ConocoPhillips, the largest oil and gas producer in the state of Alaska, is mulling exports of Alaska North Slope crude to Asian markets, where the company may find better returns than on the U.S. West Coast.
"We do have the flexibility, if we want to use it, to take ANS cargoes to Asia," said chief executive Matt Fox during the company's third-quarter 2013 earnings call yesterday. "That will depend on the differential that we're seeing between Asian prices and West Coast prices," Fox said.
Exports of domestic U.S. crude are severely restricted, but there are some exceptions, such as exports to Canada, and exports of Alaskan and Californian grades.
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"Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries." – EIA