Video Clips

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

Bert Stedman

“when you look at the, at least from what I can gather on the economics of the gas line, with their interest cost and their depreciation, there's gonna be no net income, taxable net income for 2 decades. Literally, 2 decades. So I don't know how that, I guess, will wind up into a tax conversation later on the next couple of days, but you don't pay taxes unless you have a net income.”

Alaska Legislature: MSC2-20260626-1410

0:43

Dan Stickel

“The act of agreeing on a new set of baseline assumptions, ideally that would be a months-long process where we would collaborate, we would review all of the latest information in detail, spend some time with it. We would collaborate with stakeholders, partners and agencies, developer, AGDC, industry, and kind of synthesize all of that information. And come up with a new set of baseline assumptions.”

Alaska Legislature: MSC2-20260626-1410

0:26

Bert Stedman

“I'm sure we'll be looking as we go forward in this process to ensure that there's, um, that it's clearly delineated that there could be no monetary value put on that, um, concession, whatever concessions we make here with property tax. So it won't be left up to an arbitrator in, in arguments.”

Alaska Legislature: MSC2-20260626-1410

0:46

Dan Stickel

“the depreciation offsets— when we're doing an analysis of potential midstream corporate income tax, the depreciation offsets a lot of that income for the first several years, which is why I think 2036 was the first year that we would project a positive corporate income tax from the developer under the project. They also earn— to the extent that they have losses during construction, they could earn a net operating loss that could be carried forward. That net operating loss can offset up to 80% of a tax liability. And so once we get to the 2036 timeframe, we assume that the developer would still have those net operating losses until sometime in the 2040s.”

Alaska Legislature: MSC2-20260626-1410

0:43

Frank Richards

“it was important from AGDC's perspective to allow the opportunity for the state with a callback position, but it didn't obligate the state to pay it. It would be something that we, if it was exercised, we would come back to the legislature to ask if they wanted to go forward with the opportunity to pay this. Or we have the opportunity then to be able to look to the open market to bring in another developer to be able to take on that expense and take on those responsibilities that Glenfarm is now doing.”

Alaska Legislature: MSC2-20260626-1410

0:53

Dan Stickel

“the upstream and midstream would pay additional corporate income tax with the pass-through entity analysis. A portion of that would be an offset on federal tax because state taxes become a deduction against the federal tax. And then that would shift over life of project a little over— around $6 billion of cumulative revenue would shift from the companies and federal government to the state government.”

Alaska Legislature: MSC2-20260626-1410

0:36

Dan Stickel

“slide 33 is the version that came off of the Senate floor, which is the same— for modeling purposes, it's the same as the Senate Finance version, except that it adds that pass-through entity tax, and so that's where you see that orange orange bar, which is the corporate income tax, which was a fairly modest contribution on slide 32, becomes very significant on slide 33 as we expand that corporate income tax to apply to pass-through entities.”

Alaska Legislature: MSC2-20260626-1410

0:33

Justin Ruffridge

“I think, Mr. Stickel, you're being generous when you say marginal. If the futures market is $8— and we're assuming a $1.50 upstream gas price and we're probably looking at the plus 20% line or the plus 40% line at— in real terms, none of the items I'm looking at on that screen seem to be even in the definition of marginal. It seems like they don't work.”

Alaska Legislature: MSC2-20260626-1410

0:42

Adam Prestidge

“one of our core principles has to do things right by the state, and so to prioritize low-cost domestic gas as low as possible, to do the project as quickly as possible, and more above all, to make sure our contracts and our arrangements with the state are fair to all parties involved. One of those things that we think is fair is the state's clawback option. That's something that AGDC proposed to us in our negotiations.”

Alaska Legislature: MSC2-20260626-1410

0:25

Dan Stickel

“in the cash flow summaries, there is a shift of revenue from the federal government and the upstream and midstream into the state government component of about $2.2 billion over life of project.”

Alaska Legislature: MSC2-20260626-1410

0:57

Justin Ruffridge

“if you have an entity who is consistently investing large-scale infrastructure dollars those large investments are always able to, or are usually able to offset any sort of revenue gain from the investment itself. Potentially if they continue to invest infrastructure dollars, you could perpetuate this sort of depre— or I guess lower value of tax paid in perpetuity.— is that an accurate assumption again? Representative Ruffridge, through the chair, yes. So a company that continues to make investments would— the capital investments would have a depreciation schedule and those would reduce the taxes owed.”

