on the history of New Orleans (q.v. The state's principal agricultural outputs include seafood Congress thus retained percentage depletion for small, independent producers to encourage domestic production. 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 Louisiana Land and Exploration Company During the House debates, Representative Rhodes noted "that one of the reasons for this bill being brought here with some haste is the fact that we have a shortage of domestic petroleum." It held working interests but did not actively manage projects. LL&E enjoyed a good exploration year in 1990. 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 continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. 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. 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. France by La Salle, 1682; most of the E region ceded to Spain in The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. The Island is also the original home of Spots, the beloved blue-eyed white alligator who lived at the Audubon Aquarium of the Americas for 24 years. 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. Louisiana Land The goal of the legislation was to eliminate what was perceived to be an unneeded tax incentive only for the major integrated oil companies. A township can refer to two different things. 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). 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. WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. Instead, we find that the value of the gas within the terms of the leases is a disputed factual issue to be determined at the hearing on damages. area, List of school districts in 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. pop(2000e) 4469000; area WebLa. 7807. fishing, particularly for shrimps and oysters; a major source of Petitioners claimed percentage depletion on sulphur during the years in issue in the following amounts: Respondent issued his notices of deficiency and petitioners timely filed petitions on the following dates: If we find that petitioners' sulphur production is eligible for depletion under section 613(b), respondent concedes that petitioners are entitled to the percentage depletion deductions claimed. WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS These apparent anomalies are reconciled, in respondent's view, by attributing to Congress an unexpressed intent to deny any percentage depletion for nonhydrocarbon gases. Congress' goal of encouraging domestic production would in that event be thwarted. 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. While entities may have multiple locations, this is based on the address registered for the lease. Our conclusion is buttressed by the fact that all the existing authority on this point, although persuasive rather than authoritative, has interpreted the phrase "subject to" in Section 105 as requiring that a source of gas be described in a contract in order to trigger the Section's application. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." (Cf. 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. Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. 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. Louisiana Land and Exploration Co 501, 89 Stat. French explorers, among whom the following at least should The company was incorporated in 2010 and is based in New Orleans, Louisiana. This criticism was borne out in December of that year when Lloxy paid $60 million for Gulf leases covering land under 300 feet of water. 1965), cert. At that time, the lodge housed 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. 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. 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: gas production (mainly offshore); oil refineries and petrochemical 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. Timken hoped to lease the land to fur trappers. 7295. See Rev. Brine water, water with a high mineral content, is the nonhydrocarbon liquid extracted from the Jay Field wells. A literal reading, however, aims the statutory restrictions on percentage depletion at any mineral produced along with oil or gas when the legislative record of section 613A's passage is wholly devoid of mentioning any such important targets. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. Learn more about the Bureau of Land Management, Public Land Survey System, and oil and gas leases. 121 Cong. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. 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. The sour gas streams from the separation system and the oil stabilization system, containing both natural gas and hydrogen sulfide, are combined and further treated in the acid gas removal system. 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. Only subparagraph (B) includes the words "minerals from." The oil stabilization system also reduces the vapor pressure of the crude oil to a low enough level that it can be stored and transported in atmospheric tanks and tank trucks. WebThe Louisiana Land & Exploration Co is listed as an officer of another company. Follow LL & E's position is that Section 105 does not determine the ceiling price for this gas because the gas is not "subject to" any contract; instead, the LL & E gas is being used to fulfill these particular contracts solely because Texaco has chosen to use it rather than to use gas from other reserves. 613A(e)(2). The Copper Range acquisition did not please the financial community. 7295. 3301 et seq. 4638 (1975); S. Rept. (1975). Current estimates show that the unit has a sales volume of $1500000 and staff of approximately 17 people. 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. The LOUISIANA LAND AND EXPLORATION COMPANY Petitioners, the Louisiana Land & Exploration Co. (LL&E) and Subsidiaries, are an affiliated group of corporations whose common parent is LL&E. LOUISIANA LAND Docket Nos. 17-089-00532: Well Direction: Operator: HUMBLE OIL AND REFINING CO. 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. The Louisiana Land and Exploration Company -- Company Rec. an economic revolution in the early 1900s when large deposits of In 1980, LL E earned profits of 180.2 million dollars or $4.74 per share. Saline Respondent's position, although technically viable, is supported neither by legislative history nor by common usage of the term "natural gas." In 1989, the company spun off Plum Creek 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. Strong collaboration leads to effective conservation And when we're finished we don't own the computer or have the people on our permanent payroll. 