Video Clips

Quoted moments from Alaska public meetings, hearings, and press conferences.

Nicholas Fulford

“the legislature at the time, they were kind of looking at landed LNG prices in Japan, which probably about $15, $18 at the time, and they were looking at the wholesale gas value in British Columbia, which might have been a couple of dollars, and, and they're looking at that arbitrage and thinking, well, my goodness, that there's a huge amount of profit here to be captured, so we need to make sure that's taxed. So they introduced, um, an LNG project tax”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“as you consider the tax arrangements for AKLNG, whether it be property tax or something different, a lot of these international investors will be looking at which is the most favorable tax rate, tax environment to operate in”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“one of the key features for Alaska is that when you look at that delivered cost to Asia, it's going to have to be roughly the same or slightly less than that U.S. Gulf Coast marginal price”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“within within the usual sort of constraints around confidentiality, that the BC government were able to see pretty well every detail of the economics of the project before they made those concessions”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“it was really when the federal government decided that exports of LNG into the Pacific were a kind of a national— were of national importance, that they collaborated with the provincial government at a level which I think has never been seen before. So it became a kind of a three-way negotiation between the project developers, the provincial government, and the federal government. And that all came to a head in March 2018, and I would describe it as the last piece in the jigsaw which then enabled FID to be taken in October 2018.”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“these tax concessions have been offered for Canada and that it represents a competitive framework to consider”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“the first thing that happened was that the LNG project tax was revealed— repealed. Then in the run-up to FID, the depreciation mechanisms were accelerated by the federal government. There was a complete deferment of sales tax on the project while it was being built. So it wasn't a tax holiday, but it was a deferment of the nominal tax for 20 years.”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“when it comes to investment in LNG, you do have some very active and potentially competing projects just to the south, and, and that is probably going to be one of your considerations as you legislate around the project here in Alaska”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“My favorite one to start with in the context of AK LNG is the Xyla Shims project, which is potentially a 12 million ton floating LNG project. Literally just a few hundred yards from the Alaskan border. And as it says on the slide there, as the crow flies, it's about 60 miles from Ketchikan.”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“the CO2 tax was also reduced quite substantially. It wasn't eliminated, but ultimately, as you can see on this slide, the, the final part in that kind of fiscal package was a natural gas credit which was applied to corporate income tax, provincial corporate income tax. So that, that reduced the provincial corporate income tax effectively from 12% to 9%, leaving a net 24% tax rate. So obviously if you compare that with the corporate and— sorry, the, the federal and state corporate income tax here, because federal tax is allowable, it comes to 28.4%”

SFIN-20260527-1330 · May 27, 2026

Nicholas Fulford

“the optionality that would follow from S corp status and, and not having an obligation to pay corporate income tax in Alaska. Obviously that provides value to a potential investor”

SFIN-20260527-1330 · May 27, 2026

Bert Stedman

“when we look at the midstream, which is the gas line, they pay a corporate income tax. There's Subchapter S, there's there is no corporate income tax, no tax in the state, and that's it, along with property tax.”

