This bill is designed to approve and ratify a contract for the sale of royalty oil by the State of Alaska to Marathon Petroleum Supply and Trading Company LLC. It specifically references 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. The agreement is attached as an exhibit to 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.

The bill amends the uncodified law of the State of Alaska by adding a new section that formally approves this sale contract in accordance with existing state law (AS 38.06.055). Additionally, the bill stipulates that it will take effect immediately upon passage, as outlined in AS 01.10.070(c).