Alaska Legislature: MSC2-20260626-1410

0:54

Justin Ruffridge

“If this assumption, let's say on slide 21, from 20— looks like '46 and moving onward, is that there is the assumed, I would say, increase in potential revenue from a corporate income tax, that is only if the entity in question here does not take some of those dollars and let's say they reinvest those things in an export facility expansion, maybe an additional gas line, other sort of areas, all of those potential revenue dollars would have— could disappear. Is that an accurate assumption?”

Alaska Legislature: MSC2-20260626-1410

0:41

Dan Stickel

“for that midstream operator, we're estimating $29 million in 2036. That's the first year of expected revenues. That increases to $65 million in 2041 and then up to $358 million in 2051. And what that shift from the 2041 to the 2051 represents is the exhaustion of those carryforward net operating losses.”

Alaska Legislature: MSC2-20260626-1410

0:49

Dan Stickel

“a lot of these assumptions were developed before Glenfarn came onto the scene. We have not received a lot of detailed information and details details on project plan from them, given confidentiality. And so we have carried forward many of these assumptions. There was a significant amount of work that was done in 2018 and 2019.”

Alaska Legislature: MSC2-20260626-1410

0:51

Adam Prestidge

“we do have the view that if there were ever a cash consideration or a cash repurchase, we would not ask for the monetary value of any tax arrangement to be reflected in any repurchase. So Glenfarm's position is that you would not claim credit for any value added through tax abatement or other relief from the legislature? Representative Sharkey, essentially yes.”

Alaska Legislature: MSC2-20260626-1410

0:36

Bert Stedman

“As far as it being a hypothetical potential of not going forward with the project, I don't believe it's that hypothetical because we've had numerous gas line projects that have not succeeded. This is just the latest one over the last 30 years. And there's a lot of FERC permits issued that never come to fruition.”

Alaska Legislature: MSC2-20260626-1410

0:29

Dan Stickel

“broadly speaking, the various, you know, the various versions of the bill have kind of targeted that 50 cents or so reduction to that break-even cost of supply plus or minus 5 or 10 cents.”

Alaska Legislature: MSC2-20260626-1410

1:22

Dan Stickel

“once full export operations begin in 2033, you'd start to see more revenue, just shy of $200 million a year total, but you'd start to see more revenue from the oil and gas production in the upstream, and then once you get out into the later years of the project and you start to see the significant potential revenues from the midstream developer that the corporate income tax impact could be over $600 million per year from this provision.”

Alaska Legislature: MSC2-20260626-1410

0:32

Adam Prestidge

“this is a mechanism that is only exercisable at the state's option. In terms of Glenfarn's ability to seek recourse or any kind of compensation, we don't have that mechanism. We can't ask the state to exercise this option. If Glenfarn decides to abandon the project, we do so with no recourse.”

Alaska Legislature: MSC2-20260626-1410

0:57

Frank Richards

“The document that we are discussing today is a draft document that AGDC staff created specifically to provide information to AGDC's board while we were working on the definitive agreement.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:49

Frank Richards

“If Glenfarm decides to abandon the project, we do so with no recourse. And that is a very important characterization of how this has been set up.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:11

Adam Prestidge

“We would not ask for any numerical value to be assigned based on the implementation of a tax arrangement.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:19

Calvin Schrage

“One question that I would have, which has not been addressed as of yet, is who is able to claim value for any tax abatement that's provided by the legislature?”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:51

Adam Prestidge

“we do have the view that if there were ever a cash consideration or a cash repurchase, we would not ask for the monetary value of any tax arrangement to be reflected in terms of in any repurchase.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:39

Adam Prestidge

“this is a mechanism that is only exercisable at the state's option. In terms of Glenfarm's ability to seek recourse or any kind of compensation, we don't have that mechanism. We can't ask the state to exercise this option.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:08

Calvin Schrage

“With that, I'd like to call the roll. Senator Cronk. No. Senator Steadman. No.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:16

Calvin Schrage

“From there, we will move on to amendments adopted on the Senate floor, which I expect will form the basis of most of our decision-making. While our initial focus will be on the Senate components, the committee retains the ability to consider the House version and its individual provisions as we work toward a final product.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:57

Matt Kissinger

“I think everyone knows what I'm talking about with respect to a stolen AGDC document, confidential document. I thought it would be worthwhile just to take a few minutes just to address it openly to let you ask any questions that you have on it, but also to clarify that we've been clear actually about these mechanisms on the record.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:25

Calvin Schrage

“Our next meeting of the HPPC HB 381 conference committee will take place tomorrow, Saturday, June 27th at 10:00 a.m. During that meeting, we will conclude this presentation as well as go over the amendments passed on the Senate floor to HB 381.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:31

Adam Prestidge

“it creates a little bit of a hesitation around how— around business principles and how, you know, how we will be able to trust certain confidentiality protections.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:45

