Alaska Governor Race Puts Oil Tax in Play

Oil and gas producers not paying Alaska's corporate income tax face a possible change depending on who wins the governor's race.

Updated on Nov. 2, 2026 in Philanthropy

Alaska Governor Race Puts Oil Tax in Play

Live Poll

Should Alaska's oil companies pay the state corporate income tax like other businesses?

Oil and gas company founder Jeffery Hildebrand, chairman of Hilcorp Energy, gave $10,000 to Republican governor candidate Bernadette Wilson days before Election Day. Glenfarne Group CEO Brendan Duval gave $5,000 each to Wilson and Democratic candidate Jonathan Kreiss-Tomkins in the final week, as the candidates split on whether to apply Alaska's corporate income tax to oil and gas companies that do not currently pay it.

Why it matters

The contributions come as the governor race turns on a tax question that directly affects energy operators: Wilson, Dave Bronson, and Treg Taylor oppose extending the corporate income tax to those companies, while Kreiss-Tomkins supports new revenue measures. Hilcorp has argued that expanding the tax would threaten the feasibility of a gas line and Alaska oil and gas production.

Wilson took in nearly $85,000 in the final campaign week, while Kreiss-Tomkins raised more than $400,000 in the same period and finished first in the August primary with 22.5% of the vote in a 17-candidate field. A 2025 fiscal impact analysis estimated the proposed corporate income tax could have netted $186 million in fiscal year 2026, though the analysis was done before the current contributions and election.

The players

Hilcorp Energy

Alaska-based oil and gas producer whose operations in the state make it a central party in the debate over the corporate income tax.

Glenfarne Group

Energy infrastructure developer working on the Alaska LNG project, whose chief executive Brendan Duval made the contributions described.

Bernadette Wilson

Republican candidate for Alaska governor who opposes extending the corporate income tax to oil and gas companies that do not currently pay it.

Jonathan Kreiss-Tomkins

The lone Democrat in the Alaska governor race, who supports new revenue measures including expanding the corporate income tax.

The details

Alaska's corporate income tax currently does not reach many oil and gas companies, and the 2025 proposal would have extended it to companies like Hilcorp. Hilcorp has opposed applying the tax to S corporations and LLCs, and the company has argued that the change would affect the financing of a gas line and threaten production. More than 90,000 Alaskans have already cast early ballots, and the governor's race is shaping up as a referendum on whether the state broadens its tax base for energy producers.

2025: Bill proposed imposing corporate income tax on Hilcorp-type companies.
August 2026: Kreiss-Tomkins finished first in the primary with 22.5% of the vote.
Summer 2026: Three consecutive special legislative sessions considered an Alaska LNG tax package.
Final week before November 3, 2026: Hildebrand, Duval, and other contributions were made to candidates.

Market Landscape

The 2025 bill to extend Alaska's corporate income tax to Hilcorp-type companies set the terms of the current dispute, which has now moved into the governor's race. Candidates are splitting on whether the state should broaden its revenue base from oil and gas producers that have long operated outside the tax.

Energy operators in Alaska should factor in the possibility that the corporate income tax could be extended to companies that do not currently pay it, depending on who wins the governor's race. Finance and government-affairs teams should track the outcome closely, and any tax exposure decision should be reviewed with qualified counsel or an accountant.

The takeaway

Energy operators should treat the governor's race as a signal on state tax exposure and watch how the winner positions on the corporate income tax after November 3. Review potential changes in tax liability with qualified counsel or an accountant before the next legislative session.