ConocoPhillips' Alaska earnings more than triple to $423 million on higher oil prices

ConocoPhillips reported Thursday that it earned $423 million in Alaska in the third quarter, more than three times the $130 million it earned there a year earlier, mostly because oil prices were higher.

The company got an average of $96.52 a barrel for its Alaska crude from July through September, up from $72.72 a year earlier, according to its quarterly filing with the U.S. Securities and Exchange Commission. The filing says higher prices added $302 million to earnings and higher production added $25 million.

ConocoPhillips reports Alaska as its own business segment, so its filings show what it earns in the state. Those earnings were $1.8 billion in 2023, $1.3 billion in 2024 and $730 million in 2025, according to its annual filings and its 2025 year-end review. Through September this year, they totaled $1.24 billion.

Those earnings are counted after taxes. In the third quarter, ConocoPhillips' Alaska business recorded $132 million in income taxes, up from $61 million a year earlier, and $166 million in taxes other than income taxes, which include production and property taxes, up from $126 million. The filing says higher prices pushed up its Alaska production taxes this year.

In 2025, when it earned $730 million in Alaska, the company estimated it paid about $1 billion in taxes and royalties to the state and nearly $300 million to the federal government, according to its year-end review.

The latest quarter was down from $522 million in the second quarter, when the company's Alaska crude averaged $108.49 a barrel.

Production rose slightly. The company's Alaska output averaged 185,000 barrels of oil equivalent a day, up from 182,000, which it credits to "improved base performance and new wells online," partly offset by normal field decline. Crude alone rose to 170,000 barrels a day from 164,000. Over the first nine months of the year, though, its total Alaska output was down about 5% from last year, which it attributes to normal field decline.

ConocoPhillips spent $936 million on Alaska projects in the quarter and about $2.8 billion through September, on work including Willow, development in the Greater Kuparuk Area and exploration in the National Petroleum Reserve-Alaska. Alaska accounted for about 30% of the company's capital spending in the quarter and about a tenth of its earnings. Companywide, ConocoPhillips earned $4 billion, up from $1.7 billion a year earlier.