Petroleum News by Eric Lidji (NGP Photo). For the fourth quarter, ConocoPhillips earned $555 million in Alaska, up from the seasonally lower third quarter, but down from the same period during the previous year on declining production. The company paid nearly $1 billion in obligations during the quarter, which vice president finance, ConocoPhillips Alaska Vice President of Finance Bob Heinrich attributed to the outgoing Alaska’s Clear and Equitable Share fiscal system.
“The fourth quarter of 2013 is similar to what we have seen historically under ACES where we pay about twice as much in taxes as we keep,” Heinrich said in a statement, attributing a planned increase in spending this year to recent tax code revisions under the More Alaska Production Act which went into effect Jan. 1. Voters will decide in August whether to keep the changes.
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