Video Clips
Quoted moments from Alaska public meetings, hearings, and press conferences.
Clips from Alaska Gasline Development CorporationClear
0:37
Matt Kissinger
“they fill out the whole book of how much equity needs to be raised, and then they have to wait. They have to wait up to six months while we make a decision of whether we're going to back in and push them out of 25% of their investment, which is a real disadvantage to those investors. They have to tie up that capital with a slight bit of uncertainty.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:33
Matt Kissinger
“AGDC will always get 25% of anything that goes into eight star Alaska.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:24
Matt Kissinger
“We do not include any of these developer economics in the department of Revenue Analysis. We don't include it in any of our own. But it is there and it is the reward that Glenfarn gets from the project. So Glenfarn enjoys 75% of that carried developer economics.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:30
Bert Stedman
“we got the railroad, we've got Alaska Industrial Development Authority, and we have the permanent fund, all with either substantial amount of bonding authority and or billions in cash, hundreds of millions if not in billions in liquid assets. So there is a concern there.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:35
Frank Richards
“If Glenn Farm is not able to have a retention and seeks outside investment to come in to be able to cover the cost of the project, then we would only have those developer economics that Matt talked about.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:32
Frank Richards
“the key distinction we were trying to also reflect in this was that of the 65% equity that Glenn Farm would raise, that would be direct ownership. If we elected to take 25%. So that's direct ownership in the eight star pipeline and then the retained interest in the 35% is an indirect ownership stake. So no more money required for that.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:29
Matt Kissinger
“during that 180 days, ideally we will kick off construction and be moving. But it's potential that these other investors who have the, you know, that have the potential to be preempted by us, that they're not going to want to expose themselves to too much risk during that 180 day period. And so it does behoove us to actually shorten that period, to be honest.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:15
Matt Kissinger
“these are preemptive rights. They're retroactive rights that get exercised once we achieve fid. So all the other investors come to the table.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:36
Frank Richards
“the equity participation is an option, but it will be on the same terms as other equity investors. So no premium, no disadvantage being provided to AGDC for coming in under these preemptive rights.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:45
Bert Stedman
“there's significant risk exposure to this project and it's the looks like the highest and hardest hurdle of the three entities, the liquefaction plant, the conditioning plant and the pipe. The pipe being the most critical to move the project forward and also looks like it has the most risk in it.”Alaska Legislature: Senate Finance - June 4, 2026 1:30pm · Jun 4, 2026
0:37
Lyman Hoffman
“I bring this up because that 180 day timeline makes much sense. But what triggers that timeline, to me it would make more sense when the legislature convenes that that clock would start ticking so that we would have ample time to make major decision on the amount of funds that the legislature may invest in.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:50
Frank Richards
“what I heard from Mr. Prestige yesterday is that, you know, they support paying the alternate volumetric tax again as it becomes responsibility of theirs to be able to do that. The real reason around this bill and the structure is around the cost of that payment in lieu of tax, I'll call it. But it's an alternative volumetric tax because the existing rates were so high.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
1:35
Frank Richards
“once final investment decision is taken, we'll have 180 days to present the option to present the economics, the risks of inequity participation to the state of Alaska. So for an example, if there is a final investment decision in the fourth quarter, let's say the beginning of the fourth quarter quarter of this year, then that would start the 180 day clock to be able to provide the information to the legislature and to the Alaskans that would be interested in it”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
1:01
Frank Richards
“we wanted this opportunity to acquire ownership if the State of Alaska through appropriate legislation would be available to us. And so we reserved that option. However, if that option does not proceed forward, there will still be some what we call developer economics returns. And as owner of HSTAR Alaska, because of the development cost that the State of Alaska through AGDC and now Glenn Farm working towards FID will have expended and want to have some return on the investment. So as Glenn Farm retains equity positions in any of the sub projects and has developer economics return coming up to them for fees to those sub projects, then AGDC without any more additional funding would receive 25% of those returns to the State of Alaska.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:29
Frank Richards
“we've reserved that for the for the legislature between 5 and 25% equity option is what we've reserved within our agreements with Glenn Farm. And the goal would be that the state of Alaska may not have to elect the full 25% if it chooses not to. Then that option will then be extended to Alaskans and Alaskan corporations.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:17
Jesse Kiehl
“The 5% minimum buy in, is that going to match all other potential equity investors? Is there any chance that anybody else gets in at 2%?”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:49
Frank Richards
“my goal is that this project is able to reach a final investment decision for phase one sooner than that. It's really the opportunity that the developer talked to yesterday about what are those existing actions that must be undertaken to complete and have a final investment package, a decision support package that they would then make their decision on. Part of it is again around the property tax.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:12
Frank Richards
“the ownership structure of Eight Star Alaska is 75% Glenn Farm, 25% AGDC.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:39
Frank Richards
“This is the topic of discussion is really around the oil and gas property tax and what is truly going to allow this project to remain as an economic project that will move forward in this very competitive environment.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:47
Matt Kissinger
“the property taxes that we were faced with were about 10, 10 times higher than the next highest, which was Cove Point in Maryland we'd be looking at 600 to 800 million a year, possibly a billion a year once you factor in the potential risk of cost overruns. Whereas in LNG Canada I believe that they're paying somewhere around 27 million a year.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:45
Frank Richards
