louisiana land and exploration company

Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. In the case of oil and gas wells, "gross income from the property" has been interpreted to mean gross income from the sale of the property at the "well-mouth," i.e., before conversion or transportation. 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. hills; over half the land area forested, supporting a major lumber 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. In 1960 Youngs signed a second contract with Texaco that subjected 275,625 additional acres to six years of exploration and development. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. French explorers, among whom the following at least should Only subparagraph (B) includes the words "minerals from." Lease handled by the Bureau of Land Management are not mapped by latitude and longitude, instead, these leases harken back to the Public Land Survey System. ), among them Some thought the major integrated oil companies were reaping excessive oil and gas profits at the public's expense, while reinvesting little of their concomitant tax depletion subsidies in domestic energy production. Discover petroleum exploration activity in your area and find new regions of opportunity. The property has been operated as a hunting lodge since the 1960s. When section 613A(e)(2) is read in conjunction with sections 611 and 613, together they function as a filter to exclude depletion allowances for anything produced from an oil and gas well except as permitted by section 613A(b) and section 613A(c). 613A(c)(1). Finally in 2018, the camp was yet again renovated turning it into the beautiful lodge it is today. Under respondent's reading of section 613A(e)(2), section 613A provides exemptions for hydrocarbons extracted by independent producers and royalty owners but eliminates percentage depletion of nonhydrocarbon "natural gases" extracted from oil and gas wells for all taxpayers. 1971). Sec. After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. Seeking new profit sources and seeing links between fossil fuels and mineral extraction, Phillips laid out $51 million for the Copper Range Company in May 1977. This implication, however, is improper given the historical application of the term "oil and gas well" in the depletion provisions to mean simply "oil and gas." Second, percentage depletion is permitted for so much of a taxpayer's "average daily production" of domestic crude oil or natural gas as does not exceed the taxpayer's "depletable oil quantity" or "depletable natural gas quantity." In 1982 matters continued to deteriorate as a recession caused a downturn in prices for liquids, lower demand and prices for copper, a halving of refinery margins, and reduced demand for natural gas. Citations are also linked in the body of the Featured Case. 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." Wednesday, July 9, 1997. Louisiana. One barrel of oil has the equivalent fuel value, measured in British Thermal Units (BTU's) of 6,000 standard cubic feet of natural gas.6. A number of members criticized the provision for unfairly singling out the oil and gas industry. See 121 Cong. Crude oil is measured and sold by barrels. The [carbon dioxide] is an exhaustible natural deposit but is not specifically referred to in any of the categories named in paragraphs 613(b)(1) through (6). Business Week called Louisiana Land's record "dismal" and noted that despite spending $1.4 billion over the previous four years Phillips had failed to increase oil and gas reserves. The brine water is reinjected into the well. originally applied to the entire Mississippi R basin, claimed for Rec. Louisiana, List of colleges and universities in We find that it was appropriate, and therefore affirm the ruling of the district court. L. 94-12, sec. production; foods, clay, glass, transportation equipment; tourism In 1981 earnings fell to $145.2 million despite revenues of almost $1,277.5 million. 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. As a result, LL&E enjoyed low expenses and high profits. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. Wolf Exploration Company shall, as to such leases, be entitled to the same overriding royalty, provided for hereinabove in paragraphs 1.1.1 through 1.1.5. It continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. Following respondent's reasoning, "natural gas" for purposes of section 613A means any product extracted from an oil and gas well in a gaseous state. growth rate 2000?2005, Cane River National Heritage Area near Hydrogen sulfide, alone, or in combination with natural gas is also unsuitable for use as a fuel because the combustion of hydrogen sulfide produces sulphur dioxide, a toxic substance subject to control under Federal pollution standards. Due to higher prices for refined copper, the mining operation even turned a profit of $9.7 million in 1979. The early 1960s proved very successful for LL&E. Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. Respondent interprets section 613A(e) as follows: Section 613A(e)(2) provides a definition; it is not an allowance section. The Louisiana Land and Exploration Company LLC main competitors are Tallgrass Energy, BP Pipelines, and Vastar Resources. 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. 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. "It was a very unusual contract for 1928," LL&E president Ford Graham told Dun's Review in 1965. WebThe Louisiana Land and Exploration Company LLC * 5 Principals See who the company's key decision makers are 3 Contacts Reach the right people with access to detailed contact A township can refer to two different things. LOUISIANAS MOST CAPTIVATING HUNTING LODGE & WILDLIFE RESERVE. The Copper Range acquisition did not please the financial community. This section provides, in pertinent part: Relying on this Section, Texaco has been paying royalties to LL & E based upon the contract prices specified by the warranty contracts which Texaco has been servicing with the LL & E gas. It is true that the statutory language on its face is incongruous. