The T-Ridge project will yield significant financial benefits to the California General Fund at a critical time. PXP’s commitment to advance a portion of the projected royalty revenue will help California with its immediate cash flow problems as policymakers struggle with decisions over raising taxes and enacting difficult budget cuts.

• PXP will advance $100 million in royalty revenue to the state immediately if the project is approved.
• The project could yield up to $4 billion or more to the California State General Fund over the next 14 years depending on oil prices.
• The hundreds of millions, potentially billions, of dollars in royalty revenue from this project, including the immediate $100 million advance to the state, will go directly to the General Fund, allowing the State of California to have options in reducing cuts that have affected teachers, police officers, firefighters, professors, health providers and our state parks system.
• $1.5 million will be donated for technology to reduce Greenhouse Gases from transit vehicles in Santa Barbara County.
• T-Ridge could generate up to $314 million in property taxes during the next 14 years to help Santa Barbara County fund vital local public services. As much as $42 million would be provided for local fire protection services. The County would also receive an estimated average of $1 million a year as its share of the state royalties to be used specifically for recreational and coastal enhancement type projects.