Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Conoco Vows to Fight Alaska Tax Campaign on Legacy Oil Fields

Oct. 29, 2019, 6:19 PM

ConocoPhillips plans to resist a campaign aimed at hiking taxes on old Alaskan oil fields.

Some politicians and activists want to end a tax break they estimate cost the state as much $2 billion a year. It was approved in 2013 when oil prices were more than $100 a barrel and was designed to protect operators from a downturn in commodity prices. International oil prices are now almost $40 below that level.

Conoco, the state’s biggest oil producer, argues that Alaska has seen a drilling “renaissance” since the fiscal regime known as Senate Bill 21 was put in place.

“This ...