Alaska was found to be the most profitable region for Conocophillips in the world “by a wide margin”, according to the Legislative Research Division.

Senator Bill Wielechowski (D-Anchorage) released the findings of a research report he requested reviewing profit data recently released by ConocoPhillips.

According to a press release, the legislature’s research division determined that, “On a barrel of oil equivalent (BOE), Alaska is the most profitable region for the company by a wide margin” in the first quarter of 2018.”

ConocoPhillips netted $26.18 per barrel of oil produced in Alaska, more than twice the next most profitable region, Asia Pacific/Middle East, at $13.01. Alaska earned ConocoPhillips $445 million of its $1.14 billion profits during that quarter. Alaska was also the most profitable area in the world for ConocoPhillips in 2017, according to the report.

According to the Alaska Department of Revenue Spring 2018 Revenue Forecast, in 2018 Alaska is projected to collect $3.90 per barrel in production taxes and allow $1.2 billion in deductible oil tax credits to major oil producers.