Journal of Commerce, 8-7-14, by Andrew Jensen. If there is one thing Anchorage Democrat Sen. Bill Wielechowski (NGP Photo) is good for, it is providing column material with his reactions to ConocoPhillips earnings reports.
This quarter is no different, and he definitely isn’t making the task any more difficult.
• “Yesterday ConocoPhillips announced $627 million in 2nd quarter profits from their Alaska operations or nearly $7 million per day from Alaska alone. On an hourly basis that equates to almost $300,000 in profits each and every hour.”
So? Here Wielechowski is simply trying to appeal to the dark impulse of envy in his audience. According to the report, the company paid an effective tax rate of 50.3 percent in Alaska for the quarter, so the government also made about $7 million per day and $300,000 per hour.
Unlike ConocoPhillips, however, it didn’t have to do anything to make that money other than sit back and collect the checks. More…
(Note that while this article is about two months old, we provide it this weekend as an addition to our archives since Jensen did such a precise job of researching actual facts and correcting the myths some are trying to perpetuate. -dh)