Alaska Lowers Oil Production Taxes --

Rigzone is producing.

The tax cut will benefit energy companies that are active on Alaska's North Slope, such as BP PLC, ConocoPhillips and Exxon Mobil Corp.

"The changes to Alaska's severance tax create an environment that ConocoPhillips believes should lead to increased investment and additional production," a spokeswoman for Houston-based ConocoPhillips said Monday.

The oil companies had complained that the higher tax rate, established by former Gov. Sarah Palin, made Alaska less attractive for investment than other regions, such as North Dakota.

The linked article provides more specifics.