Juneau, Alaska (Alaska Beacon) - A federal decision on the controversial plan to build a 211-mile road through the Brooks Range foothills to provide access for mining development might come a few months later than previously anticipated, according to recent court documents.
Tue, 02/02/2021 - 12:04pm
The Kuukpik 5 rig is seen drilling at the ConocoPhillips’ Putu well south of Nuiqsut in mid-February 2018. ConocoPhillips reported a net loss of $2.7 billion for 2020 on Feb. 2. (Photo/Judy Patrick/ConocoPhillips)
Despite semi-recovered oil prices, ConocoPhillips reported a loss of $772 million in the fourth quarter of 2020 on Feb. 2 with much of that attributed to an asset downgrade in the company’s Alaska operations.
According to a corporate statement, the Alaska segment loss stemmed from “non-cash impairments related to the Alaska North Slope gas asset.” A detailed breakdown of the company’s quarterly financials lists an $841 million impairment in its Alaska business, which subsequent to other adjustments led to a $643 million special item expense.