ConocoPhillips on Thursday announced it netted $115 million in Alaska last quarter — almost double what it earned in the third quarter. But the Houston-based company is still grappling with a multi-billion-dollar global loss.
The increase in Alaska was largely due to rising oil prices and increased production, according to company spokeswoman Natalie Lowman.
Last year, Conoco brought in $319 million in Alaska, compared to just $4 million in 2015. The company is still facing tough times globally; as a whole, it reported a $3.6 billion loss in 2016.
However, multiple financial news outlets reported the company’s overall results were better than expected. In 2015, the company reported a $4.4 billion global loss.
In an earnings call with investors Al Hirshberg, ConocoPhillips’ executive vice president for production, drilling and projects, said the company thinks things are looking up in Alaska, in particular.
“Only a few years ago this segment was in decline and we’ve now turned a corner,” Hirshberg said. “Alaska continues to be a very productive area for us.”
Hirshberg talked up the company’s recently-announced Willow discovery in the National Petroleum Reserve-Alaska. When developed, the company estimates the find could produce 100,000 barrels per day.
At state and federal lease sales held in December, Conoco picked up close to 740,000 more acres near the discovery.
