Alaska Judge Sharon Gleaon News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. ....

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