas prices in Alaska, like the cost of food and most other items, have jumped significantly over the past few months.  Currently the average cost of gas statewide ranges from $4.69 for regular to $5 for premium, but are considerably higher in rural areas of the state than in Anchorage, where gas at Costco was selling for $4.49 a gallon the first week of May.