louisiana land and exploration company

cattle, sugarcane, poultry and eggs, dairy products, and 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 612. Section 613A does not deny percentage depletion for [carbon dioxide]. 204(c)(2), 44 Stat. 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.. Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. notably Shreveport, Baton Rouge, and New Orleans.Isaacs, This released acreage amounted to approximately 557,000 acres. St. Bernard Parish, Baritaria (Crown Point), and Acadiana See 121 Cong. The company's troubles climaxed the following year as investor Delo Caspary mounted a proxy fight to remove Phillips and the rest of management. Cf. Census Bureau: Population Estimates**Estimated annual 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. In 1984, large additions and renovations were made to the lodge, increasing the size of the camp to accommodate more guests. WebArising under the 2006 version of La. Since that time, however, the amount of sulphur recovered from hydrogen sulfide has been greater. 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. 1885). 1965), cert. 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." And they paid us a $4 million bonus on the lease!". WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers Rightor and John Kendall Smith. the more important, as well as the publications of the Ronald H. gas production (mainly offshore); oil refineries and petrochemical 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. In 1984 Phillips was replaced by E. L. Williamson, who worked to sustain profit margins and increase reserves. 82-17, 1982-1 C.B. Graham worked hard to keep expenses down. The Drillings accepts no liability for the content of this data, or for the consequences of any actions taken on the basis of the information provided. and paper industry; highly productive in agriculture; soybeans, 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 Park, Poverty Point National Monument at 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. 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. Sec. 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. an economic revolution in the early 1900s when large deposits of 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. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. Respondent further submits that Congress did not need to define "crude oil" because crude oil and brine water are the only minerals in liquid form extracted from oil and gas wells and are readily distinguishable. Regulated natural gas is gas regulated by the Federal Power Commission, which regulates only the price of fuels. By 1964, non-royalty, working-interest or joint-venture income had increased to 45 percent of LL&E's total sales. 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. 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 The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. 7295. In 1964 the company reported profits of $32.1 million on sales of $64.1 million. WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and Senator Hollings, a cosponsor of the amendment, added that "not one of those minerals [for which the depletion allowance was retained] has had a four-fold increase in price" as oil and natural gas had in the early 1970's. 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). Louisiana. 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. Company HistoryOil & Natural Gas Extraction. 121 Cong. This figure included $181 million for 215 wells; $64 million for leases in Wyoming, the Gulf of Mexico, Australia, Indonesia, Columbia, and the North Sea; and $286 million for construction at Brae Field, platforms in the Gulf of Mexico, and a tertiary recovery project at Jay Field. Respondent articulated the applicable principles as follows: Although in the physical sense [carbon dioxide] is a gas, it is not the gas referred to in the term "oil and gas wells" in sections 263(c), 611, 613, and 613A of the Code. To make up for this, LL&E participated in additional working interest wells and in 1970 discovered a major reserve estimated at 720 million barrels of oil in the Jay Field in Santa Rosa, Florida. The early 1960s proved very successful for LL&E. THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS Natchez, Jean Lafitte National Historical Park and 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.). Construction began on a new catalytic reformer that would provide more highly valued refined products. 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. 121 Cong. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. 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. Here is a summary of how the competitors of The Louisiana Land and Exploration Company LLC compare to one another: Vastar Resources has the most employees (1,151). In 1966 he acquired Jacintoport Corporation, an industrial real estate firm with Gulf Coast holdings such as the Houston Ship Channel. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. 121 Cong. "Our organization," he told Dun's "is the non-rigid, non-army type. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. 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. 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. Contact Information Website lle.com Ownership The typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. tax. Forbes criticized the offer, charging that the company had waited too long to get into explorations and would be left with expensive deeper water wells. (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. Lease No. 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. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. WebLa. Depletion generally is calculated based on the cost of the property. 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. Timken hoped to lease the land to fur trappers. In 1930 Texaco also agreed to pay LL&E's $1.8 million funded indebtedness. 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. 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. In 1981 he budgeted a still-record $653 million for exploration and development. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. Sec. 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. Bayou, a National Wild and Scenic River in northern Only subparagraph (B) includes the words "minerals from." Section 613(b)(1)(A) provides that sulphur is depletable at a 22-percent rate. 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." Respondent, however, has entered into a stipulation of facts with petitioner pursuant to which he agreed as follows: Petitioner[s] claimed percentage depletion deductions on sulphur in [their] tax returns in the following amounts: If Petitioner[s'] sulphur production is subject to depletion under section 613(b) of the Code, Petitioner[s] [are] entitled to the sulphur percentage depletion deductions listed above. Section 613(b)(7) is a catch-all provision for minerals not mentioned elsewhere in the subsection. 