From the above attachment...


The production tax and the exploration, development, and loss credit structure under SB 21 all but guarantees that our undeveloped North Slope oil resources will have a negative present value to the state of Alaska. Under this tax structure, these resources should be left in the ground. The state will be in the red under SB 21 even if we manage to “fill the pipe” with “new oil” at $100 per barrel. For example, in 2015 and 2016 the state is projecting to pay over $600 million more in credits than it will collect in production taxes.