Video Clips

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

Clips from Alaska Department of RevenueClear

Bert Stedman

“isn't there a timing difference between when the $0.16 was agreed to and when the concept of the volumetric tax numerics were put in play, like a couple of months difference in time?”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:15

Bert Stedman

“I think there's a couple months difference in when the 16 cents was in play and when the concept of the effective 2 mil tax rate was put on the table or put in play.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:53

Dan Stickel

“it's a 20 mils tax or 2% of assessed value, and that assessment is done centralized by the State Department of Revenue. We manage the appraisal and assessment process for all oil and gas property in the state, and then any municipal oil and gas property taxes are allowed as a credit against that state tax.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

1:08

Bert Stedman

“I think 2 mils of our 2% of $16 billion is somewhere around $320 million. So I just need to, I guess, get some of these numbers adjusted. And I'd rather, Mr. Chairman, have us look at the aggregate dollars and going to the state, and then if there's a split to the municipalities like we do with our oil tax, we look at the whole, you know, the portion that goes to each borough and then a portion that goes to the state. But if we don't use the aggregate dollar amount, we get our tax modeling off.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:29

Bert Stedman

“Frankly, when I look at this bill and I see 2 mills, I find that alarmingly low. If I could pay 2 meals for my house, I'd run down to City Hall with a Christmas card to the mayor.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:49

Adam Prestidge

“one of the benefits, one of several benefits that we see with the alternative volumetric tax is that it is calculated based on a reportable throughput on the pipeline that is then calculated by multipliers, and there's no value— there's no question of valuation applied to that. And so what that means is that we avoid, for all parties involved, the potential for litigation over what is the value of this property over the decades to come.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:37

Dan Stickel

“we certainly have produced the Phase 1 analysis and will be happy to provide that for the version of the bill that passed out of the House. And we do have extremely detailed model assumptions document. Provide that to the committee, and then I think we can go from there on providing any additional information that would be helpful and any additional sensitivities the committee would like to see. We'll go ahead and get that information. We'll see where we can slide that into our hearing schedule.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:37

Bert Stedman

“I would suggest that on the interest rate you use, not something below 5, but use the government bond rate.— as a base. I think the Department of Energy was talking about 20-year bond rate plus 3/8 and then step it up.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

0:52

Adam Prestidge

“that price cap, that commitment that we can get this project done with a cap on the price at $16, is an extraordinary commitment. It is a commitment that we're able to make on the basis of how 381 was put together. If there were a significant change to the tax structure, for example, going from 2 mils to 3 mils would be a 50% increase on the tax burden as set out in HB 381. That would really put in— that would really challenge our ability to maintain that $16 price cap.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

1:06

Adam Prestidge

“the 2 mills 2 mils is a concept that was first introduced by Wood Mackenzie and other— and Gas Strategies and other consultants to AGDC quite some time ago, and it was an assumption that went into our ability to commit to a $16 price cap. And so I don't see that there was a commitment to $16 at any time before we had an assumption that was based on 2 mils.”

Alaska Legislature: Senate Finance - June 15, 2026 1:30pm · Jun 15, 2026

1:02

Speaker B

“on the top right is our baseline scenario, which is going to be the 270 million barrels additional production from Point Thompson and the zero oil impact at Prudhoe Bay. And then on the bottom left is kind of the worst case scenario with zero incremental Point Thompson production and a 500 million barrel loss at Prudhoe Bay.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:49

Speaker B

“So far about 20 million barrels have been produced, and so that would imply potential— potentially 80 million barrels of oil left that could be technically produced, and how much of that is economic would be a lesser number than that.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:35

Speaker B

“the $100 per barrel oil, um, with our baseline oil production case and Senate Bill 2001 as introduced. That would be $29 billion of cumulative state revenue.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

1:12

Speaker B

“there was a study that was presented in the Resources Committee where Department of Energy had estimated that the LNG project could reduce oil production from Prudhoe by a little over 450 million barrels total. And so that's where we developed the 500 as a nice round number to illustrate kind of a worst-case scenario there.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:57

