louisiana land and exploration company

Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. Louisiana Land & Exploration Co. Oil and Gas Leases - The Louisiana. 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. petroleum and Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. 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 * * *. Copyright 2023 Web Solutions LLC. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. 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. La Land 16. See United States v. 3,788.16 Acres of Land, 439 F.2d 291, 294 (8th Cir. It was solely Texaco's choice to meet its obligations to these customers with LL & E's gas. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. WebThe Louisiana Land and Exploration Company 909 Poydras Street P.O. 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. This released acreage amounted to approximately 557,000 acres. Respondent's position, although technically viable, is supported neither by legislative history nor by common usage of the term "natural gas." As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. and 22 percent shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. Congress' goal of encouraging domestic production would in that event be thwarted. WebProperties Operated by Louisiana Land & Exploration Co View All Properties Operated by Louisiana Land & Exploration Co Recent Permits Filed by Louisiana Land & Exploration Co Company Contact Information These are the contact records we have for Louisiana Land & Exploration Co. Click the citation to see the full text of the cited case. WebThe Louisiana Land and Exploration Company Overview. Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). (A salt dome is a raised central area of salt or rock, around which beds of sedimentary rock dip in all directions. 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. Louisiana, List of colleges and universities in Respondent thus argues that because the sulphur in issue is a product of oil and gas wells, it loses its section 613 depletion allowance. Lease No. Rec. In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. No damages have yet been proven, and indeed, the partial summary judgment would be proper even if none are ever established. Construction began on a new catalytic reformer that would provide more highly valued refined products. Prior to 1975, section 613 allowed percentage depletion for oil and gas wells. 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." Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. The primary products from the Jay Field wells and processing facilities have been oil and natural gas. 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. 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. E.g., 121 Cong. fishing, particularly for shrimps and oysters; a major source of Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. 613A(c)(3). 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." Oil and Gas Producers | Houma, LA - Manta.com Section 613A(e)(1) defines "crude oil" as including "a natural gas liquid recovered from a gas well in lease separators or field facilities." Ronald H. coal products, food The Louisiana Land and Exploration Company LLC is a relatively young "It was a very unusual contract for 1928," LL&E president Ford Graham told Dun's Review in 1965. 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. Louisiana Land and Exploration Company The company was incorporated in 2010 and is based in New Orleans, Louisiana. cattle, sugarcane, poultry and eggs, dairy products, and Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. Rec. History Timeline 4625 (remarks of Representative Pickle) ("if we are going to repeal the depletion allowance in one area, * * * we need to look at the depletion allowance on these other minerals"). "The normal royalty was one-eighth (12 percent). Sec. (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. See Black's Law Dictionary 1278 (5th Ed.1979). THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS The data are dynamic and may change over time. We, therefore, hold that pursuant to section 613(b), petitioners are entitled to percentage depletion deductions in the amounts stipulated for sulphur produced from oil and gas wells. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. Petitioners are calendar year, accrual method taxpayers. Decisions will be entered under Rule 155. 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 There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. Natchez, Jean Lafitte National Historical Park and 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. Click on the case name to see the full text of the citing case. In Rev. 121 Cong. 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. Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. Rec. 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. Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. The Louisiana Land and Exploration Company -- Company In 1964 the company reported profits of $32.1 million on sales of $64.1 million. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. 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. 1763, then to the USA in 1783; W region acquired by the USA in the During the years in issue, petitioners were engaged primarily in exploration for and development, production, refining, and sale of crude oil and natural gas and exploration for, production and mining of other minerals such as sulphur, gold, silver, copper, and coal in the United States and several foreign countries. oil and natural gas were discovered; capital, Baton Rouge; other 613A(e)(2). pop(2000e) 4469000; area Rec. To do this, he committed major amounts of capital to new exploration initiatives. and its Licensors 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. In the early 1970s, however, its Louisiana reserves began their natural decline. The works of Albert Phelps and Grace King should also be mentioned among 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). 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. plants in several cities; leads the nation in salt and sulphur 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. Responding to these problems, Phillips curtailed and then suspended copper mining, reduced staff, eliminated high-risk exploration ventures, cut back on capital expenditures, and in November reduced the cash dividend. The Copper Range acquisition did not please the financial community. 204(c)(2), 44 Stat. Hydrogen sulfide and carbon dioxide are contaminants of natural gas.3 Sour gas cannot be used as fuel; the hydrogen sulfide and carbon dioxide must first be removed. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. Follow WebArising under the 2006 version of La. area, List of school districts in (Cf. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT, United States Tax Court.https://leagle.com/images/logo.png. In to a substantial portion of the, New Orleans metropolitan WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon 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). Company HistoryOil & Natural Gas Extraction. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. Under the agreement, LL&E retained a 25 percent working interest and a 20 percent royalty in Texaco's share of production. He added, however, "we are now talking about onepetroleumwhich is the most important of all energy items at this time." 