SFIN-20260527-1330 · May 27, 2026

Bert Stedman

“if they need a concession, on a $45 billion project, what are they going to ask for when it's $70 billion?”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“once FID has taken on those 3 subunits, the state's 25% of the holding company may or may not have significant value.”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“with the current arrangement, it's not surprising, frankly, that there is some degree of concern over confidentiality, capital costs, and so forth.”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“my understanding is that the 75-25 split relates to the holding company. And that as and when FID is taken on the sub-companies, capital will be, you know, put into those companies who will then potentially pay a dividend up to the holding.”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“ConocoPhillips, as I recall, was concerned that that could be a company-ending event if it was to go south. The project was so big.”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“In this case, Clunth Farm doesn't. They couldn't finance this thing if they had to by themselves. So I think we're— the scale difference between the previous three participants under 138, including the state with its financial assets and its taxing authority, far eclipses the structure of Glenfarm.”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“that was the project that was— that existed back in 2014-15. With ConocoPhillips, BP in those days, ExxonMobil, and the state all having a similar equity share in the project right the way through from the wellhead down to the LNG ships.”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“this committee has spent year after year after year dealing with construction projects all across the state and we have massive inflation and cost escalations over the last decade to the point where we've had to put in tens of millions of dollars backfill for OMB— excuse me, not OMB, but our contractors to facilitate the completion of their contracts”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“in essence, we own through 8STAR 25% of the sub-companies because we own 25% of 8STAR, is my understanding. And then when they go out to bring in other investors, we'll suffer a dilution issue. Issue. And the question is, how big is the dilution issue?”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“that integrated structure you talked about, I think for the state's 25% share, included our royalties plus a gas tax to create that 25% alignment with the 3 major producers in that project, which seems to be quite dissimilar from the merchant structure or this tolling structure that you just mentioned.”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“it is clear that one or more companies with a very significant balance sheet would have to enter the project with equity in order for it to get across the finish line.”

SFIN-260527-0900 · May 27, 2026

Nicholas Fulford

“unlike the Gulf Coast projects, which involve smaller capital investment but higher operating costs, for example, gas purchase and shipping, Alaska's quite the opposite. And although it's a gas project, it's almost easier to look at it as if it were a toll road or an airport or some kind of infrastructure project because most of the value for AKLNG is going to be in that midstream”

SFIN-260527-0900 · May 27, 2026

Lyman Hoffman

“we need to get the projected cost of the Trans-Alaska Pipeline and the actual cost, which has been, was substantially higher than doubled. From my recollection.”

SFIN-260527-0900 · May 27, 2026

Bert Stedman

“we need to look at that. Mr. Chairman, and then get into more discussion on the dilution issue, the equity dilution issue, which the state would be facing as a residual owner right now at 25% with no equity participation coming into the project yet from, from a third party.”

SFIN-260527-0900 · May 27, 2026

Speaker B

“God bless our fallen heroes and their families. God bless our many veterans here today in the great state of Alaska.”

2026 Memorial Day at Veterans Wall in Wasilla · May 27, 2026

Speaker A

“Memorial Day is a solemn occasion dedicated to honoring the brave men and women of the United States Armed Forces who made the ultimate sacrifice to service to our nation.”

2026 Memorial Day at Veterans Wall in Wasilla · May 27, 2026

Speaker A

“I move that we introduce this ordinance set it for public hearing at the next regular assembly meeting and send it to the Finance Committee meeting, the June 3rd Finance Committee meeting for discussion. So this would still be on our June 8th regular meeting for public hearing, but we'd get an opportunity to chat about it next week.”

May 27, 2026 Special Assembly Meeting · May 27, 2026

Beth Weldon

“We may have inadvertently caused a double taxation that we just have to work with our our finance director and sales tax person to make sure that it's not what— I doubt that's what the intention of the assembly was, is to double tax something.”

May 27, 2026 Special Assembly Meeting · May 27, 2026

Zac Johnson

“I had a conversation with my kids and I told them, you know, the sad reality is the education you're getting this year is probably the best you'll get while you're while you're in school. It's only going to get worse. For me, the kind of final straw, or whatever you want to call it, was going down to Juneau last, last winter and here being told that until the state's congressional budget reserve is fully depleted, there's no appetite to really do anything to fix things.”

Kodiak Island Borough Assembly Regular Meeting of May 21, 2026 · May 21, 2026

Scott Smiley

“There seems to be a conception that we have some kind of authority over the budget of the school district. We don't. They have the authority over the school district's budget. That's their business to do. They have cut more than $2.7 million this year and $2.5 to $2.7 million for the year before that and the year before that.”

Kodiak Island Borough Assembly Regular Meeting of May 21, 2026 · May 21, 2026

Bo Whiteside

“move to amend Resolution Number FY 2027-01 for the amount to be made available to the Kodiak Island Borough School District from local sources for the fiscal year ending June 30th, 2027, is set at $13,779,556 for both in-kind services and direct appropriation.”

