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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." and a .03 percent Louisiana Tourism Promotion District sales Louisiana Purchase, 1803; admitted to the Union as the 18th state, Cf. counties); the Pelican State; name (after Louis XIV of France) Oil and Gas Producers | Houma, LA - Manta.com Co. Linder Oil Co. A Partnership P.C.S.I. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. To do this, he committed major amounts of capital to new exploration initiatives. Louisiana Land & Exploration Co. Oil and Gas Leases - The LOUISIANA Louisiana Land Section 613A seems also to use the term to mean a fuel, especially as applied in conjunction with Congress' goal of promoting domestic oil and gas production by subsidizing independent producers and royalty owners. Canada by the British in the 18th-c); areas devastated by Hurricane Rul. In 1984, the Supreme Court considered the effect of section 613A on percentage depletion of oil and gas income and concluded that sections 611-613A permit an allowance for percentage depletion on lease bonuses at some point during the productive life of the lease, regardless of when actual production of oil and gas occurred. La Rec. WebThe La Land & Exploration Co U 004: API No. WebRead Louisiana Land and Exploration Co. v. Donnelly, 394 F.2d 273, see flags on bad law, and search Casetexts comprehensive legal database Louisiana Land and Exploration Co. v. Donnelly, 394 F.2d 273 | Casetext Search + Citator Sec. Respondent interprets section 613A(e) as follows: Section 613A(e)(2) provides a definition; it is not an allowance section. Section 613A does not deny percentage depletion for [carbon dioxide]. The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. Its price is not regulated by the Federal Power Commission. In the early 1980s, industry economics changed LL&E's fortunes. Rec. 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. The Drillings is a resource for locating where oil and gas leases are and have been. 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. (b) EXEMPTION FOR CERTAIN DOMESTIC GAS WELLS.. 17-057-02316: Well Direction: Operator: HUMBLE OIL AND REFINING CO. Decisions will be entered under Rule 155. production; foods, clay, glass, transportation equipment; tourism At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. Only subparagraph (B) includes the words "minerals from." fertile delta lands; further inland are plains and low rolling Mexico; rivers include the Mississippi (large delta area in the S), The company was incorporated in 2010 and is based in New Orleans, Louisiana. 95. Not satisfied? For the purposes of this subsection, minerals (other than sodium chloride) extracted from brines pumped from a saline perennial lake within the United States shall not be considered minerals from an inexhaustible source. 121 Cong. Department of Natural Resources | State of Louisiana 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. Rec. Louisiana Land and Exploration Co 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. Louisiana Land & Exploration Co. is a corporation lessee based in New Orleans, Louisiana for 11 oil and gas leases8 are authorized and 2 are closed. Click to open an interactive map. Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. Louisiana. 501, 89 Stat. The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. No damages have yet been proven, and indeed, the partial summary judgment would be proper even if none are ever established. Respondent's view may be a valid literal reading of section 613A(e)(2). Rec. L. 69-20, sec. During the early 1980s, lackluster exploration results and fluctuating prices destabilized the company's finances and forced it to sell its non-oil and gas efforts and concentrate on finding new low-cost reserves. (162m/532ft); vast coastal areas of marsh, lagoon, and The depletable oil quantity is measured in barrels. 613A(c)(3). Subsection (e)(2) defines "natural gas" as "any product (other than crude oil) of an oil or gas well if a deduction for depletion is allowable under section 611 with respect to such product." Congress did not intend to take any tax benefit away from independent producers in approving section 613A. This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). United States v. American Trucking Association, 310 U.S. 534, 543 (1940). It is true that the statutory language on its face is incongruous. Caspary's charges had some legitimacy. Sec. The sulphur is then condensed and stored until sold. Oil and gas often become trapped in the pockets that form around these structures.) And they paid us a $4 million bonus on the lease!". The Louisiana Land and Exploration Company -- Company 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." Phillips, meanwhile, continued to diversify. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers Rec. When we have a project we'll go to Houston, rent a computer and run it through. The early 1960s proved very successful for LL&E. tourism. [Emphasis supplied.]. 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. WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. 1885). Brine water, water with a high mineral content, is the nonhydrocarbon liquid extracted from the Jay Field wells. Furnel, Inc. has been successfully implementing this policy through honesty, integrity, and continuous improvement. In addition to Texaco, which was still its major leaseholder, LL&E secured royalty agreements with Phillips Petroleum Co., Stanolind Oil & Gas Co., Alder Oil Co., and Plymouth Oil Co., among others. If gases that are never used as fuels, such as hydrogen sulfide, were considered natural gases for purposes of section 613A(c), the conversion ratio would be nonsensical. We receive lots of emails from people who find their name or a relatives name on our site and want to know if this means they have some right to the land listed under that name. For purposes of the preceding sentence, the allowable deductions taken into account with respect to expenses of mining in computing the taxable income from the property shall be decreased by an amount equal to so much of any gain which (1) is treated under section 1245 (relating to gain from disposition of certain depreciable property) as ordinary income, and (2) is properly allocable to the property. 4638 (1975); S. Rept. v. Louisiana Land and Exploration Co 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. (a) GENERAL RULE.In the case of the mines, wells, and other natural deposits listed in subsection (b), the allowance, for depletion under section 611 shall be the percentage, specified in subsection (b), of the gross income from the property excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Oil and gas have been extracted from wells containing a trace quantity of hydrogen sulfide and from wells containing as much as 90-percent hydrogen sulfide. The Louisiana Land and Exploration Company LLC main competitors are Tallgrass Energy, BP Pipelines, and Vastar Resources. See Rev. Natural hazards may or may not be depicted on the data and maps, and land users should exercise due caution. WebThe Louisiana Land and Exploration Company Overview. Land The contract would remain in effect for as long as Texaco continued to drill on the acreage. See, e.g. The taxpayer may elect to convert part of his oil quantity into a depletable natural gas quantity based on a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. By 1964, non-royalty, working-interest or joint-venture income had increased to 45 percent of LL&E's total sales. A number of travel relations by 17th and 18th century 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on 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. Webster's Third New International Dictionary 1507 (1981) defines natural gas in terms of its value as a fuel: any of various combustible gas mixtures that when in the dry state contain largely methane and in the wet state in association with petroleum contain also higher hydrocarbons and that are used chiefly as fuels * * *. 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. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. Although it did not expressly hold that "oil and gas wells" means "oil and gas," the Court referred repeatedly to oil and gas production, not the production of minerals from oil and gas wells. As LL&E operations grew, both sales and revenues increased. 30292-85, 37799-85, 47753-86. 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. the more important, as well as the publications of the Section 613A bars percentage depletion for oil and gas wells with two exceptions. 1965), cert. 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. 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." Respondent thus argues that because the sulphur in issue is a product of oil and gas wells, it loses its section 613 depletion allowance. Pierre-Franois-Xavier de Charlevoix, Dumont (as published 979 (1961), affd. 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. 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. Natchitoches, Cane River Creole National Historical Park in 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. Louisiana Land & Exploration Co. is a corporation lessee based in New Orleans, Louisiana for 11 oil and gas leases8 are authorized and 2 are closed. As a result, LL&E enjoyed low expenses and high profits. (It is the biggest producer of crawfish in the world), cotton, soybeans, Louisiana Land and Exploration Company In 1988 crude prices fell by more than $3 a barrel and newly named CEO and chairman H. Leyton Steward was forced to take an $81.8 million restructuring charge and a $33.3 million loss. Listed below are those cases in which this Featured Case is cited. And when we're finished we don't own the computer or have the people on our permanent payroll. Lease No. La Land La Land 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).