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. The LL & E leases require Texaco to pay royalties based upon a percentage of the value of the gas produced. The data and maps may not be used to determine title, ownership, legal descriptions or boundaries, legal jurisdiction, or restrictions that may be in place on either public or private land. The LOUISIANA LAND AND EXPLORATION COMPANY We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. The company's troubles climaxed the following year as investor Delo Caspary mounted a proxy fight to remove Phillips and the rest of management. The standard history of the state, though only through Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. We conclude that in drafting section 613A, Congress intended to limit percentage depletion only for income from hydrocarbon fuels. The well effluent from the Jay Field wells is treated in facilities adjacent to the wells. 612. 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. Between 1978 and 1980 LL&E's sales jumped from $549.4 million to $1.075 billion while earnings increased from $94.8 million to $180.2 million, despite $64 million in 1980 windfall profits taxes. All Rights Reserved The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. 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. (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. A "warranty" contract is an arrangement whereby the producer is obligated to deliver to the purchaser certain quantities of gas; the source of the gas is unspecified and the producer may therefore fulfill his obligation from any source he chooses. Sec. Respondent argues that the two provisions are interdependent in that section 613A(e)(2) defines natural gas in terms of products depletable under section 611 and section 613, and in enacting section 613A and amending section 613, Congress intended to transfer percentage depletion for all products of oil and gas wells to section 613A. 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. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced These apparent anomalies are reconciled, in respondent's view, by attributing to Congress an unexpressed intent to deny any percentage depletion for nonhydrocarbon gases. 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. Congress also was concerned, however, with the shortage of hydrocarbon fuels and the need to encourage domestic exploration for and exploitation of new sources of fuel. There are generally two types of marketing contracts for the sale of gas. 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. It is true that the statutory language on its face is incongruous. Search for owners by first name, last name, company, location, etc. production; foods, clay, glass, transportation equipment; tourism Section 613A(b), providing percentage depletion for "regulated natural gas" and "natural gas sold under a fixed contract" also makes sense only if section 613A applies solely to hydrocarbon fuels. 312, 318 (1976)), the evidence in this case does not justify our ignoring the parties' stipulation. Census Bureau: Population Estimates**Estimated annual 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. those by Henry 7295. Co. Linder Oil Co. A Partnership P.C.S.I. 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: Congress did not intend to take any tax benefit away from independent producers in approving section 613A. 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 "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. 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. 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. the Civil War, is Charles Gayarr's History of Louisiana 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." The company became a public company . Congress thus retained percentage depletion for small, independent producers to encourage domestic production. Petitioners contend that section 613 and section 613A are mutually exclusive and thus whatever is depletable under section 613 is not depletable under section 613A. 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. 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. La Land 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on Listed below are the cases that are cited in this Featured Case. La Land 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." Mexico; rivers include the Mississippi (large delta area in the S), The Drillings is a resource for locating where oil and gas leases are and have been. 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. (b) EXEMPTION FOR CERTAIN DOMESTIC GAS WELLS.. 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. 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. 121 Cong. 121 Cong. 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." French explorers, among whom the following at least should WebLouisiana Land & Exploration Co/The - Company Profile and News - Bloomberg Markets Bloomberg Anywhere Remote Login Manage Products and Account Information Indices Finally in 2018, the camp was yet again renovated turning it into the beautiful lodge it is today. Sec. Lease No. 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. In 1986 Williamson rid LL&E of the Copper Range Company--taking a $91 million charge in the process. It continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers [Emphasis supplied.]. Department of Natural Resources | State of Louisiana increasing; world famous for the jazz music which grew up in and Sec. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. chief cities, New Orleans and Shreveport; bounded S by the Gulf of Louisiana Land and Exploration Company In 1966 he acquired Jacintoport Corporation, an industrial real estate firm with Gulf Coast holdings such as the Houston Ship Channel. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. WebLa. hills; over half the land area forested, supporting a major lumber It also sought to expand riskier but potentially more lucrative foreign exploration. United States v. American Trucking Association, 310 U.S. 534, 543 (1940). Court of Appeal of Louisiana, Fourth Circuit. 8128, and Senator Curtis added, "Our first objective should be the production of more gas and oil." Wednesday, July 9, 1997. The sulphur is then condensed and stored until sold. The gaseous hydrocarbons, or natural gases, exist in a gaseous state at ambient temperature and pressure and consist primarily of methane, ethane, propane, and butane. 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. Due to higher prices for refined copper, the mining operation even turned a profit of $9.7 million in 1979. 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. The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. Steward used excess cash flow--including $198 million from asset sales&mdash repurchase nearly 2.6 million shares and reduce LL&E's total debt by one-third. an economic revolution in the early 1900s when large deposits of 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. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat 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. and paper industry; highly productive in agriculture; soybeans, 123673km/47752sqmi. When a literal reading of a statute conflicts with expressed congressional intent and common usage, we will reject it. Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. 613(A)(c)(4). Its industrial outputs include chemical products, 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

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