In 1980 he formed CLAM Petroleum, a 50 percent owned unconsolidated affiliate through which LL&E would invest $250 million in the U.K. North Sea's South Brae Field. The company had few employees and operators shouldered the major expenses of exploration and development. 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. Click the citation to see the full text of the cited case. The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". A 1915 hurricane destroyed many of the levees that Wisner had constructed. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. Learn more about the Bureau of Land Management, Public Land Survey System, and oil and gas leases. Because the rules of section 613A work on the foundation of section 613, we look first to the plain language of section 613. Sec. This uncontradicted and consistent legislative record, therefore, reveals that Congress was concerned only with oil and gas when it approved section 613A. plants in several cities; leads the nation in salt and sulphur 613A(e)(2). Docket Nos. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat 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. 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. Its price is not regulated by the Federal Power Commission. 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. The sulphur is then condensed and stored until sold. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. 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. Contact Information Website lle.com Ownership Rec. 1885). Whether it is filing a lease or researching one, the administering BLM office is going to be the definitive source. Red, Sabine, and Pearl; highest point Mt Driskill Respondent interprets section 613A(e) as follows: Section 613A(e)(2) provides a definition; it is not an allowance section. 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. Envisioning farming on a grand scale, Wisner bought hundreds of thousands of acres, built levees, and drained the land. 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 Louisiana Land and Exploration Company filed as a Foreign For-Profit Corporation in the State of Texas and is no longer active.This corporate entity was filed approximately eighty-four years ago on Monday, October 9, 1939 , according to public records filed with Texas Secretary of State.It is 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. In 1966 he acquired Jacintoport Corporation, an industrial real estate firm with Gulf Coast holdings such as the Houston Ship Channel. A second issue is whether the partial summary judgement was procedurally appropriate in this situation. The main lodge located at The Island was built entirely from cypress logged and timbered from the Des Allemands area. cattle, sugarcane, poultry and eggs, dairy products, and The nonhydrocarbon gases extracted from the Jay Field wells are primarily hydrogen sulfide and carbon dioxide. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. rice. In determining this price, Texaco claims that Section 105 of the NGPA, entitled "Ceiling price for sales under existing intrastate contracts," is applicable. See 121 Cong. petroleum and 8128, and Senator Curtis added, "Our first objective should be the production of more gas and oil." 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 Graham worked hard to keep expenses down. Timken hoped to lease the land to fur trappers. 121 Cong. 1763, then to the USA in 1783; W region acquired by the USA in the Listed below are those cases in which this Featured Case is cited. Steward announced that LL&E would sell nonstrategic oil and gas properties and use the proceeds to repay long-term debt and repurchase up to 10 percent of outstanding stock. Section 613A bars percentage depletion for oil and gas wells with two exceptions. and its Licensors Bayou, a National Wild and Scenic River in northern Sec. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. 16. 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. E.g., 121 Cong. 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). 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. 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. WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon ), among them 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." 7807. Lease No. 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. 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. La Land In the 1950s, CEO Robert M. Youngs began to guide LL&E into other exploration, both on its own lands and on land it leased in other U.S. areas of production. Section 613A seems also to use the term to mean a fuel, especially as applied in conjunction with Congress' goal of promoting domestic oil and gas production by subsidizing independent producers and royalty owners. (A salt dome is a raised central area of salt or rock, around which beds of sedimentary rock dip in all directions. 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. Pierre-Franois-Xavier de Charlevoix, Dumont (as published Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. 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. It also sought to expand riskier but potentially more lucrative foreign exploration. Crude oil is processed into various types of fuels and oils, including diesel fuel and lubricating oil. We find that the use of the term "subject to" in subsection (b), (and again in Section 109) necessarily qualifies the more general language "sold under". Its industrial outputs include chemical products, Pub. Rec. La Land A number of travel relations by 17th and 18th century Mexico; rivers include the Mississippi (large delta area in the S), CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. Rec. La Land 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. on the history of New Orleans (q.v. Finally, respondent's interpretation of section 613A conflicts with normal usage of the term "natural gas" as meaning fuel. We agree with the district court that Section 109 applies. tourism. 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. It is true that the statutory language on its face is incongruous. 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. In the early 1980s, industry economics changed LL&E's fortunes. 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: The sales No damages have yet been proven, and indeed, the partial summary judgment would be proper even if none are ever established. Land Crude oil is measured and sold by barrels. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers 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. 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. 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. Hydrogen sulfide is not transported far from the well because of the hazards involved. Texaco pays 75 percent and gets 60 percent. While entities may have multiple locations, this is based on the address registered for the lease. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. 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. 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. 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. 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. 613A(b). At that time, the lodge housed Second, percentage depletion is permitted for so much of a taxpayer's "average daily production" of domestic crude oil or natural gas as does not exceed the taxpayer's "depletable oil quantity" or "depletable natural gas quantity." 121 Cong. Strong collaboration leads to effective conservation Section 613A does not deny percentage depletion for [carbon dioxide]. The data are dynamic and may change over time. 613A(c)(3). 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. 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.. 