Alaska is a bright spot in ConocoPhillips’ third-quarter earnings.
The Alaska Journal of Commerce reports the region was alone in bringing in positive cash flow for a company with third-quarter losses totaling $1.04 billion worldwide.
Chief Financial Officer Don Wallette Jr. told investors the company cut operating expenses and has taken other steps.
He said the company is very well positioned.
The quarter’s capital project spending totaled $199 million in Alaska compared to $304 million during the same time period in 2015.
Crude oil production in the state improved 2.7 percent year-over-year.
ConocoPhillips announced in September that its latest project in the North Slope was exceeding its production goal by about 25 percent.
