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ConocoPhillips netted $59 million in Alaska despite losing $1.04 billion worldwide in the third quarter, according to the company's quarterly financial report released Oct. 27.
Year-to-date, ConocoPhillips has earned $204 million in the state, but absorbed $3.58 billion in losses overall. Comparatively, the company lost $978 million through the first nine months of 2015.
ConocoPhillips has been hit particularly hard by the prolonged depression of energy prices because it is strictly an exploration and production company and does not have the chemical, refinery and refined products business lines of other oil and gas companies to offset losses from production when commodity prices are low.
Income from Alaska has been one of the few consistent positives for the company over the past year. Outside of Europe and North Africa, where ConocoPhillips made $163 million, Alaska was the only region with positive cash flow in the third quarter.
The company lost $491 million in the Ixrwer 48 during the quarter and has absorbed more than $2 billion in losses from its Ixiwer 48 operations year-lo-date.
The average realized price for Alaska North Slope crude was $43.43 per barrel for the quarter.
In spite of the gloomy earnings figures, ConocoPhillips Chief Financial Officer Don Wallette Jr. is optimistic a!»out the company's overall outlook.
"Financially, we are very well positioned," he said during an Oct. 27 investors conference call.
Wallette noted that ConocoPhillips generated $1.23 billion in operating cash flow during the quarter, enough to cover capital expenses and dividend payments made over that time.
It also sold out of offshore acreage in Senegal and Indonesia in the third quarter, part of the company's overall exit from deepwater operations, according to Wallette.
ConocoPhillips paid a dividend of 25 cents per share to investors June 1. Another 25-cent per share dividend payment is scheduled for Dec. 1. Company stock sold for $44.97 per share at the...