Petroleum giant ConocoPhillips reported $451 million in net income in the fourth quarter of 2021, with an estimated $420 million in taxes and royalties, according to a company spokesperson.
In a news release, the company reported that the fourth quarter wrapped up a 2021 calendar year that included an estimated amount of $1.4 billion of incurred taxes and royalties, with about $1.1 billion of that going to the state of Alaska and around $300 million to the federal government.
The company also reported that it invested $284 million in the state during the fourth quarter, totaling $982 million spent throughout 2021, which accounts for 18% of ConocoPhillips’ global capital expenditures and investments.Isaacson added that the start of oil production at the Greater Mooses Tooth No. 2 field in mid-December — one of ConocoPhillips’ bigger developments in recent years — helped boost company profits and investments.
“That project, like all our projects, represented significant investment and hundreds of direct jobs,” Isaacson said.
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