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Market Commentary and Intraday News

Major oil companies to testify on oil tax change

633 days ago

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Associated Press

(AP:JUNEAU, Alaska) Executives with ConocoPhillips say a proposed overhaul of Alaska's oil tax structure is an improvement over the current system _ but doesn't go far enough toward creating an attractive investment climate.

ConocoPhillips, BP and Exxon Mobil Corp. were scheduled to testify Tuesday evening before the House Resources Committee. The panel is working on SB21, which is aimed at making Alaska more competitive and increasing production.

The bill narrowly passed the Senate. It would raise the base tax rate to 35 percent, provide a $5 credit for each taxable barrel of oil produced and provide a tax break for new oil.

ConocoPhillips executives, in their written presentation, say the tax rate would be too high. They say there needs to be greater clarity about what oil qualifies for the tax break.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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