21 Engel Injection Molding Machines (28 to 300 Ton Capacity), 9 new Rotary Engel Presses (85 Ton Capacity), Rotary and Horizontal Molding, Precision Insert Molding, Full Part Automation, Electric Testing, Hipot Testing, Welding. During these years, LL&E did virtually no operating of its oil projects. the Civil War, is Charles Gayarr's History of Louisiana The main lodge located at The Island was built entirely from cypress logged and timbered from the Des Allemands area. On November 7, 1938, LL&E and Texaco amended their contract. WebThe company changed its name to St. Mary Land & Exploration Company on October 13, 1992 and then shortly thereafter, went public on the NASDAQ exchange with the ticker symbol MARY. Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). Principal Subsidiaries: CL&E Corp.; Inexco Oil Co.; Wilson Bros. Drilling Co.; Molokai California Ltd.; LLOXY Holdings, Inc.; White Pine Leasing, Inc.; LL&E Properties, Inc.; Westport Utilities Systems Co., Inc.; LL&E (Netherlands) Inc.; CLAM Petroleum Co.; MaraLou Netherlands Partnership (50%). 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. 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. denied 382 U.S. 892 (1965). Commissioner v. Engle, 464 U.S. 206, 218 (1984). At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. v. The primary products from the Jay Field wells and processing facilities have been oil and natural gas. 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. 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. 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. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. 7295-7296 (1975). rice. Oil and Gas Indian Communitization Agreement, Oil and Gas Simultaneous Lease Drawing (SIMO) on Public Land, Oil and Gas Simultaneous Lease Drawing (SIMO) on Acquired Land, Oil and Gas Non-Competitive Lease on Acquired Land, Louisiana Land & Exploration Co. is listed with 11 total leases. Sulphur is not depletable under section 613(b)(7) because depletion for sulphur is expressly provided for in subsection (b)(1). 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. The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Pub. James Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 Listed below are the cases that are cited in this Featured Case. Click on the case name to see the full text of the citing case. Rec. 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. The remainder of central and north Louisiana was home In 30292-85, 37799-85, 47753-86. area, Baton Rouge metropolitan Hydrogen sulfide, alone, or in combination with natural gas is also unsuitable for use as a fuel because the combustion of hydrogen sulfide produces sulphur dioxide, a toxic substance subject to control under Federal pollution standards. CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. During the 1950s, CEO Robert M. Youngs began investing in working interest wells. The natural gas is then transported through natural gas pipelines for use by petitioner or sale to Florida Gas Transmission Co. pursuant to a long-term gas purchase contract dated November 15, 1971. The state's principal agricultural outputs include seafood 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 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. increasing; world famous for the jazz music which grew up in and Visit DandB.com to locate more business profiles. 121 Cong. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. See: In the Matter of Amoco Production Co., 78 IBLA 93 (1983) (A decision by the Interior Board of Land Appeals with appeal currently pending in the federal district court, western district of La., docket # CV84-0916); Letter opinion by Charles A. Moore, general counsel of Federal Energy Regulatory Commission, addressed to Tipperary Corp., 1982 Federal Program Advisory Service, p. 3, para. In 1971 revenues from working interests exceeded those from royalty interests for the first time. (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. 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. 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. 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." WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 the first historian of Louisiana with his. Texaco's argument is based upon isolating the term "sold under" in subsection (a) of Section 105, rather than reading the Section as a whole to determine its meaning. 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"). be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, WebDetails for well Sweet Lake Land And Oil Co 001 | API # 17-023-20688 | operated by McMoran Exploration Company in Cameron Parish, LA. The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. In 1975 the Kalua Koi Corporation, LL&E's 50-percent-owned Hawaiian operation, began construction on the first phase of a 298-unit hotel condominium complex. After processing, the crude oil is classified as sweet rather than sour oil. Sulphur is mentioned once in the congressional debates as part of a list of 108 mineral extractive industries for which percentage depletion was retained. It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. area, List of school districts in Oil and gas often become trapped in the pockets that form around these structures.) 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. 7770-7773, 7813 (1975). It is true that the statutory language on its face is incongruous. With no more than 4.4 years of proven reserves on hand in 1980, Phillips needed to find new reserves at a reasonable cost if he was to insure the company's continued profitability. Headquartered in New Orleans, it operates a crude oil refinery near Mobile, Alabama, and conducts exploration and production operations in the United States and selected foreign countries. Petitioners extracted four categories of products from the Jay Field wells: liquid hydrocarbons, gaseous hydrocarbons, nonhydrocarbon gases, and nonhydrocarbon liquids.2. Timken agreed and in 1926 exchanged his acres for shares in the Border Research Corporation. 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. 1971). In 1974 Jacinport reported $2 million in real estate sales. WebThe La Land & Exploration Co U 004: API No. WebLL E is engaged primarily in exploration for and development of petroleum, natural gas and minerals. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. WebThe Louisiana Land and Exploration Company Address: 909 Poydras Street P.O. Sec. WebContinuing the marriages among energy companies, Burlington Resources Inc. agreed to acquire Louisiana Land & Exploration Co. for about $2.44 billion in stock. The problem in this case arose because Texaco, in an effort to secure a market for natural gas when it was not a particularly valuable commodity, entered into long term sales agreements with Louisiana industrial consumers promising future delivery of gas at what are now below-market prices. originally applied to the entire Mississippi R basin, claimed for The Drillings is a resource for locating where oil and gas leases are and have been. But while business was very good in the late 1970s there were doubts about LL&E's future. The Supreme Court has interpreted "oil and gas wells" to mean the oil and gas produced from such wells. The works of Albert Phelps and Grace King should also be mentioned among There are generally two types of marketing contracts for the sale of gas. By year's end, Phillips could boast of $94 million in profits on sales of $1.25 billion. 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

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