Oil executive donates $10,000 to gubernatorial candidate

The final week of the Alaska gubernatorial campaign was marked by a direct financial intervention from the oil and gas industry into a race defined by disputes over state taxation. Jeffery Hildebrand, the founder and chairman of Hilcorp Energy, contributed $10,000 to the campaign of Republican candidate Bernadette Wilson. This gift arrived days before the general election concludes on Tuesday, adding a high-profile endorsement to Wilson's late-stage efforts.

Hildebrand's contribution is the first he has made to any candidate in the 2026 state elections. It forms a small portion of the nearly $85,000 Wilson has raised during this final week. The timing of the donation coincides with intense debates over whether the state should apply its corporate income tax to oil and gas companies that currently operate as S corporations or limited liability companies.

All three Republican candidates in the race, including Wilson, former Anchorage Mayor Dave Bronson, and former Attorney General Treg Taylor, have opposed changing Alaska's tax structure. They specifically resisted a proposal that would close the so-called S-corp loophole by subjecting companies like Hilcorp to the corporate income tax. This stance places them in opposition to the race's sole Democrat, Jonathan Kreiss-Tomkins. Kreiss-Tomkins argues that expanding this tax is necessary to balance the state's structural deficit and reduce reliance on volatile global oil prices.

Kreiss-Tomkins holds a substantial advantage in fundraising following his first-place finish in the August primary. He received 22.5% of the vote in a field of 17 candidates. In the final week before Election Day, he raised more than $400,000. By comparison, Bronson raised roughly $500, while Taylor reported no contributions during the same period. The disparity in funds reflects the different levels of financial support each candidate has attracted from outside interests.

Hilcorp has long argued that expanding the corporate income tax would negatively impact the financial feasibility of the Alaska LNG project. The company contends that additional taxes threaten oil and gas production in Alaska, a sector facing declines in Cook Inlet and a critical natural gas shortage in the Railbelt. A fiscal impact analysis from a 2025 bill estimated that applying the tax to Hilcorp would have netted the state $186 million in fiscal year 2026.

The issue dominated three special legislative sessions held over the summer. Term-limited Republican Governor Mike Dunleavy criticized the inclusion of the corporate income tax in proposals for a tax cut package related to the LNG megaproject. Hilcorp is expected to be one of the largest suppliers of natural gas for the project and would operate fields feeding the pipeline.

Other energy executives also donated during the final week. Brendan Duval, CEO of Glenfarne Group, gave $5,000 each to Wilson and Kreiss-Tomkins on the same day. Glenfarne officials told the Anchorage Daily News editorial board in September that they were meeting with all four general election candidates. Becky Windt Pearson, head of Alaska legal and corporate affairs for Glenfarne, stated the company seeks to be a partner to the next governor regardless of party.

Voting is currently underway in Alaska. More than 90,000 residents have already cast their ballots in the early voting period.