With investment staying up, Alaska stands out in ConocoPhillips global portfolio

ConocoPhillips is keeping its capital investment in Alaska similar to last year’s levels, when oil prices were much higher, a notable difference from other regions around the world where the oil giant has sharply slashed investments, according to financial information released Thursday, Alaska Dispatch News reports.

To support capital projects in Alaska, ConocoPhillips spent $304 million in the third quarter of the year — down from $369 million in the same period last year.
Alaska profits are also a bright spot in the company’s global portfolio with earnings of $63 million, but given the capital investments, the company is “spending a lot more than it’s making,” said Natalie Lowman, communications director for ConocoPhillips Alaska.  

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