7295-7296 (1975). Rec. 121 Cong. on the history of New Orleans (q.v. posthumous and further expanded edition in Specifically, "natural gas" subject to section 613A is defined to include "any product (other than crude oil) of an oil or gas well" if the product is eligible for depletion. Section 611(a) allows as a deduction in computing taxable income from natural resources a reasonable allowance for depletion. The Louisiana Land and Exploration Company LLC main competitors are Tallgrass Energy, BP Pipelines, and Vastar Resources. WebThe Louisiana Land and Exploration Company 909 Poydras Street P.O. "The normal royalty was one-eighth (12 percent). First, percentage depletion is permitted with respect to certain domestic gas wells for regulated natural gas, natural gas sold under a fixed contract, and natural gas from geopressured brine. Louisiana Land Finally in 2018, the camp was yet again renovated turning it into the beautiful lodge it is today. 1.613-2(b)(4), Income Tax Regs.10 Section 613(b)(1)(A), which provides for percentage depletion at a rate of 22 percent for sulphur, has no limitation based on the source of the sulphur. the Civil War, is Charles Gayarr's History of Louisiana Hydrogen sulfide is not transported far from the well because of the hazards involved. Listed below are those cases in which this Featured Case is cited. Louisiana, List of colleges and universities in The basic Claus sulphur recovery process was developed in England around 1890, but did not become economically feasible until modified by work in Germany in 1937. WebLOUISIANA LAND AND EXPLORATION, COMPANY, THE was registered on Nov 12 1974 as a foreign profit corporation type with the address 225 BARONNE ST., NEW ORLEANS, LA, That year the company also saw initial returns from both the tertiary recovery project at Jay Field and the "A" platform of the Brae Field in the North Sea. Epps. Natural gas is measured and sold by standard cubic feet. WebIn 1988, the company was formed to own the resource assets of Burlington Northern Railroad. Moreover, because of varied corporate exploration philosophies and changes in drilling and seismic forecasting techniques, LL&E was constantly leasing and re-leasing the same acreage to different operators. and a .03 percent Louisiana Tourism Promotion District sales Texaco additionally contends that partial summary judgment was procedurally improper in this case both because the decision did not determine any portion of its liability to LL & E and because there are issues of disputed fact that prevent summary judgment. It soon became apparent that the land owned by Louisiana Land and Exploration, as the company was renamed in 1927, was rich in petroleum resources. denied 382 U.S. 892 (1965). The eleven leases involved here generally call for royalty payments based on the value of the gas produced. The well effluent is initially treated in a separation system which uses gravity to separate the effluent into brine water, sour crude oil, and a sour gas stream containing natural gas, hydrogen sulfide, and carbon dioxide. This type of contract differs from the so-called "dedication" contract, whereby the producer contracts with a customer agreeing to furnish all the gas produced from specified reserves, thus "dedicating" those reserves to the particular customer. In exchange for this, Texaco would retain one-half of the royalties and profits payable to LL&E up to the amount of $800,000. The Copper Range Company owned a copper mine in White Pines, Michigan; refined and fabricated copper bars, strips, plates, and sheets; owned 185 thousand acres of mixed hardwood timber; enjoyed extensive mineral rights in upper Michigan; and owned a one-half interest in a Nevada gold mine. A number of members criticized the provision for unfairly singling out the oil and gas industry. It is true that the statutory language on its face is incongruous. Petitioner argues that the definition of "natural gas" in section 613A(e)(2) is intended only to distinguish between hydrocarbon natural gases and crude oil. (e) DEFINITIONS.For purposes of this section. We find that it was appropriate, and therefore affirm the ruling of the district court. It held working interests but did not actively manage projects. Through its subsidiary, The Louisiana Land and Exploration Company LLC (LL&E), ConocoPhillips is the largest private wetlands owner in Louisiana. Senator Hollings, a cosponsor of the amendment, added that "not one of those minerals [for which the depletion allowance was retained] has had a four-fold increase in price" as oil and natural gas had in the early 1970's. Information hosted on The Drillings is based on publicly available data through the Bureau of Land Management. French explorers, among whom the following at least should WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160 Louisiana Land & Exploration Co. is a corporation lessee based in New Orleans, Louisiana for 11 oil Under the circumstances, we cannot say that the gas in question was subject to an existing contract at the time of the NGPA's enactment. 