Video Clips
Quoted moments from Alaska public meetings, hearings, and press conferences.
Clips from Alaska Gasline Development CorporationClear
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 ·
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 ·
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 ·
0:33
Matthew 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 ·
0:47
Matthew 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 ·
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 ·
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 ·
0:29
Matthew 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 ·
0:19
Matthew 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 ·
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 ·
0:30
Matthew 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 ·
0:15
Matthew 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 ·
0:52
Adam Prestidge“I want to just highlight that the Alaska Advantage principles you see on the screen here are unique. And you wouldn't normally find this in a typical private equity type investment or your average petrochemical plant on the Gulf Coast. This is a project that has very unique components and a level of importance to the state of Alaska. That's something that we, Glenn Farn, have recognized from our very first bit of involvement in the project. I can tell you that the Alaska Advantage principles or concepts that AGDC put forward very, very early in our discussions with them and we've honored them and been willing to incorporate them into our agreement, they are principles that dictate how we take this project forward.”
Alaska Legislature: Senate Finance, 6/3/26, 1:30pm ·
0:48
Frank Richards“the original legislation that created AGDC gave AGDC essentially tax-exempt status should we have ownership in the project during construction. And then it was going to fall to the tax structure under 4356 for oil and gas property taxes. Now, the, the concept that is now in front of us with House Bill 381, this alternative volumetric tax, would— is really going to be based on the volumes of gas flowing out of the project.”
HFIN-260527-1330 ·
0:30
Will Stapp“I think it probably would have been helpful to give some sort of structure. What we have before us is a volumetric structure. I think it's totally fine because it helps de-risk the project to capital cost overruns. But I still don't see— I mean, it probably would have been helpful, I think, for members of the committee, for you guys, even though I know you were out doing other things, because I remember those discussions very well, to perhaps at least bring a little bit of a framework to us.”
HFIN-260527-1330 ·
0:31
Matthew 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 ·
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 ·
0:36
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 ·
0:27
Matthew 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 ·
0:38
Matthew 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 ·
0:26
Matthew 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 ·
0:27
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 ·
0:37
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 ·
0:42
Matthew 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 ·
1:11
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 ·
0:36
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 ·
0:26
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 ·
0:25
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 ·
