louisiana land and exploration company

louisiana land and exploration companychemical that dissolves human feces in pit toilet

To do this, he committed major amounts of capital to new exploration initiatives. Due to higher prices for refined copper, the mining operation even turned a profit of $9.7 million in 1979. The state's principal agricultural outputs include seafood Louisiana The works of Albert Phelps and Grace King should also be mentioned among 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." Louisiana Historical Society and several works After reviewing the law and the facts, we find that the district court was correct in its determination. 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. 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. v. This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). The nonhydrocarbon gases extracted from the Jay Field wells are primarily hydrogen sulfide and carbon dioxide. Mexico; rivers include the Mississippi (large delta area in the S), [Emphasis supplied.]. The venture's finances faltered and in time there were foreclosures. tax rate is 1 percent: a .97 percent Louisiana sales tax Sec. 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. Thus, respondent's proposed statutory construction, which assumes an inadvertent failure by Congress to draft the right language, cannot be harmonized with the provision for depleting sulphur pursuant to section 613(b)(1). Section 613(b)(7) provides for percentage depletion at 14 percent for "all other minerals" except: Because petitioners' sulphur was not extracted from a mine but from hydrogen sulfide produced from oil and gas wells, respondent argues that the income from the sulphur is depletable, if at all, pursuant to section 613(b)(7) as an "other mineral." In addition, in December 1976 LL&E acquired the Warrior River Coal Company, owners of a small surface mine in Tuscaloosa, Alabama. WebThe La Land & Exploration Co M 001: API No. (c) EXEMPTION FOR INDEPENDENT PRODUCERS AND ROYALTY OWNERS., (1) IN GENERAL.Except as provided in subsection (d), the allowance for depletion under section 611 shall be computed in accordance with section 613 with respect to. 613A(c)(3). Earnings recovered in 1989 as oil prices rose while replacement costs remained low. Sec. In Rev. Rul. Founded as the Border Research company in 1926 and renamed Louisiana Land and Exploration a year later, LL&E, for its first twenty years, essentially collected royalties from fossil fuels extracted from nearly 600,000 acres it controlled in southern Louisiana. Contact Information Website lle.com Ownership Phillips, meanwhile, continued to diversify. 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. 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 * * *. (1975). 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 Louisiana Land and Exploration Company LLC main competitors are Tallgrass Energy, BP Pipelines, and Vastar Resources. List of official symbols of The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". 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. James 346 F.2d 377 (5th Cir. These geospatial data and related maps or graphics are not legal documents and are not intended to be used as such. This web site and associated pages are not associated with, endorsed by, or sponsored by The Louisiana Land And Exploration Company and has no official or unofficial affiliation with The Louisiana Land And Exploration Company. Caspary's charges had some legitimacy. La Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. After considering the language, structure and legislative record of the passage of section 613A, we do not believe that section 613A was intended to limit sulphur depletion pursuant to section 613(b)(1). Deteriorating economic conditions, windfall profits taxes, high dry hole costs, narrower profit margins, and declining demand all pressured earnings. Rule 91(e), Tax Court Rules of Practice and Procedure. processing, transportation equipment, paper products, and 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. As on previous occasions, LL&E's involvement was a financial one. Current estimates show that the unit has a sales volume of $1500000 and staff of approximately 17 people. The separated sour crude oil undergoes further treatment within the oil stabilization system, a pressurized vessel in which heat vaporizes and removes more of the dissolved sour gas (i.e., hydrogen sulfide, carbon dioxide, and natural gas). 121 Cong. 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. Katrina (notably New Orleans) in 2005. Graham worked hard to keep expenses down. 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 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. French explorers, among whom the following at least should Louisiana Land and Exploration Co The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Section 613(b)(7) is a catch-all provision for minerals not mentioned elsewhere in the subsection. LOUISIANA LAND AND EXPLORATION, COMPANY, THE As for the other genuine issues of fact which Texaco claims should prevent summary judgment herein, we find that they also relate solely to damages rather than to liability. 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. LOUISIANA LAND originally applied to the entire Mississippi R basin, claimed for 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." Listed below are the cases that are cited in this Featured Case. Representative William Green introduced an amendment to repeal percentage depletion for oil and gas during the floor debates in the House but the Senate Finance Committee deleted the provision. Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. In 1989 the Department of Interior recognized this effort and awarded LL&E its Conservation Award for Respecting the Environment. We disagree. In 1946, this original structure was acquired from the Sun Oil Company and transported by barge from Cocodrie, LA to its current location in Paradis. 1.613-3(a), Income Tax Regs. LL&E enjoyed a good exploration year in 1990. LA area, Baton Rouge metropolitan And when we're finished we don't own the computer or have the people on our permanent payroll. The remainder of central and north Louisiana was home Section 613A(c) provides limited percentage depletion for independent producers and royalty owners based on a depletable oil quantity of 1,000 barrels per day. Strong collaboration leads to effective conservation WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. Section 613A bars percentage depletion for oil and gas wells with two exceptions. For example, we don't hesitate to use consultants. 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 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). Petitioners, the Louisiana Land & Exploration Co. (LL&E) and Subsidiaries, are an affiliated group of corporations whose common parent is LL&E. Petitioners owned a working or operating interest in leases of oil wells in the Jay-Little Escambia Creek Field (Jay Field) in Escambia County, Alabama, and Santa Rosa and Escambia Counties, Florida. Of course, hydrogen sulfide is a gas naturally occurring in exhaustible deposits in the earth and falls within a technical classification of "natural gases." The standard history of the state, though only through Wednesday, July 9, 1997. Section 613A was the product of congressional concerns about the nation's increasing dependence on foreign oil and large profits the major integrated oil companies were reaping. Rec. Louisiana Land & Exploration Co Listed below are those cases in which this Featured Case is cited. 