“it has been recognized really for decades that Alaska's oil and gas property tax rate is very high. And so we've looked through independent verification on where Alaska sits in comparison to other jurisdictions that have LNG projects. And so, so we've gone and we'll present some of that information today. But literally it is that Alaska is approximately 10 times higher than other jurisdictions in terms of our oil and gas property tax.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:45
Frank Richards
“Glenn Farm yesterday provided you with an updated Class 2 cost range. And I apologize, I don't have those in front of me, but it was in the 15 to 16 billion dollars range and that was at a class two cost estimate.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:48
Matt Kissinger
“There may be multiple rounds building up to an fid but you won't achieve a final investment decision until you have sufficient funding to construct the project along with your contingency and additional contingency for contract cost overrun. Risk, et cetera, at that point in time, once that final investment decision, and that's a single vote that happens at a single moment in time. That's what starts the clock on our 180 days.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:33
Frank Richards
“when the legislature created agdc, they also gave an exemption to any project that AGDC was working on that there would be no property taxes during construction. So what you hear from the developer is they're willing to pay a property tax, an alternative volumetric tax during construction.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:33
Matt Kissinger
“Developers have a habit of setting very aggressive FID dates and they do this because it's really the only way to drive everyone who's actually working on a project to a common target. But the knock on effect is it sets this unrealistic FID date out in the public and slowly credibility erodes.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
1:01
Bert Stedman
“there is some other concerns that some of us have at the table when it's referenced to the state. You know, a lot of it's really easy to assume it come into the legislature, but there has been some interest in accessing other entities of the state if it's the Alaska Railroad, if it's ada, if it's a permanent fund. So there is concern on the structure and how that would be executed.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:07
Matt Kissinger
“that 2mil rate has since morphed into this alternative volumetric tax which we feel also brings a lot more alignment.”Alaska Legislature: Senate Finance - June 4, 2026 10:00am · Jun 4, 2026
0:34
Adam Prestidge
“Two of those board members are appointed by Glenn Farn. The first, the chair of the board is Brendan Duvall, the CEO and founder of Glenfarn Group. And the second board member appointed by Glenn Farn is myself, Adam Prestage. AGDC has the right to appoint one board member and they've appointed Frank Richards the president of of agdc.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:15
Matt Kissinger
“Same with asset distributions. They're not allowed to distribute the assets of eight Star without our approval. So that protects eight Star and the assets within it. That especially the permits and the right of way and things that we've contributed to it.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:30
Matt Kissinger
“These are the overarching principles that we put in place to truly protect the key issues of importance to Alaskans. So the first one is establish and maintain a substantial operational presence in Alaska. And again, if we see contracts coming through that don't achieve that aim, then AGDC has the right to disapprove of those contracts.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:59
Adam Prestidge
“The distinction here is that recognizing the importance of AGDC's role representing the State of Alaska, there are additional components and rights and, and principles that benefit the AGDC minority share and require certain things from Glenfarn”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:29
Matt Kissinger
“The first one is non Alaska aligned contracts. So we have the Alaska Advantage principles that we'll talk about next and we get to review every key contract that is progressed through eight Star and ensure that they're all in line with those principles.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:30
Adam Prestidge
“In addition we have an independent non voting board member that sits on the board. That person at all times needs to be an Alaska resident. That position is appointed by the mutual agreement between Glenfarn and agdc. That role, that board seat is currently held by Janet Wiese who was formerly the president of BP Alaska.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:19
Matt Kissinger
“Additional capital asks of AGDC or of the state have to have AGDC approvals. That's a really important one. There are no more capital asks of AGDC into 8 star without AGDC's consent.”Alaska Legislature: Senate Finance, 6/3/26, 1:30pm · Jun 3, 2026
0:25
Bert Stedman
“As I recall that from those classes that we had years ago on a mega project, if, if you were only 20% or less overrun, that was a successful project.”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:13
Speaker A
“the most recent information I've heard is that it's imminent. I understand it's pushed from what was previously forecasted, but I believe it's still expected the first half of this year.”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:29
Speaker A
“Bent Flyberg is recognized as one of, if not the preeminent researcher of megaprojects. Through his research of Thousands of projects. He's found 92% of megaprojects are over budget, over schedule or both, which he has dubbed the Iron Law megaprojects.”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:29
Speaker A
“We were recently involved with reviewing the Vogel nuclear power plant down in Georgia. Units 3 and 4 that were completed a few years ago. That project, I believe, ended up at roughly $36 billion and took, I believe it was seven years longer than planned to complete.”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:38
Speaker A
“a Black Swan event is just something that is unplanned for as low probability, but high impact when it does occur. COVID 19 was a great example of a Black Swan event.”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:22
Speaker A
“the pre FID status including gas sales precedent agreements, downstream letters of intent, pipe supply, preliminary agreements and engagement with EPCM and EPC contractors”Senate Finance, 6/2/26, 9am · Jun 2, 2026
0:21
Matt Kissinger
“we have as AGDC, even prior to Glenfarm coming into the project, we've put out there this assumption of $1.50 and I think we are still confidently within that assumption range.”HFIN-260527-1330 · May 27, 2026
0:27
Matt Kissinger
“If you look at Canada versus Alaska, they have It's a fairly well-known resource, but it's an undeveloped resource that requires drilling and development through the life of those projects. It's the Montney and the Horn Rivers, tight, tight oil and gas up in northern BC and Alberta. They have the pipeline that had to go over the coastal range. We get to avoid the coastal range.”HFIN-260527-1330 · May 27, 2026
1:19
Frank Richards
“the cost estimate level for the gas treatment plant and the liquefaction are currently a Class 4. And so, as I started off, you know, we were at $44 billion, we reduced it to $38 billion in 2020. And what AGDC did is we had engaged with Fluor as essentially our owner's engineer over the years, and we asked Fluor to keep up with the cost and we would recast that cost estimate”HFIN-260527-1330 · May 27, 2026