Louisiana Land & Exploration Co A township can refer to two different things. originally applied to the entire Mississippi R basin, claimed for v. Louisiana Land and Exploration Co to a substantial portion of the, New Orleans metropolitan Follow 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. In 1989, the company spun off Plum Creek The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. 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. The works of Albert Phelps and Grace King should also be mentioned among 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 During these years, LL&E did virtually no operating of its oil projects. 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. 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. Louisiana Land & Exploration Co. Oil and Gas Leases - The 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. 1885). James The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. on the history of New Orleans (q.v. The Drillings makes no warranty, expressed or implied, including the warranties of merchantability and fitness for a particular purpose, nor assumes any legal liability or responsibility for the accuracy, reliability, completeness or utility of these geospatial data, or for the improper or incorrect use of these geospatial data. Burlington Resources - Wikipedia The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. increasing; world famous for the jazz music which grew up in and 47, however, amended section 613 and added a new section 613A8 so that oil and gas no longer qualified for percentage depletion pursuant to section 613. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. 16. Furnel, Inc. is dedicated to providing our customers with the highest quality products and services in a timely manner at a competitive price. divided into 64 parishes (the only state to use this term for its 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. At year's end, he was able to salvage earnings of $76.3 million despite mining operations that sustained a pretax loss of $38 million. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. Texaco answered LL & E's petition for damages by denying that its royalty payments were improper, and subsequently filed a motion for partial summary judgment seeking a declaration that its payments were proper at least with respect to the gas it had produced from wells drilled prior to the enactment in 1978 of the Natural Gas Policy Act (NGPA), 15 U.S.C. 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 typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. Of the company's 225 million barrels of oil equivalent reserves, nearly 60 percent are garnered from domestic sources. 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). It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. We find that it was appropriate, and therefore affirm the ruling of the district court. The Drillings is a resource for locating where oil and gas leases are and have been. [Emphasis supplied.]. In 1975 the company opened a small refinery in Mobile, Alabama, to process 30,000 barrels a day of Jay Field crude. Search for owners by first name, last name, company, location, etc. Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 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 Copper Range acquisition did not please the financial community. Bayou, a National Wild and Scenic River in northern 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. Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. Click on the case name to see the full text of the citing case. (b) PERCENTAGE DEPLETION RATES.The mines, wells, and other natural deposits, and the percentages, referred to in subsection (a) are as follows: (7) 14 PERCENTall other minerals * * * For purposes of this paragraph, the term "all other minerals" does not include. Rec. In 1981 he budgeted a still-record $653 million for exploration and development. 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. Graham worked hard to keep expenses down. And they paid us a $4 million bonus on the lease!". 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. The Louisiana Land and Exploration Company LLC is a relatively young 979 (1961), affd. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. hills; over half the land area forested, supporting a major lumber (It is the biggest producer of crawfish in the world), cotton, soybeans, 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. See 121 Cong. Louisiana Land & Exploration Co LLC/The - Company fishing, particularly for shrimps and oysters; a major source of 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). Commissioner v. Engle, 464 U.S. at 218. It held working interests but did not actively manage projects. Strong collaboration leads to effective conservation 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. 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. Petitioners rightly assumed that the issue was settled and cannot now justly be required to prove the amount of the depletion deduction to which we have found they are entitled. The sales In 1980, LL E earned profits of 180.2 million dollars or $4.74 per share. Discover petroleum exploration activity in your area and find new regions of opportunity. 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." We further conclude that section 613A applies only to hydrocarbon fuels produced from oil and gas wells and does not affect eligibility for percentage depletion for other minerals produced from oil and gas wells. 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. Hydrocarbons are organic compounds containing only hydrogen and carbon and are most commonly used as fuels. This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). Section 613(b)(7), however, does not appear to exclude from percentage depletion under section 613 all minerals from oil and gas wells. In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. Sec. TEXACO, INC. Court of Appeal of Louisiana, Fourth Circuit.https://leagle.com/images/logo.png. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. 613A(c)(1). Louisiana Land and Exploration Co Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. v. Prior to 1975, section 613 allowed percentage depletion for oil and gas wells. 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. Listed below are those cases in which this Featured Case is cited. 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. growth rate 2000?2005, Cane River National Heritage Area near The court found that because of the flexibility of the warranty contracts, even though the gas may have been economically committed to these customers, it was not "subject to" any contract, and therefore was governed by Section 109 rather than Section 105. LLEC began attempting to mark that boundary, first with a ditch and later by removing the Liners stakes at the edges of their claimed land. 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. Court of Appeal of Louisiana, Fourth Circuit. Brine water, water with a high mineral content, is the nonhydrocarbon liquid extracted from the Jay Field wells. We reject LL & E's contention that it has proven by affidavit that the gas could at all times have been sold at the Section 109 ceiling price, thereby establishing its value for royalty purposes under the leases. oil and natural gas were discovered; capital, Baton Rouge; other The sulphur is then condensed and stored until sold. 3301 et seq. 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. 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. Natchez, Jean Lafitte National Historical Park and The following June a wholly owned subsidiary of LL&E, the Sun Fire Coal Company, began to develop an underground mine near Hazard, Kentucky. The acid gas next is separated from the amine solution and passed into a multistage Claus sulphur recovery system, where hydrogen sulfide is converted into molten elemental sulphur by controlled combustion with air. The liquid hydrocarbon produced from the Jay Field wells is crude oil, which consists of hydrocarbon compounds that are in a liquid phase at ambient temperature and pressure. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. 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. 1965), cert. (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. Rule 91(e), Tax Court Rules of Practice and Procedure. 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. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled.
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