The bill is an act that approves and ratifies the sale of royalty oil by the State of Alaska to Marathon Petroleum Supply and Trading Company LLC. It specifically endorses the Agreement for the Sale of Royalty Oil, which involves the State of Alaska, Marathon Petroleum Supply and Trading Company LLC, and Marathon Petroleum Corporation. This agreement is referenced in the "Final Best Interest Finding and Determination for the Sale of Alaska North Slope Royalty Oil to Marathon Petroleum Supply and Trading Company LLC," dated April 14, 2025.

Additionally, the bill includes a provision for its immediate effectiveness under existing law. This means that once enacted, the approval and ratification of the oil sale will take effect without delay, allowing the transaction to proceed as planned.