Historical
The year Hilcorp began operations in Alaska.
What is 2012 in the Cook Inlet?
Hilcorp began operations on the North Slope in 2014.
The Cook Inlet unit BlueCrest Energy is the operator of.
What is the Cosmopolitan Unit?
How do you calculate the production tax value?
What is the gross value at point of production (GVPP) less total adjusted lease expenditures?
Regulation for carried-forward annual losses (CFALs) incurred after December 31, 2017 to explore, develop, or produce oil or gas deposits outside the Cook Inlet sedimentary basin.
What is 15 AAC 55.217?
True or False?
Interest under AS 43.05.225 is compounded daily.
False.
Interest under AS 43.05.225 is compounded quarterly, hence why we call it "quarterly interest."
The year the Trans Alaska Pipeline System (TAPS) became operational.
What is 1977?
The operator of the Horseshoe Unit, located on the North Slope.
Who is Oil Search (Alaska)?
Note Oil Search holds 51% WIO and Repsol holds the other 49% WIO.
The tax rate for oil produced from leases that hold a landowner's royalty interest.
What is 5 percent of total GVPP [AS 43.55.011(i)(1)]?
Statute that states costs incurred for the containment, control, or cleanup of an unpermitted release of a hazardous substance are not lease expenditures.
What is AS 43.55.165(e)(16)?
True or False.
Producers are required to provide their oil invoices to OGP via their monthly reports.
False.
Applicable producers are only required to provide gas sales invoices on a monthly basis [15 AAC 55.173(g)]; these invoices are used to determine quarterly gas prevailing values.
The number of active pump stations on the Trans Alaska Pipeline System (TAPS)?
What is four: 1, 3, 4, and 9.
As of June 2022, list the WIO(s) of the Badami Unit in the North Slope.
Who is Savant Alaska (reported under Glacier Oil & Gas to OGP)?
The calculation of taxable production.
What is total volume produced (subject to taxation) times producer's WIO of production less state and federal royalties?
The three requirements of a producer's costs to be considered allowable lease expenditures.
(1) Costs must be incurred upstream of the point of production.
(2) Costs must be ordinary and necessary.
(3) Costs must be direct costs to explore, develop, or produce oil or gas deposits.
AS 43.55.165(a)(1)(B)
Statute that states an underpayment of a required installment payment not paid when due bears interest under 26 U.S.C. 6621 of the Internal Revenue Code.
What is AS 43.55.020(g) for over/under interest.
AS 43.55.020(h) is the statute for the "over" part of over/under interest.
The bill that established that the portion of costs incurred after June 30, 2017, that qualify for a transferrable tax credit under AS 43.55.023 do not quality for for a cash purchase under AS 43.55.028.
What is the house bill (HB) 111 (2017)?
The operator of the Alkaid Unit in the North Slope.
Who is Great Bear Petroleum (reported under Pantheon Oil & Gas to OGP)?
Beginning January 1, 2022, gas is taxed at 13 percent of ________ of taxable gas.
What is total gross value at the point of production (GVPP) [AS 43.55.011(e)(3)(B)]?
List the three types of lease expenditures that are not overhead bearing.
Note all three have their own drop-down option in the return.
What are ad valorem taxes, net profit share payments, and payments in lieu of taxes [15 AAC 55.217(a)]?
Full name of PSVR.
What is Petro Star Valdez Refinery.
The effective date of the Petroleum Production Tax (PPT), which changed OGP tax from a gross tax to a net tax [under AS 43.55.011(e)].
What is April 1, 2006 under House Bill (HB) 3001?
List four of the seven units located on the North Slope that include federal leases.
Note two of the units fall outside the Alaska seaward boundary.
What are Bear Tooth (F), Colville River (S, F, & N), Greater Mooses Tooth (F), Horseshoe (S & F), Umiat (F), Liberty (F), and Northstar (S & F)?
S = State
F = Federal
N = Native
A taxpayer reports $1 million in AS 43.55.170(a)(1) adjustments. All other aspects of the return report no activity. Is tax levied on this taxpayer?
Yes. Under AS 43.55.170(b), the value of the adjustment is reflected as a negative number. The taxpayer will incur negative overhead and adjusted lease expenditures, resulting in a positive PTV. Tax is then 35% times PTV.
($1 million) * 4.5% = ($45k) + ($1 million) = ($1.045 million) = $1.045 million PTV
True or False?
Regulatory cost charges paid to RCA are considered direct costs and are deductible lease expenditures under AS 43.55.165.
False.
15 AAC 55.260(a)(17) states only regulatory cost charges paid to the AOGCC (AS 31.05.093) are direct costs.
The date the DOR Director signed the crude oil topping plant (COTP) memorandum that changes how DOR treats the taxable of COTP oil.
What is April 20, 2020?