Speaker B

“Under these alternative project assumptions, the breakeven price into the global market to get that 10% return for the investors would be $9.63 per thousand cubic feet. That compares to $8.48 per thousand cubic feet under our baseline analysis... the very LNG breakeven price would be $9.69 per thousand cubic feet, comparing to $8.54 per thousand cubic feet under our baseline assumptions. And so across the board, these, these alternative assumptions increase the required sales price of gas into the global market by a little over $1 per 1,000 cubic feet.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

1:04

Speaker B

“at a higher oil price, the impact of lost barrels, if you had a scenario where Prudhoe Bay production was declining, the impact of those lost barrels is significant to state revenue, both in the reduction of value and the fact that at higher oil prices, when companies are paying under the net profits tax, we're getting a larger share of a larger pie.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:39

Speaker B

“the baseline oil price with the baseline oil production scenarios and $29.7 billion of cumulative revenue through 2062.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

1:19

Speaker B

“at $100 per barrel oil, it would be a reduction to state revenue in most years under this worst-case production scenario, and that again has to do to do with just the value of those barrels, we're actually in this worst-case production scenario, we're actually forecasting that oil production will be lower than it would be absent the AK LNG project.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:56

Speaker B

“The $60 oil price represents a price that's a little bit lower than what we're forecasting and is a situation where most of the upstream producers will be in a minimum tax floor situation in the forecast. The $100 per barrel scenario represents something closer to current prices and would be a situation where most of the producers are in a net tax situation for the production tax. And so the impact of that net versus gross tax is significant when it comes to running these price scenarios.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

1:01

Speaker B

“We were asked to provide oil production sensitivities and price sensitivities on that as well.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:44

Speaker B

“This would result in a breakeven LNG price into the global market of $10.69 per thousand cubic feet. That compares to $9.07 per thousand cubic feet under our baseline assumptions. So a move of about $1.60 just from increasing that capital cost assumption really highlights the importance of of that capital cost assumption.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:53

Speaker B

“this next scenario was a request from the committee presentation from last week, and it was a request to model a $60 billion capital Capital expenditure scenario. So similar in total capital expenditure cost as the scenario that we just walked through, except that this next scenario keeps all of our other baseline assumptions unchanged. So the 20-year debt agreement, 70/30 debt split, 5% interest rate on debt, and other baseline assumptions, simply adjusting that capital expenditure from the $46.2 billion real up to $60 billion real.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:38

Speaker B

“Moving to the $60 billion CapEx increases the breakeven cost of supply from $8.48 under the baseline up to $9.91 per thousand cubic feet. And then under Senate Bill 2001 as introduced on slide 21, that would be $9.97 per 1,000 cubic feet, which again compares to $8.54 under our baseline assumptions.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:34

Bert Stedman

“I think just for clarity on the $60 billion, that is the mid-range number of the Phase 1 and Phase 2, which is $49 billion plus a 20% contingency.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:46

Speaker B

“under this set of alternative assumptions, the breakeven LNG price into the global market would be $10.34 per thousand cubic feet, and that compares to $9.07 per thousand cubic feet under the baseline assumptions. So a pretty material increase to the, the— the delivered price of LNG that would be required under this set of alternative assumptions.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

1:29

Speaker B

“the baseline modeling assumes a total of 270 million barrels of additional production from the field at as the significant additional development to bring the gas online brings on additional oil as well.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:18

Speaker B

“that $100 per barrel oil impact scenario with the worst-case production scenario under Senate Bill 2001 as introduced by the Governor, which would be a $16.2 billion reduction to state revenue through 2062 in this scenario.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026

0:42

Speaker B

“we're getting the property tax revenue and the royalties from gas are largely being offset by reduced royalties from oil, given the lower oil production. But the most significant impacts here in these $100 barrel oil with the worst-case oil production scenarios is due to reductions to production tax revenue.”

Alaska Legislature: Senate Finance - June 8, 2026 10:00am · Jun 8, 2026