Morning Headlamp — No losses for ConocoPhillips in Alaska…yet

Fingers crossed. ConocoPhillips reported $54 million in adjusted earnings in Alaska last quarter, according to an earnings report filed Thursday. ConocoPhillips also reported that the major producer took in $1.1 billion in losses globally Alaska was one of three markets where the company reported earnings — along with its Europe and North Africa, and Asia Pacific and Middle East segments — while reporting losses in the Lower 48, Canada and other international operations. Headlamp hopes that this stroke of luck can continue for Alaska in the face of anti-industry policy.

A foreign-owned tanker is expected to transport North Slope crude to Asia in the coming weeks. BP has shipped its oil overseas before, but it’s been decades since it was on a tanker built and managed outside the U.S. Alaska was already exempt from laws that kept other American oil producers from selling overseas. But last year, Congress dropped those restrictions. Now, those companies can sell to foreign refineries, and Alaska producers can transport crude on foreign tankers. BP confirmed its crude is being transported on Tianlong Spirit, headed for an Asian refinery. The company says its own tanker is in dry dock, which is the “primary motivation” for using the foreign flagged vessel.

 

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First Reads

ConocoPhillips reports $1.1B global loss, but earnings in Alaska
Alaska Dispatch News, Annie Zak, July 28, 2016

Three-year forecast finds the bright side in Anchorage’s dim economy
Alaska Dispatch News, Jeannette Falsey, July 27, 2016

Why a Bahamas tanker is carrying North Slope crude
Alaska Public Radio News, Elizabeth Jenkins,  July 28, 2016