Video Clips
Quoted moments from Alaska public meetings, hearings, and press conferences.
Clips from Alaska State SenateClear
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
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
0:45
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
Matthew 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
0:37
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
0:39
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
0:17
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
0:45
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
0:49
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
0:33
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
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 · Jun 4, 2026
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 · 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
0:59
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
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 · Jun 3, 2026
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 · 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
0:30
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 · Jun 3, 2026
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 · Jun 3, 2026
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 · 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
0:29
“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
0:21
Dan Stickel“at $9.07 delivered this is a marginal project.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:56
Dan Stickel“under current tax law, with our existing property tax and our baseline assumptions, state revenue from the project, including Both upstream and midstream components would be just shy of 30, 30 billion dollars over life of project and a little over 17 billion dollars to municipalities.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
1:00
Matthew Kissinger“it starts with a temporary tax abatement that would expire once the project achieves either 500 million standard cubic feet per day of throughput or five years from commencing commercial operations, whichever is first. It also sets out an alternative volumetric tax, which is $0.06 per thousand standard cubic feet flowing through the pipeline and $0.12 for gas flowing through the GTP and $0.12 for Gas flowing through the LNG facility. However, that is then weighted by the total proportion of capital that each of those segments it constitutes of the total project capital.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:44
Bert Stedman“You may conclude from AGDC's point that it is a, you know, marginal project to go forward. My concern is Department of Revenue may conclude like has been referenced here at the previous meeting. It could go negative, net negative revenue against the state. So that is a significant concern at the table.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:35
Matthew Kissinger“Section 19 creates a mitigation fund of up to $90 million per year. And then it sets up how that that gets allocated between the different impacted municipalities and the state”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:56
Bert Stedman“we're being told here at the table it may cost 45 billion or it may cost 90 billion. It's not an acceptable answer, just not an acceptable answer.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:48
Dan Stickel“you can see that the replacing the property tax with the alternative volumetric tax decreases that cost of supply by about $0.50 per thousand cubic feet. If capital costs were to come in 10% below our assumption, it would have a similar impact. And we can see here that if capital costs were to come in significantly higher than what we're assuming, that would have really the largest impact of any of these variables on the economics of the project”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:33
Dan Stickel“our 2033 break even cost of supply given all of our baseline assumptions and current tax law would be $4.86 into the in state market and $9.07 per thousand cubic feet into the global market.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:27
Bert Stedman“the conversations I've had with some of the industry folks, both big and small, there's been significant cost escalations since January, dealing with equipment, fuel, manpower, what have you. And some of the rough impacts I've been given is 10%, and that's just since January.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:56
Dan Stickel“This bill would reduce total state revenues over life of project from 29.7 down to $22.8 billion, would reduce municipal revenues from 17.3 down to $6.2 billion, would reduce the in state cost of supply from the four. $4.86 Down to $4.47 per thousand cubic feet, and then would reduce The Global delivered LNG price in 2033 from $9.07 down to $8.55 per thousand cubic feet.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
0:22
Bert Stedman“I've heard the issue of a Graham several times as an anchor tenant. But my understanding for agrium that style of business they need low cost gas, not high cost gas. So I would be a little cautious with that one because this doesn't look like low cost gas.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026
1:02
Dan Stickel“that bill would have reduced total state revenues over life of project from 29.7 down to $22.5 billion and would have reduced municipal revenues over life of project from 17.3 billion down to just under $4 billion.”
Alaska Legislature: Senate Finance - June 1, 2026 10:00am · Jun 1, 2026