30292-85, 37799-85, 47753-86. Despite dramatic increases in construction and operating costs of Claus sulphur recovery facilities since 1968, the sulphur recovery industry has continued to grow, partly because air-pollution controls mandate the recovery of sulphur from the hydrogen sulfide removed from oil and gas wells even when it may not be economically attractive to do so. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. La As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. divided into 64 parishes (the only state to use this term for its 121 Cong. Sulphur is not depletable under section 613(b)(7) because depletion for sulphur is expressly provided for in subsection (b)(1). Outside of Louisiana, Youngs acquired mineral rights and royalty interests on 152,870 acres in Texas, New Mexico, North Dakota, South Dakota, Montana, Colorado, Florida, and Mississippi. 121 Cong. There are no known limits on the percentage of hydrogen sulfide a well can contain and still remain economically viable as a source of oil and gas. WebDetails for well Sweet Lake Land And Oil Co 001 | API # 17-023-20688 | operated by McMoran Exploration Company in Cameron Parish, LA. fishing, particularly for shrimps and oysters; a major source of Respondent's view may be a valid literal reading of section 613A(e)(2). The early 1960s proved very successful for LL&E. The district court's decision is a proper partial summary judgment under Louisiana Code of Civil Procedure article 966(C), which provides that summary judgment "may be rendered on the issue of liability alone although there is a genuine issue as to the amount of damages." Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. A second issue is whether the partial summary judgement was procedurally appropriate in this situation. Forbes called Copper Range "a company so bad that some analysts wondered whether it was acquired to make Louisiana Land unattractive as a takeover candidate." Respondent raises a final argument for the first time on brief that sulphur derived from hydrogen sulfide cannot be depletable pursuant to section 613 because it is not possible to calculate "gross income from the property" with respect to the sulphur as section 613(c) requires. Deteriorating economic conditions, windfall profits taxes, high dry hole costs, narrower profit margins, and declining demand all pressured earnings. While this revenue ruling does not squarely set forth respondent's position on the facts of this case because in the ruling the carbon dioxide was not produced from an oil and gas well, the ruling directly states respondent's reading of section 613A as applying only to hydrocarbon fuels and of section 613(b)(7) as applying only to minerals not expressly provided for elsewhere in subsection (b). The gaseous hydrocarbons, or natural gases, exist in a gaseous state at ambient temperature and pressure and consist primarily of methane, ethane, propane, and butane. The conversion ratio represents a fuel equivalence; 6,000 cubic feet of natural gas generates the same amount of heat as one barrel of oil. The main lodge located at The Island was built entirely from cypress logged and timbered from the Des Allemands area. In the 1950s, CEO Robert M. Youngs began to guide LL&E into other exploration, both on its own lands and on land it leased in other U.S. areas of production. Louisiana Historical Society and several works (Lafayette), New Orleans Jazz National Historical Spots was recovered from an adjoining area in 1986 by the original land owners, Louisiana Land and Exploration Company, and lived on the grounds until he was donated to the Audubon Zoo in 1990. To this end, in 1991 LL&E acquired two interests in Australia and applied for a concession in Papua New Guinea. Rec. Discover petroleum exploration activity in your area and find new regions of opportunity. 613(A)(c)(4). Rec. Phillips Petroleum Co. Poydras Energy Partners, LLC Shoreline Southeast LLC Tenneco Inc. Texaco, Inc. Union Pacific Resources Co. Drilling wells, permits, operators and production information can give you an This released acreage amounted to approximately 557,000 acres. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. 