Kodiak Island Borough Assembly Regular Meeting of May 21, 2026 · May 21, 2026

Jared Griffin

“COVID money helped bridge those gaps for a few years, and as have federal grants for numerous years. COVID money is gone. Um, we voted in an executive branch in, in D.C. that eliminated those education— federal education grants that provided for a lot of the services our kids rely on.”

Kodiak Island Borough Assembly Regular Meeting of May 21, 2026 · May 21, 2026

Nicholas Fulford

“from a fiscal stability point of view and, and being able to predict what's going to happen, you know, 5, 10, 20 years down the road, that's the other problem with property tax is that you don't really know what that tax is going to be. And as lenders and other people look at the project and they look at that degree of unpredictability, effectively they'll assign a risk to it and the cost of capital or the cost of debt will be higher and the project will be less competitive.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“the difference between those two scenarios is very material indeed. So, so it, it brings the question away from, you know, a kind of substantial improvement in project economics versus where you're at in terms of this penny, two pennies, whatever it is to get the project economic.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“the one thing that you could probably do which would help that dialogue go forward is really what we're here discussing today, which is to put in place a more appropriate framework around property tax or whatever replaces it. Because undoubtedly what goes on in the legislature, you know, obviously it has a lot of interest from within the state, but, you know, some of these buyers who are looking at the project are also looking at what the legislature is doing.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“if you took 12.5% as the going rate for LNG, With the 6-cent tax, AVT, Alaska would be profitable somewhere around the sort of $65, $70 a barrel. So really any price greater than $65 or $70 a barrel, Alaska would be in the money. Equally with the property tax, you can see that that shifts slightly to the left— sorry, to the right. And, and you're really in more of a sort of 70-75.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“if the main LNG project doesn't work, then a 42-inch line all the way down from the slope is a very, very expensive way of getting gas to South Central.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“Really relatively quickly, we ramp up to about a $600 million tax requirement. And as you look at these slides, the way I like to look at it always is in the effect that this has on delivered gas, because ultimately that's the kind of competitive framework you're looking at.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“alleviating the tax burden on the project for that first 10, 10 years or so is of far more importance than what you do after 10 years.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Nicholas Fulford

“one of the advantages of the volumetric tax is that if you double the— or if you increase the capacity of the LNG project, you're also multiplying the AVT. Whereas you wouldn't be multiplying the property tax.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Sara Hannan

“one of the more common things I see through it, that chart, both from property tax and sales tax, is a 10-year abatement of taxes, not permanent or in perpetuity. So when—. Talk to me about how come in Alaska we're looking at longer abatement than that, or is 10 years work? And it —seems to work in Louisiana, Texas, and maybe Maryland.”

House Finance, 5/26/26, 1:30pm · May 26, 2026

Speaker A

“We got together as a team, and I'll let my team introduce themselves here in a couple minutes. And we've already judged the seal oil and dry fish, and today we're in front of you to judge the seaweed.”

Native Food Contest, Celebration 2024 | Sealaska Heritage · May 26, 2026

Speaker B

“our traditional foods, even my father used to say that food should be respected like medicine. They're good for us. They're good for our soul. But they also bring us together as a people.”

Native Food Contest, Celebration 2024 | Sealaska Heritage · May 26, 2026

Speaker A

“each of us judges got a score sheet and we were able to score in 4 categories. We gave each category a 1 through 10. And so like for the seal oil, we judged it on freshness, on color, on taste, uh, And you know, with the dry fish, we looked at texture.”

Native Food Contest, Celebration 2024 | Sealaska Heritage · May 26, 2026

Speaker A

“let's get some extra nutrients in today and try some of our seaweed, which is high in fiber and wonderful magnesium and other great nutrients for our bodies.”

Native Food Contest, Celebration 2024 | Sealaska Heritage · May 26, 2026

Speaker A

“Sally Joseph, congratulations, you have gotten second place for our seaweed competition.”

Native Food Contest, Celebration 2024 | Sealaska Heritage · May 26, 2026

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