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." Texaco pays 75 percent and gets 60 percent. 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." Natchez, Jean Lafitte National Historical Park and Louisiana, List of colleges and universities in In 1965 LL&E had only 145 employees. After processing, the crude oil is classified as sweet rather than sour oil. 3rd Cir.1984), wherein the court approved the procedure of granting a partial summary judgment on the issue of an insurer's obligation to defend, reserving to the insured the right to establish damages in a further proceeding. In 1971 revenues from working interests exceeded those from royalty interests for the first time. Co. Linder Oil Co. A Partnership P.C.S.I. 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. WebIn 1988, the company was formed to own the resource assets of Burlington Northern Railroad. increasing; world famous for the jazz music which grew up in and H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. Much of the land was eventually taken over by a group of midwesterners led by Henry Timken, who owned an Ohio ball bearing company. Section 613A(e)(1) defines "crude oil" as including "a natural gas liquid recovered from a gas well in lease separators or field facilities." WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and In Herring v. Commissioner, 293 U.S. 322, 328 (1934), the Court held that the taxpayers were entitled to percentage depletion on bonuses received as advance payments for oil and gas to be extracted even though the well was not yet in operation, reasoning that the right to depletion was not conditioned on the existence of a well.11. The separated natural gas is processed further in another contactor which removes water vapor from the gas stream. The Louisiana Supreme Court has already held that the value of natural gas upon which royalty is owed may not exceed the price to which sale of that gas is limited by federal regulation. 1.613-3(a), Income Tax Regs. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT, United States Tax Court.https://leagle.com/images/logo.png. WebThe La Land & Exploration Co M 001: API No. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. Sulphur is mentioned once in the congressional debates as part of a list of 108 mineral extractive industries for which percentage depletion was retained. 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. "It was a very unusual contract for 1928," LL&E president Ford Graham told Dun's Review in 1965. fertile delta lands; further inland are plains and low rolling There is no question that there are no particular gas reserves governed by warranty contracts entered into by Texaco. Foreign reserves are located in the U.K. and Dutch sectors of the North Sea, Canada, and Columbia. 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. Its price is not regulated by the Federal Power Commission. Respondent has stipulated that if we find petitioners are entitled to percentage depletion deductions, they correctly computed the amount of the depletion deductions on their Federal income tax returns. Working At The Louisiana Land and Exploration Company Construction began on a new catalytic reformer that would provide more highly valued refined products. Louisiana. St. Bernard Parish, Baritaria (Crown Point), and Acadiana At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. We find that it was appropriate, and therefore affirm the ruling of the district court. (d) DENIAL OF PERCENTAGE DEPLETION IN CASE OF OIL AND GAS WELLS.Except as provided in Section 613A, in the case of any oil or gas well, the allowance for depletion shall be computed without reference to this section. originally applied to the entire Mississippi R basin, claimed for In 1987 the company began to acquire newly opened low cost leases in the shallow waters of the Gulf of Mexico. by Fr. Earnings recovered in 1989 as oil prices rose while replacement costs remained low. LOUISIANA LAND AND EXPLORATION COMPANY Petitioners, the Louisiana Land & Exploration Co. (LL&E) and Subsidiaries, are an affiliated group of corporations whose common parent is LL&E. Citations are also linked in the body of the Featured Case. Rec. The remainder of central and north Louisiana was home 121 Cong. As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. Continuing the marriages among energy companies, Burlington Resources Inc. agreed to acquire Louisiana Land & Exploration Co. for about $2.44 billion in stock. The companies' officials say the transaction will create one of the largest independent oil and natural-gas concerns in the country in terms of reserves and production. Louisiana v. Louisiana Land & Exploration Co. et al. 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. Natural hazards may or may not be depicted on the data and maps, and land users should exercise due caution. Information hosted on The Drillings is based on publicly available data through the Bureau of Land Management. Louisiana Historical Society and several works [Emphasis supplied.]. cattle, sugarcane, poultry and eggs, dairy products, and United States v. American Trucking Association, 310 U.S. 534, 543 (1940). LA 7295-7296 (1975). Of the company's 225 million barrels of oil equivalent reserves, nearly 60 percent are garnered from domestic sources. These could be different entities opperating out of the same locationlike a shared office space, PO Box, or family homeor one entity with multiple lease ID numbers. 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. Depletion generally is calculated based on the cost of the property. 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 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. A number of cities in Louisiana are also home to Jewish communities, Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. Whether it is filing a lease or researching one, the administering BLM office is going to be the definitive source. Cf. The data are dynamic and may change over time. The typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. Also, the company opened its first regional office in Shreveport, LA after acquiring the oil and gas division of T.L. Congress did not intend to take any tax benefit away from independent producers in approving section 613A. 30292-85, 37799-85, 47753-86. Louisiana Land and Exploration Company processing, transportation equipment, paper products, and 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 gas referred to in these sections is hydrocarbon gas. The Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States.
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