ConocoPhillips earns $1.8B in first quarter of 2019
One of Alaska’s “Big Three” oil companies has earned nearly $2 billion in the first quarter of the year, after citing several 2018 advances in Alaska.
The $1.8 billion in first-quarter 2019 profits, or $1.60 per share, represents a doubling of the $900 million in profits ConocoPhillips took in during the same time period last year, the company announced in a statement Tuesday.
The company reported producing an average of just over 1.3 million barrels of oil per day, an increase of about 94,000 barrels per day from the same period in 2018. Some 30,000 barrels of the increase was attributed to acquisitions and dispositions.
“This remaining increase was primarily due to growth from the Big 3 unconventionals, major projects in Alaska, Europe and Asia Pacific, and development programs,” ConocoPhillips officials wrote. “Growth more than offset normal field decline, downtime from a planned turnaround in Qatar, and mandated production curtailment in Canada.”
Last year was a good one on the Last Frontier for ConocoPhillips, with all six of the company’s National Petroleum Reserve-Alaska test wells finding oil and its Greater Mooses Tooth 1 unit on track to produce an estimated 25,000 to 30,000 daily barrels of new oil. Company officials credited Alaska’s oil tax regime, revised under former Gov. Sean Parnell’s Senate Bill 21, for the climate in which those developments took place.
ConocoPhillips also cited a World Bank tribunal decision last month that the Venezuelan government owes the company $8.7 billion, over the expropriation of assets from two heavy crude oil projects in 2007.
The company’s second-quarter production for the year is estimated to be 1.24 million to 1.28 million barrels of oil per day. According to its statement, the total will reflect “the impact from seasonal turnarounds planned in Alaska, Canada and Europe.”
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