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. But while business was very good in the late 1970s there were doubts about LL&E's future. Click on the case name to see the full text of the citing case. Search for owners by first name, last name, company, location, etc. The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. In addition, natural gas contaminated by hydrogen sulfide cannot be burned or transported through pipelines because its corrosive nature would damage the combustion equipment and the pipelines. Moreover, respondent's reading of section 613A could discourage oil and gas production by independent producers and royalty owners, which would be contrary to congressional intent. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. Senator Mansfield agreed that the bill limited the depletion allowance "for the oil and gas industry while it retains it for almost every other mineral-extractive industry, for * * * 108 items which are covered by the depletion allowance." After reviewing the law and the facts, we find that the district court was correct in its determination. Construction began on a new catalytic reformer that would provide more highly valued refined products. Listed below are those cases in which this Featured Case is cited. In the contract, which was very generous for its time, Texaco agreed to pay LL&E a 25-percent royalty on production and 8 percent of its net profits on a dome-by-dome basis. According to LL & E, the ceiling price for the gas is fixed by Section 109 of the NGPA, which provides, in pertinent part: In granting LL & E's motion, the district court found that although the gas was being "sold under" contracts existing when the NGPA was adopted, as is required by subsection (a) of Section 105, this fact was not enough to submit the gas to the Section 105 price limitation. 613A(e)(2). In general, while cost depletion continued to be available, section 613A eliminated percentage depletion for gross income from oil and gas for major integrated oil companies. All Rights Reserved be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, In 1987 the company began to acquire newly opened low cost leases in the shallow waters of the Gulf of Mexico. See 121 Cong. Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. In addition, in December 1976 LL&E acquired the Warrior River Coal Company, owners of a small surface mine in Tuscaloosa, Alabama. In 1974 Jacinport reported $2 million in real estate sales. WebThe Louisiana Land and Exploration Company Overview. It also sought to expand riskier but potentially more lucrative foreign exploration. This uncontradicted and consistent legislative record, therefore, reveals that Congress was concerned only with oil and gas when it approved section 613A. As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. Box 60350 New Orleans, Louisiana 70160 U.S.A. (800) 351-1242 Fax: (504) 566-6891 Public Company A number of travel relations by 17th and 18th century In these consolidated cases, the Commissioner determined deficiencies in petitioners' Federal corporate income tax for the taxable years 1979, 1981, and 1982 as follows: The sole issue remaining for our decision is whether petitioners are entitled to percentage depletion pursuant to section 6131 on income from sulphur chemically converted from hydrogen sulfide produced from an oil and gas well. In the early 1970s, however, its Louisiana reserves began their natural decline. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. WebThe Louisiana Land And Exploration Company LLC 806 Bayoo Black Drive Houma, LA Visit Website Categorized under Oil and Gas Producers Apache Louisiana Minerals LLC 1913 La Click the citation to see the full text of the cited case. Information hosted on The Drillings is based on publicly available data through the Bureau of Land Management. Oil and Gas Indian Communitization Agreement, Oil and Gas Simultaneous Lease Drawing (SIMO) on Public Land, Oil and Gas Simultaneous Lease Drawing (SIMO) on Acquired Land, Oil and Gas Non-Competitive Lease on Acquired Land, Louisiana Land & Exploration Co. is listed with 11 total leases. In 1989, the company spun off Plum Creek 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. THE LOUISIANA LAND AND EXPLORATION COMPANY DONATES THE ISLES DERNIERES CHAIN OF ISLANDS TO THE STATE OF LOUISIANA. 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. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers The venture's finances faltered and in time there were foreclosures. Section 613(b)(1)(A) provides that sulphur is depletable at a 22-percent rate. percent. By 1964, non-royalty, working-interest or joint-venture income had increased to 45 percent of LL&E's total sales. Click the citation to see the full text of the cited case. 4611 (1975) (remarks of Representative Green); 121 Cong. Respondent argues that the amendments to section 613 were intended to eliminate percentage depletion not only for oil and gas but also for all other minerals produced from oil and gas wells except as provided in section 613A. The following June a wholly owned subsidiary of LL&E, the Sun Fire Coal Company, began to develop an underground mine near Hazard, Kentucky. By 1970, an oversupply of sulphur seriously depressed prices,4 but the sulphur market recovered and the price of sulphur rose dramatically in the late 1970's and early 1980's.5. Of the company's 225 million barrels of oil equivalent reserves, nearly 60 percent are garnered from domestic sources. Foreign reserves are located in the U.K. and Dutch sectors of the North Sea, Canada, and Columbia. LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. The "depletable natural gas quantity" is whatever portion of its depletable oil quantity the taxpayer chooses to convert to natural gas at a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. Katrina (notably New Orleans) in 2005. Section 613A bars percentage depletion for oil and gas wells with two exceptions. Section 613(b)(7), however, does not appear to exclude from percentage depletion under section 613 all minerals from oil and gas wells. 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. Gayle Land Exploration Co specializes in Oil And Gas Exploration Services. Browse lease owners by state in the United States of America, Browse owners by category (corporation, agency, private), Browse owners by interest relationship (partner, holder, agent, etc.). Lease No. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. (Cf. 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. Continuing to diversify, in 1968 Graham obtained the rights to participate in the resort development of approximately 50,000 acres on the western half of Molokai Island, Hawaii--an island previously best known for its leper colony. The depletable oil quantity is measured in barrels. (1975). 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on "Our organization," he told Dun's "is the non-rigid, non-army type. Because of the exception of subparagraph (C) and the restriction of subsection (d),9 respondent argues that this sulphur is not depletable under section 613. James The state's principal agricultural outputs include seafood Prior to 1975, section 613 allowed percentage depletion for oil and gas wells. Rec. In 1928 LL&E signed a contract with Texas Co. (now Texaco) in which that company agreed to lease all of LL&E's acreage around ten productive salt domes. He notes that the "oil and gas well" language has been in the Code since percentage depletion was enacted in 1926 and argues that Congress would have changed it if it intended only to limit oil and gas depletion. Preserve, headquartered in New Orleans, with units in In the early 1980s, industry economics changed LL&E's fortunes. In 1965 LL&E had only 145 employees. Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. The company had few employees and operators shouldered the major expenses of exploration and development. 30292-85, 37799-85, 47753-86. Louisiana Land and Exploration Company (LL E) filed this possessory action on November 12, 1992, relating to two sections of marshland property (Sections 27 and 28, Township 19 South, Range 20 East) in Lafourche and Terrebonne Parishes and seeking to stop the individual defendants from their alleged acts of trespass and damage on the property. 1885). LL&E's company earnings, $54.9 million in 1990, fell to $20.9 million in 1991 as falling oil and natural gas prices combined to make the year a difficult one. In 1984 Phillips was replaced by E. L. Williamson, who worked to sustain profit margins and increase reserves. Field / Formation: LAKE DES ALLEMANDS / THE LA LAND & EXPLORATION CO U 004: Well Status: DRY AND PLUGGED: Well Type: Township Range Section: 13S 19E 022: Derrick Elevation: Members Only: Kelly Bushing Elevation: The Claus system chemically converts more than 96 percent of the hydrogen sulfide into elemental sulphur. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. Oil and gas often become trapped in the pockets that form around these structures.) Petitioners, the Louisiana Land & Exploration Co. (LL&E) and Subsidiaries, are an affiliated group of corporations whose common parent is LL&E. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. WebIn 1988, the company was formed to own the resource assets of Burlington Northern Railroad. The practice in the oil and gas industry when section 613A was enacted was to sell hydrocarbon gas for use as fuel under long-term fixed price contracts. 8128, and Senator Curtis added, "Our first objective should be the production of more gas and oil." pop(2000e) 4469000; area Because the rules of section 613A work on the foundation of section 613, we look first to the plain language of section 613. Commissioner v. Engle, 464 U.S. at 218. 123673km/47752sqmi. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. No damages have yet been proven, and indeed, the partial summary judgment would be proper even if none are ever established. 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. (1) CRUDE OIL.The term "crude oil" includes a natural gas liquid recovered from a gas well in lease separators or field facilities. 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". Click on the case name to see the full text of the citing case. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. WebHistorical stocks and bonds, Autographs, Americana, Ephemera, Numismatics and all forms of paper collectibles specializing in Uncancelled bonds H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. France by La Salle, 1682; most of the E region ceded to Spain in Section 613A(e)(1) defines "crude oil" as including "a natural gas liquid recovered from a gas well in lease separators or field facilities." And when we're finished we don't own the computer or have the people on our permanent payroll. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. It replaced 203 percent of expended reserves, adding 55 million equivalent barrels of oil and natural gas, 46 percent of which came from the East Brae Field. It held working interests but did not actively manage projects. Commissioner v. Engle, 464 U.S. 206 (1984). Natchitoches, Cane River Creole National Historical Park in Rec. On this reasoning, respondent concludes that "natural gas" within the meaning of section 613A includes all gases produced from an oil and gas well because all such gases are depletable under section 611. This figure included $181 million for 215 wells; $64 million for leases in Wyoming, the Gulf of Mexico, Australia, Indonesia, Columbia, and the North Sea; and $286 million for construction at Brae Field, platforms in the Gulf of Mexico, and a tertiary recovery project at Jay Field. Raising this argument for the first time in his post-trial brief, respondent would argue a case that petitioners were unable to develop for trial and would, consequently, prejudice petitioners' case. 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. Respondent's position, although technically viable, is supported neither by legislative history nor by common usage of the term "natural gas." Rec. United States v. American Trucking Association, 310 U.S. 534, 543 (1940). Field / Formation: GOLDEN MEADOW / THE LA LAND & EXPLORATION CO M 001: Well Status: DRY AND PLUGGED: Well Type: Township Range Section: 19S 22E 039: Derrick Elevation: Members Only: Kelly Bushing Elevation: 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 Timken hoped to lease the land to fur trappers. In 1975 the company opened a small refinery in Mobile, Alabama, to process 30,000 barrels a day of Jay Field crude. descent) and Cajuns (descendants of French Acadians driven from

Little Sip Of Sunshine Calories, What Happened To Craig Folbigg, Articles L