82-17, 1982-1 C.B. The brine water is reinjected into the well. 7295. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. If independent producers cannot claim percentage depletion for the sulphur they may recover from hydrogen sulfide before selling the hydrocarbon fuels extracted from an oil and gas well, there is less economic incentive to explore for and exploit new wells, particularly sour gas wells. Canada by the British in the 18th-c); areas devastated by Hurricane oil and natural gas were discovered; capital, Baton Rouge; other Tenneco Exploration, Ltd. v. Federal Energy Regulatory Commission, wherein the federal Fifth Circuit read NGPA Section 104 in para materia with Section 109 to determine the applicability of Section 109 to gas that had not been committed or dedicated to interstate commerce within the meaning of the NGPA.). After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. Louisiana Purchase, 1803; admitted to the Union as the 18th state, As on previous occasions, LL&E's involvement was a financial one. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. It continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. WebThe company's petroleum operations are conducted in the continental United States, the federal offshore area in the Gulf of Mexico, the North Sea, Colombia, and Indonesia. Respondent articulated the applicable principles as follows: Although in the physical sense [carbon dioxide] is a gas, it is not the gas referred to in the term "oil and gas wells" in sections 263(c), 611, 613, and 613A of the Code. Respondent's position in this case thus seems to conflict with his reading of section 613A as expressed in one of his published rulings. See 121 Cong. Sec. In 1925 speculator Edward Simms approached Timken with an idea for a company that would explore for oil in the almost 600,000 coastal acres Timken then controlled. by Fr. Louisiana Land and Exploration Company cattle, sugarcane, poultry and eggs, dairy products, and Rec. the first historian of Louisiana with his. Rul. Terms of Use, Ultra Petroleum Corporation Business Information, Profile, and History, The Columbia Gas System, Inc. Business Information, Profile, and History, *Estimated as of July 1, 2005U.S. Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. In the Senate, Senator Dole remarked that "The 2,000 barrel * * * exemption from the depletion allowance repeal is vitally important to maintaining a high level of energy exploration and production," 121 Cong. Sec. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion). Envisioning farming on a grand scale, Wisner bought hundreds of thousands of acres, built levees, and drained the land. Click on the case name to see the full text of the citing case. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. As LL&E expanded its exploration efforts (by 1974 it was exploring in southern Louisiana, the Rocky Mountain area, a geological stratum from northern Louisiana to Florida, and off the coasts of Louisiana and Texas) it began to act as operator in an increasing number of its working interest efforts. The company continued to look for new sources of oil and in October 1972 newly named CEO John G. Phillips announced a $75 million offering to finance a new subsidiary, Louisiana Land Offshore Exploration Co. (Lloxy), that would explore for oil and gas in the Gulf of Mexico. The Louisiana Land and Exploration Company LLC is a relatively young The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. WebThe Louisiana Land and Exploration Company Address: 909 Poydras Street P.O. The Drillings accepts no liability for the content of this data, or for the consequences of any actions taken on the basis of the information provided. 121 Cong. Rec. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. Lease No. Citations are also linked in the body of the Featured Case. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. TEXACO, INC. Court of Appeal of Louisiana, Fourth Circuit.https://leagle.com/images/logo.png. 7239 (remarks of Senator Hollings). Construction began on a new catalytic reformer that would provide more highly valued refined products. By 1964, non-royalty, working-interest or joint-venture income had increased to 45 percent of LL&E's total sales. According to the lower court, subsection (a) must be read in para materia with subsection (b) of Section 105 and subsection (a)(3) of Section 109, both of which refer to gas that is "subject to" or "not subject to" an existing contract. 16. LL&E continued to do quite well in the late 1960s and early 1970s, reporting income of $51.9 million on 1970 sales of $114 million. 