the only poor part is that they didn't cut it more, by cutting the tax it will increase their income, they have such high taxes that it had cut their production in over half and was threatening the alaskan pipeline viability unless it was downsized or heated. This was a decision that should illuminate the democrats in this country that there is a fine line on increasing the tax rate and reducing your income if it gets too high. it is a fundamental basic in economic teachings. This is a proof of that. What surprised me in all my reading is that the tea partier Sarah Palin was responsible for the oppressive oil taxes in Alaska. Your really need to read about how high this tax is compared to other states and how little it leaves to the oil companies. On top of this you add royalty taxes to Alaska and it is very very oppressive and that is why there has been considerably less exploration in Alaska, the legislators in Alaska know this they just haven't gone far enough YET. This bill has passed the Senate which is Democrat dominated and should have no problem in the republican dominated House. So far conferences in committee has had oil companies state it needs to be lower more to make exploration possible.
this has already passed the senate and now goes to the house in Alaska and will mean about $.15 per share in additional earnings to COP this year. add to that reopening china oil field, the GOM and better NG prices and this should do much better than estimates, I see a dividend increase before year end.