ConocoPhillips Alaska reports $535M in 3Q earnings

ConocoPhillips Alaska, one of the North Slope’s major producers, reported net earnings of $535 million during the third quarter.

That’s down from net earnings of $551 million during the second quarter, which the company attributes mainly to lower production during the slower summer maintenance season. But it’s up compared to the third quarter of 2011.

ConocoPhillips is among the companies that are arguing for a change in Alaska’s tax structure, which they say eats too deeply into profits when oil prices are high and discourages additional investment.

The company says its obligation to the state and federal government for taxes and royalties for the latest quarter is $917 million.

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