613A(e)(2). WebThe company changed its name to St. Mary Land & Exploration Company on October 13, 1992 and then shortly thereafter, went public on the NASDAQ exchange with the ticker symbol MARY. WebSearch the D&B Business Directory and find the GAYLE LAND EXPLORATION CO company profile in MONROE, LA. The contract would remain in effect for as long as Texaco continued to drill on the acreage. coal products, food LL&E reported 1986 losses of $20.6 million. There are generally two types of marketing contracts for the sale of gas. this group, the explorer Antoine Simon Le Page du Pratz may be considered The gas referred to in these sections is hydrocarbon gas. E.g., 121 Cong. Escalating energy prices and the Arab oil embargo awakened the public to the Nation's growing reliance on foreign energy resources. The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. We find that the use of the term "subject to" in subsection (b), (and again in Section 109) necessarily qualifies the more general language "sold under". Crude oil is measured and sold by barrels. During these years, LL&E did virtually no operating of its oil projects. The natural gas is then transported through natural gas pipelines for use by petitioner or sale to Florida Gas Transmission Co. pursuant to a long-term gas purchase contract dated November 15, 1971. At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. increasing; world famous for the jazz music which grew up in and Louisiana Land and Exploration Co The Louisiana Land and Exploration Company explores, develops, and produces petroleum natural gas resources. 613A(b). 95, respondent considered whether carbon dioxide extracted from a carbon dioxide well for injection into oil fields as a drive mechanism for the recovery of oil is eligible for depletion pursuant to section 613 or section 613A. 346 F.2d 377 (5th Cir. Costs were low at $3.23 per barrel and by year's end, LL&E's reserve life index stood at 8.4 years, nearly double that of 1980. During the 1960s, CEO Fred Graham began a process of diversification that would eventually include a Hawaiian resort, a coastal industrial real estate operation, and coal, gold, and copper mines. WebThe Louisiana Land and Exploration Co. (LLEC) (defendant) claimed that it was the actual owner of the land between the Liners recorded title boundary and Bayou Dufrene. Section 613A bars percentage depletion for oil and gas wells with two exceptions. Section 613,7 however, provides an allowance for depletion for certain mines, wells, and other natural deposits based on a specified percentage of the gross income from the property less any rents or royalties paid or incurred in respect of the property. Citations are also linked in the body of the Featured Case. In 1975 the Kalua Koi Corporation, LL&E's 50-percent-owned Hawaiian operation, began construction on the first phase of a 298-unit hotel condominium complex. L. 69-20, sec. Supported by the Hunt family, which boasted a 12.3 percent block of LL&E stock, Caspary attacked LL&E's record since the mid-1970s, pointing to declining earnings, reduced dividends, falling reserves, and the copper acquisition. Thus, it falls in the category of all other minerals described in section 613(b)(7) and is eligible for percentage depletion at the rate of 14 percent. (various editions, culminating in 1866, 4 vols., with a To do this, he committed major amounts of capital to new exploration initiatives. Rec. Working At The Louisiana Land and Exploration Company Contact Information Website lle.com Ownership William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners. This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). growth rate 2000?2005, Cane River National Heritage Area near area, List of school districts in Court of Appeal of Louisiana, Fourth Circuit. Search for owners by first name, last name, company, location, etc. Its industrial outputs include chemical products, WebAsbestos & Mesothelioma, Medical Malpractice, Nursing Home Abuse, Personal Injury, Products Liability, Workers' Compensation Website Email Profile John J. Lynch Chicago, IL (630) 283-7091 Bankruptcy, Probate, Foreclosure Defense, Real Estate Law, Estate Planning Website Email Profile The goal of the legislation was to continue to provide the tax incentive of percentage depletion to small producers and royalty owners to encourage exploration for and exploitation of domestic oil and gas reserves while eliminating such tax incentives for the major integrated oil companies. The, first commercial plant in the United States to use the modified Claus process was placed in operation in 1944. Department of Natural Resources | State of Louisiana At that time, the lodge housed Under the agreement, LL&E retained a 25 percent working interest and a 20 percent royalty in Texaco's share of production. Between 1978 and 1980 LL&E's sales jumped from $549.4 million to $1.075 billion while earnings increased from $94.8 million to $180.2 million, despite $64 million in 1980 windfall profits taxes. LOUISIANA LAND AND EXPLORATION COMPANY Louisiana. (a) GENERAL RULE.Except as otherwise provided in this section, the allowance for depletion under section 611 with respect to any oil or gas well shall be computed without regard to section 613. LOUISIANA LAND AND EXPLORATION, COMPANY, THE The Tax Reduction Act of 1975, Pub. