Thursday, July 26, 2012

State earns $983 million, ConocoPhillips $551 million from CP Alaska production in 2nd Quarter ...

The Anchorage Daily News ran an article yesterday on ConocoPhillips Alaska's quarterly earnings report.  The headline was "ConocoPhillips earned $551 million in Alaska in 2Q."  The headline, and story, was roughly the same also in the Alaska Dispatch ("Conoco turns $551 million profit in Alaska for second quarter") and the Juneau Empire ("ConocoPhillips produces strong Alaska profits").  The Fairbanks News-Miner and APRN, except for the Dillingham affiliate ("ConocoPhillips Alaska reports huge profits") do not appear yet to have a run a story on CP's quarterly report.

Here is what the headline should have read to accurately reflect the story ... "State earns $983 million, ConocoPhillips $551 million from CP Alaska production in 2nd Quarter."  That leaves a different impression, doesn't it?  What if it read, "State earns $983 million on no investment, ConocoPhillips $551 million on $100 billion investment from CP Alaska production in 2nd Quarter."  

But sadly, all that the ADN (and, for that matter, the Dispatch) reported in their headlines was CP's share.  That lack of balance is important -- and may explain much about why the general population thinks the oil companies are greedy.