JUNEAU, Alaska (AP) - An Anchorage senator says the $616 million ConocoPhillips earned in Alaska during the first quarter of 2012 shows the state's a highly profitable place to produce oil.
Sen. Bill Wielechowski says the figure equates to $7 million a day and "blows a hole" in the governor's argument for lowering taxes on existing legacy field producers.
ConocoPhillips Alaska spokeswoman Natalie Lowman says the $7-million figure is "far overshadowed" by the $13 million a day in taxes and royalties ConocoPhillips paid to the state during the quarter, and the profits are the result of significant past investments.
Lowman says ConocoPhillilps' capital investment grew from $1.8-$4.8 billion from 2010-2012 in the Lower 48 but stayed around $900 million in Alaska.
The company plans to discuss the figures further in a legislative hearing Wednesday.