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Sat Dec 17, 2016, 04:27 AM

State wins case against oil companies worth an estimated $500 million

The Alaska Supreme Court ruled in favor of the state on Friday after an epic tax dispute with some of the major North Slope oil companies, a victory that means the state won't need to refund an estimated $500 million in taxes and interest, officials said.

"It's a huge decision," said Cori Mills, a spokesperson for the Alaska Department of Law.

The unanimous ruling by the court, written by Chief Justice Craig Stowers, means the state does not have to refund an estimated $100 million in tax payments collected from Slope oil producers in 2005 and 2006, state officials said. The refund would have included interest amounting to another $400 million.

Losing the case were ConocoPhillips Alaska, Exxon Mobil Alaska Production, Chevron U.S.A. and Forest Oil Corp., now Sabine Oil and Gas. BP, operator of the Prudhoe Bay oil field, was not part of the lawsuit.

Read more: https://www.adn.com/business-economy/energy/2016/12/16/state-wins-case-against-oil-companies-worth-an-estimated-500-million/

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