613(A)(c)(4). Louisiana Land hills; over half the land area forested, supporting a major lumber LOUISIANAS MOST CAPTIVATING HUNTING LODGE & WILDLIFE RESERVE. chief cities, New Orleans and Shreveport; bounded S by the Gulf of Copyright 2023 Web Solutions LLC. 95. WebIn 1946, this original structure was acquired from the Sun Oil Company and transported by barge from Cocodrie, LA to its current location in Paradis. Escalating energy prices and the Arab oil embargo awakened the public to the Nation's growing reliance on foreign energy resources. Hydrogen sulfide is not transported far from the well because of the hazards involved. In 1974 Jacinport reported $2 million in real estate sales. Sulphur is not depletable under section 613(b)(7) because depletion for sulphur is expressly provided for in subsection (b)(1). Cf. Department of Natural Resources | State of Louisiana It insisted that drillers bury pipe so as to not disrupt grasses or aquatic life, and it constructed pumps and water control structures to prevent erosion or saltwater intrusion. The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. La Land Petitioners extracted four categories of products from the Jay Field wells: liquid hydrocarbons, gaseous hydrocarbons, nonhydrocarbon gases, and nonhydrocarbon liquids.2. The Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. 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). 613(b)(1)(A). Click the citation to see the full text of the cited case. The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. Louisiana v. Louisiana Land & Exploration Co. et al. the more important, as well as the publications of the denied 382 U.S. 892 (1965). 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. 82-17, 1982-1 C.B. 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. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. In 1943, for instance, LL&E employed only 24 people, yet earned $1.8 million on sales of $3.4 million. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. Rec. William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners. 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. This released acreage amounted to approximately 557,000 acres. 123673km/47752sqmi. Commissioner v. Engle, 464 U.S. 206 (1984). 121 Cong. See, e.g. We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. The company became a public company . 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. Park, Poverty Point National Monument at 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.. Land & Expl. Respondent entered into the stipulation with full knowledge of the relevant facts and in doing so agreed to waive any argument concerning the amount of any depletion deduction allowable. Its industrial outputs include chemical products, 501, 89 Stat. 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. 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. Rec. Rec. (1) CRUDE OIL.The term "crude oil" includes a natural gas liquid recovered from a gas well in lease separators or field facilities. 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.). 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 Regulated natural gas is gas regulated by the Federal Power Commission, which regulates only the price of fuels. 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 Moreover, because petitioners do not qualify for percentage depletion under the exemptions set forth in section 613A(b) and section 613A(c), the sulphur is also not eligible for percentage depletion under section 613A. (various editions, culminating in 1866, 4 vols., with a Petitioners are calendar year, accrual method taxpayers. We must decide whether section 613A eliminates the section 613 percentage depletion rate on sulphur when hydrogen sulfide is produced from an oil and gas well and subsequently converted into elemental sulphur. The primary issue on appeal is whether that value should be determined under Section 105 of the NGPA, as Texaco argues, or under the higher ceiling price reflected in Section 109 of the NGPA, as LL & E claims. 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. (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. Louisiana Land And Exploration Company H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. those by Henry In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. Louisiana Land & Exploration Co. Oil and Gas Leases - The Sulphur dioxide is a gas with an objectionable odor and which can damage both animals and plants. 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. See Rev. THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS Because the rules of section 613A work on the foundation of section 613, we look first to the plain language of section 613. 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. It also sought to expand riskier but potentially more lucrative foreign exploration. pelts, especially muskrat; second only to Texas in oil and natural The sulphur is then condensed and stored until sold. Natural hazards may or may not be depicted on the data and maps, and land users should exercise due caution. 7807. coal products, food Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). Louisiana land & exploration company Company Profile: During the 1950s, CEO Robert M. Youngs began investing in working interest wells. WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and Accordingly, we affirm the partial summary judgment granted by the district court and remand the case for a determination of damages. 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. That year also marked Steward's conclusion of a property exchange that substantially increased LL&E's interest in the Madden Field in Wyoming. At that time, the lodge housed (It is the biggest producer of crawfish in the world), cotton, soybeans, 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. WebThe La Land & Exploration Co U 004: API No. 204(c)(2), 44 Stat. As a result, LL&E enjoyed low expenses and high profits. The property has been operated as a hunting lodge since the 1960s. 4, 972.) Respondent thus concludes that if hydrogen sulfide, from which sulphur is derived, is produced from an oil or gas well, it is depletable, if at all, only under section 613A. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. This professionalism is the result of corporate leadership, teamwork, open communications, customer/supplier partnership, and state-of-the-art manufacturing. Section 613(b)(1)(A) provides that sulphur is depletable at a 22-percent rate. Red, Sabine, and Pearl; highest point Mt Driskill Pierre-Franois-Xavier de Charlevoix, Dumont (as published Louisiana. Burlington Resources - Wikipedia 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. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. LA. Sec. We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. Co. Linder Oil Co. A Partnership P.C.S.I. The terms of stipulations are generally binding on the parties and the Court will not allow a party to ignore a stipulation except "where justice requires." When we have a project we'll go to Houston, rent a computer and run it through. Lease No. Although there is scant legislative history on section 613A, the legislative record available leaves little doubt that section 613A was meant to apply only to hydrocarbon fuels. 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 In the early 1970s, however, its Louisiana reserves began their natural decline. (b) EXEMPTION FOR CERTAIN DOMESTIC GAS WELLS.. 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. La Land

Sushi Samba Cancellation Policy, Horned Lizards Use Their Horns To Defend Quizlet, Fau Football Coaching Staff Salaries, Ohio State Marching Band 2021 Roster, Articles L