Thursday, March 18, 2010

BP Exploration (Alaska) earned $1.89 billion in profit in 2009

ANCHORAGE - BP Exploration (Alaska), which has been under fire for oil spills on Alaska’s North Slope blamed on underspending on maintenance, earned $1.89 billion in income in Alaska in 2009.
That’s down around three percent from the $1.95 billion the company earned in 2008. Oil production fell eight percent and total annual revenue fell 35 percent in 2009 from 2008.
Taxation fell 64 percent during the period as a result of progressive elements in the Alaska tax code that rise and fall along with oil prices, which backed off from 2008's record highs.
BP Exploration (Alaska) brought in $5.04 billion in revenues in 2009, down from $7.76 billion in 2008. Meanwhile, the subsidiary paid around $1.2 billion in taxes in 2009, compared to almost $3.3 billion in 2008.

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