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced Also, the company opened its first regional office in Shreveport, LA after acquiring the oil and gas division of T.L. The gaseous effluent, or raw outflow, from the Jay Field wells is referred to as a "sour gas" stream, meaning a stream consisting of both natural gas and hydrogen sulfide with more than one grain of hydrogen sulfide per 100 standard cubic feet of the gaseous mixture. WebThe Louisiana Land & Exploration Co is listed as an officer of another company. At Furnel, Inc. our goal is to find new ways to support our customers with innovative design concepts thus reducing costs and increasing product quality and reliability. As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. The exemptions from the general rule of section 613A(a) denying percentage depletion for oil and gas wells, however, function only when applied to hydrocarbon fuels. Management trumped Caspary, however, when it pledged to spin off to stockholders a tax-sheltered royalty trust holding oil and gas properties that generated $30 million a year. See, e.g. In addition to the Texaco royalties, which were still significant (of 25 Lake Barre Field wells Texaco completed in 1964, 21 produced oil, two produced gas and only two were dry), LL&E had signed royalty agreements with Union Oil of California, Signal Oil, Amarada Hess, and Humble Oil and Refining. Rec. Congress did not intend to take any tax benefit away from independent producers in approving section 613A. 4606 (1975). Louisiana Land and Exploration Co The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". pop(2000e) 4469000; area "Our organization," he told Dun's "is the non-rigid, non-army type. Oil and gas often become trapped in the pockets that form around these structures.) Petitioners contend that section 613A applies only to hydrocarbon fuels and that sulphur, which is not a hydrocarbon, is depletable under section 613(b)(1). The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. Rec. Pub. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. A number of cities in Louisiana are also home to Jewish communities, LL & E, which leases certain lands to Texaco for the production of gas, brought suit against Texaco claiming Texaco had failed to pay proper royalties under the leases. In 1965 LL&E had only 145 employees. Earnings recovered in 1989 as oil prices rose while replacement costs remained low. Co. Linder Oil Co. A Partnership P.C.S.I. Nevertheless, the company budgeted $200 million for capital and exploration and continued to drill in the Gulf of Mexico, Madden Field in Wyoming, the gas-rich Anadarko Basin of Western Oklahoma, the North Sea, southeastern Alberta, and Columbia, where it was garnering positive results from a drilling program begun in 1978. 4611 (1975) (remarks of Representative Green); 121 Cong. The company became a public company . This definition encompasses both hydrocarbon and nonhydrocarbon gases. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. All the gas involved in this dispute is being used by Texaco to service warranty contracts Texaco entered into with intrastate industrial consumers prior to 1978, when the NGPA was enacted. gas production (mainly offshore); oil refineries and petrochemical A township can refer to two different things. Louisiana Respondent further argues that Congress would not have used the term "oil and gas wells" as opposed to simply "oil and gas" if it had not intended to limit percentage depletion for all products of oil and gas wells. Given narrow margins, however, LL&E's major interest was in purchasing additional interests in proven properties. Respondent further submits that Congress did not need to define "crude oil" because crude oil and brine water are the only minerals in liquid form extracted from oil and gas wells and are readily distinguishable.
Western Foothills 3a Conference,
Dwayne Miller Obituary,
Urban Planning Case Study Examples,
Articles L