ConocoPhillips Reports $551M in Alaska Earnings

A major oil company in Alaska has reported earning $551 million in the state during the second quarter.

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by Associated Press

JUNEAU, Alaska (AP) - A major oil company in Alaska has reported
earning $551 million in the state during the second quarter. That's
down $69 million from the first quarter, and attributed to lower
oil prices and sales volumes.

ConocoPhillips Alaska says tax and royalty obligations to the
state for the latest quarter totaled about $983 million.

The company was among those who urged lawmakers to lower
production taxes. In a news release Wednesday, it continued seeking
change, with ConocoPhillips Alaska's vice president of finance
saying "very high" government take on the North Slope negatively
affects the investment climate.

ConocoPhillips says its capital budget for the Lower 48
increased from $1.6 billion in 2010 to $4.8 billion in 2012.
Alaska's budget remained around $900 million, and that full amount
wasn't spent last year.

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Barbara Pack OMeara said on Wednesday, Jul 25 at 8:20 PM

Why do I feel like the prices of oil aren't low..could it be the gas prices at the pumps?

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