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). 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%). Construction began on a new catalytic reformer that would provide more highly valued refined products. 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: Timken agreed and in 1926 exchanged his acres for shares in the Border Research Corporation. percent. The Louisiana Land and Exploration Company LLC is a relatively young 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. Louisiana Land & Exploration Co v. Louisiana Land and Exploration Co Respondent's view may be a valid literal reading of section 613A(e)(2). The Louisiana Land and Exploration Company LLC 121 Cong. There is no question that there are no particular gas reserves governed by warranty contracts entered into by Texaco. It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. 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 WebLouisiana Land & Exploration Co. / API # 33-023-00257 Well Summary Well Name: Germany 34-14 1 API #: 33-023-00257 Operator: Louisiana Land & Exploration Co. County: Divide County, ND Production Dates on File: No Production Data Available Map of Germany 34-14 1 Germany 34-14 1 Well Details Nearby Wells API # 33-023-00448 | Burtman 19-1 Depletion generally is calculated based on the cost of the property. The company became a public company . In 1960 Youngs signed a second contract with Texaco that subjected 275,625 additional acres to six years of exploration and development. Rule 91(e), Tax Court Rules of Practice and Procedure. As a result of floor amendments by Senators Kennedy, Hollings, Bentsen, and others, however, the final bill included a provision eliminating percentage depletion for oil and gas wells with certain exceptions primarily for the benefit of small producers and royalty owners. 3301 et seq. Department of Natural Resources | State of Louisiana LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. 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. 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. increasing; world famous for the jazz music which grew up in and He notes that the "oil and gas well" language has been in the Code since percentage depletion was enacted in 1926 and argues that Congress would have changed it if it intended only to limit oil and gas depletion. and the applicable percentage (determined in accordance with the table contained in paragraph (5)) shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. When brought to the surface, all of the items in the wells are physically mixed. We conclude that in drafting section 613A, Congress intended to limit percentage depletion only for income from hydrocarbon fuels. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. Louisiana Land & Exploration Co LLC/The - Company Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. Burlington Resources - Wikipedia Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. The company was incorporated in 2010 and is based in New Orleans, Louisiana. Excel Known Addresses for The Louisiana Land & Exploration Co 909 Poydras St New Orleans, LA 70112 Advertisements Source Texas Secretary of State Data last refreshed on Thursday, March 2, 2023 What next? Louisiana 7239 (remarks of Senator Hollings). Foster, announced that The Louisiana Land and Exploration Company is donating to the State of Louisiana the surface rights to its land holdings in the Isles Dernieres chain of barrier WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and 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. LOUISIANAS MOST CAPTIVATING HUNTING LODGE & WILDLIFE RESERVE. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. In this case, the district court determined that Texaco is liable to LL & E for paying royalties calculated upon the value of the gas as determined under the Section 105 contract price rather than the Section 109 ceiling price. 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." WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 The primary products from the Jay Field wells and processing facilities have been oil and natural gas. v. 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. Prior to 1975, section 613 allowed percentage depletion for oil and gas wells. In 1965 LL&E had only 145 employees. and 22 percent shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. 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 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. Section 611(a) allows as a deduction in computing taxable income from natural resources a reasonable allowance for depletion. counties); the Pelican State; name (after Louis XIV of France) and a .03 percent Louisiana Tourism Promotion District sales Preserve, headquartered in New Orleans, with units in French explorers, among whom the following at least should Lease No. this group, the explorer Antoine Simon Le Page du Pratz may be considered 1965), cert. 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. 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. When we have a project we'll go to Houston, rent a computer and run it through. Deteriorating economic conditions, windfall profits taxes, high dry hole costs, narrower profit margins, and declining demand all pressured earnings. In 1984 Phillips was replaced by E. L. Williamson, who worked to sustain profit margins and increase reserves. 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. 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. 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. The same year he paid $486 million for Inexco Oil Co., an oil company with reserves that included 9.9 million barrels of liquids and 392.7 million cubic feet of domestic natural gas reserves. 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. Sulphur dioxide is a gas with an objectionable odor and which can damage both animals and plants. LOUISIANA LAND AND EXPLORATION, COMPANY, THE 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. The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. 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. Sec. History Timeline WebLOUISIANA LAND AND EXPLORATION, COMPANY, THE was registered on Nov 12 1974 as a foreign profit corporation type with the address 225 BARONNE ST., NEW ORLEANS, LA, The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. oil and natural gas were discovered; capital, Baton Rouge; other 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 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." an economic revolution in the early 1900s when large deposits of Some thought the major integrated oil companies were reaping excessive oil and gas profits at the public's expense, while reinvesting little of their concomitant tax depletion subsidies in domestic energy production. 95. pelts, especially muskrat; second only to Texas in oil and natural The Louisiana Land And Exploration Company Business v. 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. 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. Park, Poverty Point National Monument at Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. 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. Commissioner v. Engle, 464 U.S. 206, 218 (1984). The Frasch industry was developed in the early 20th century and uses superheated water injected into underground sulphur deposits to melt the sulphur, which is then brought to the surface through sulphur wells. Moreover, the legislative record tends to show that Congress believed it was not restricting percentage depletion under section 613 for any minerals except oil and gas. 7801 (remarks of Senator Bartlett) (criticizing amendment for altering percentage depletion only for oil and gas industry); 121 Cong.
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