Calvin Schrage

“For the House, 0 yeas, 3 nays. With 3 yeas, 0 nays in the Senate and 3 nays in the House, House Bill 381, Senate amended, fails to be adopted. Having not adopted either the House or Senate versions of HB 381, and after consultation with the presiding officers, the committee will proceed with its work under the expectation that limited powers of free conference will formally be granted later in the process when the bodies reconvene and before the adoption of the final committee reports by both bodies. Under limited powers of free conference, the conference committee can adopt any language, dates, or effective dates subject to conference.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:18

Bryce Edgmon

“I move, Mr. Chairman, that we adopt the committee substitute for House Bill 381 Finance amended. For reference, it is 34-GH2038\W.A.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:23

Matt Kissinger

“that was not in the main agreement. And the main agreement has the abandonment provisions that we have also discussed where there is not a payment.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:25

Matt Kissinger

“Senator Steadman, through the Chair, if you would be willing to provide us with a copy of that document, then we can consider redacting it and reviewing it. But as of now, we've only been able to to look at that document. We don't have our own copy of that document.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:20

Calvin Schrage

“After discussions with committee members, there is interest in starting with the Senate Finance version. Which largely mirrors and builds upon the bill passed by the House.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:43

Matt Kissinger

“Representative Fields asked about these clawback mechanisms at that meeting, and what I said was, I said there— I said, and just to address this clearly, this is my words, and just to address this clearly because I've heard many questions that dance around this, the clawback would be a paid clawback. And there's real important reason for that. If you're moving towards milestones and you're gonna penalize your developer and they miss a milestone and you can just take everything away from them and they can lose everything, They will put nothing into it.”

Alaska Legislature: JHB381-260626-1400 · Jun 26, 2026

0:39

Paul Kelly

“we just finished our Human Resources Committee meeting, at which time we forwarded the appointments, uh, for 3 boards: the Airport, Docks and Harbors, and Eagle Crest. For the Airport Board, I move that we appoint David Epstein to a term ending in 2029. Uh, Mike Newell to a term ending in 2029. Jerry Godkin to a term ending in 2027.”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:31

Paul Kelly

“I move to appoint Tyler Emerson to the Docks and Harbors Board to a term ending in 2029, uh, Shem Scooter to a term ending in 2029, and Steve Fox to a term ending in 2029. Uh, the only correction is it Shem Suter, there's no C. Um, any objection to that? Uh, seeing none, so moved.”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:17

Paul Kelly

“I move that the assembly appoint to the Eagle Crest Board Kevin Krine to a term ending in 2029, Sandy Hussein to a term ending in 2029, and Sean O'Neill to a term ending in 2026.”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:20

Paul Kelly

“for the Airport Board, I move that we appoint Nolan Davis as the tenant liaison to a term ending in 2027. Thank you for that. Any objection to that? Seeing none”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:07

Paul Kelly

“Jordan Kessler to a term ending in 2028. Any objections?”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:12

Paul Kelly

“Seeing none, those appointments are made.”

Juneau: June 24, 2026 CBJ Special Assembly Meeting 2026-14 for Empowered Board Appointments · Jun 26, 2026

0:12

Joyce Anderson

“that means somebody else would do the training, not just— it wouldn't not be done. It would just be by somebody else other than us. Thank you for clarifying that, because I was going to say it absolutely needs to be done.”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

0:21

Joyce Anderson

“then it went over to the Senate and Senator Keele had a couple questions. There were a couple amendments made which were areas that were not quite picked up by anybody, which I have to give his office credit for. So we made those technical changes to make it look good.”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

0:24

Joyce Anderson

“the bill, it went to the governor's desk. Governor's office and the governor did not sign it. So it became effective on the day, the last day that he didn't, that he would have had to sign it, which was on Wednesday, June 24th. Section 28 of the bill says this act takes effect immediately. And so it became effective on June 24th, which is also exciting.”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

1:03

Alyse Galvin

“I concur this is not in the purview of what this committee's work is and it does make sense to me to have some sort of a vote that sort of an advisory vote saying we are not wanting to do this, and then maybe a letter accompanies our declaration or whatever it might be that says we understand that this is important to the state of Alaska. It doesn't meet our purview. We have voted on this.”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

0:07

Joyce Anderson

“I see, Kevin, that you said in one instance there was a flat refusal to submit an agenda. That is correct. Who was that legislator?”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

0:13

Joyce Anderson

“the use of the legislature's title was also in here, so we can just mention that statute as well.”

Alaska Legislature: JETH-260626-1300 · Jun 26, 2026

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