Video Clips

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

Clips from Alaska Gasline Development CorporationClear

Will Stapp

“Obviously, kind of begs the question, if you have 3 studies identifying that property taxes were a big issue in the project, the bill to restructure property taxes in Alaska in the project didn't come before the legislature, I want to say, until nearly the end of March. So obviously here we are in special session given the time constraints. And I'm just curious if you guys knew about this for so long, why wasn't at least a skeleton structure presented for us last year or year before or year before that?”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“And you see that aside from capital cost, the property tax is the largest single impact on this project.”

HFIN-260527-1330 · May 27, 2026

Frank Richards

“it's really around the property property tax and how we are, you know, far out of our field compared to our competition in other portions of the world. So we wanted to bring this back just to really identify that property tax is an issue within the state of Alaska for this project because, again, it's not an oil project. This is a natural gas project. And so the margins are much smaller than an oil project.”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“We had them come in and compare it with every other jurisdiction, especially around the U.S., Canada, but also some overseas jurisdictions. And what they found was that our property tax in Alaska, the way it's structured, assured would result in property taxes a whole order of magnitude, so kind of 10 times higher than the next highest.”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“3 of them really stood out. The first one was what we called state and federal support, such as the loan guarantees, but really it was focused on the loan guarantees. The second one was an even lower gas price, which we have continued to negotiate a lower and lower gas price with the producers. And then finally, even back then, we identified that property taxes were one of the biggest triggers that you could pull.”

HFIN-260527-1330 · May 27, 2026

Andy Josephson

“when we talked to our consultant, Mr. Fulford, yesterday, he didn't suggest that, that, uh, the contract covered price. That was an imperative feature on his slide deck, I think taken from DOR, showing these heat charts where we had to be in the top left corner to reach or come under that $10.41 cost at delivery.”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“I would suspect— I would expect that any contract going in front of the RCA for utility sales in Alaska would look very different with or without the changes to property tax. Simply because it's more than— it's well over $2 impact per MMBTU, which is the unit of measure that is normally sold in. And so I don't believe that they could just simply absorb it.”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“In 2016, they brought in Wood Mackenzie, and they asked Wood Mackenzie to do a competitiveness analysis of the project. And Wood Mackenzie said that the project ranked poorly in terms of competitiveness. And they recommended that we adopt a debt-funded third-party tolling structure rather than what would normally be your IOC, your International Oil Company balance sheet financed project.”

HFIN-260527-1330 · May 27, 2026

Matt Kissinger

“The next highest that they had identified being Cove Point, Maryland, that had about $50 million a year. I think LNG Canada has around $27 million per year, and if you just go by statute, this project could be well over $800 million a year.”

HFIN-260527-1330 · 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

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

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

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

“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

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

“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

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

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

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

“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

“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

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

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