Federal tax cut boosts BP’s Alaska bottom line by $500M

posted by Michael Ortega -

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BP netted $830 million from its North Slope operations in 2017 but the company’s Alaska leaders contend the net income figure shrinks to $118 million when all of the work it does in the state is factored in against a backdrop of $543 million in taxes and royalties paid to the State of Alaska.

Most of the $830 million in upstream Alaska profits reported March 29 — on the back of $3.2 billion in operating revenue — is due to a roughly $500 million federal corporate tax accounting benefit stemming from the tax reform Congress passed in December.

A major component of the tax overhaul was a cut of the federal corporate tax rate from 35 percent to 21 percent, which many companies have been able to apply to deferred tax obligations.

Federal tax cut boosts BP’s Alaska bottom line by $500M



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