louisiana land and exploration company

All Rights Reserved Wisner's plans, however, were thwarted by southern Louisiana's severe weather. 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). See, e.g. divided into 64 parishes (the only state to use this term for its tax. The sales Rec. 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. Click on the case name to see the full text of the citing case. 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. THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS In Rev. Wednesday, July 9, 1997. 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. 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 percentage depletion rate for sulphur is 22 percent. CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. 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." See Black's Law Dictionary 1278 (5th Ed.1979). (It is the biggest producer of crawfish in the world), cotton, soybeans, descent) and Cajuns (descendants of French Acadians driven from Louisiana Land & Exploration Co. is a corporation applicant based in New Orleans, Louisiana for 66 closed leases. 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. After reviewing the law and the facts, we find that the district court was correct in its determination. 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. Lease No. In the early 1970s, however, its Louisiana reserves began their natural decline. 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. Headquartered in New Orleans, it 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. 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. Section 613(b)(7), however, does not appear to exclude from percentage depletion under section 613 all minerals from oil and gas wells. 94-36, 94th Cong., 1st Sess. (e) DEFINITIONS.For purposes of this section. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. 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. Land & Expl. 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 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. (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. Click the citation to see the full text of the cited case. 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 In 1986 Williamson rid LL&E of the Copper Range Company--taking a $91 million charge in the process. 7770-7773, 7813 (1975). Rec. A 1915 hurricane destroyed many of the levees that Wisner had constructed. In 1930 Texaco also agreed to pay LL&E's $1.8 million funded indebtedness. L. 69-20, sec. The practice in the oil and gas industry when section 613A was enacted was to sell hydrocarbon gas for use as fuel under long-term fixed price contracts. 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. 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. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. chief cities, New Orleans and Shreveport; bounded S by the Gulf of Lease No. 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. 121 Cong. 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. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. originally applied to the entire Mississippi R basin, claimed for Sec. Congress responded to this public outcry by repealing the percentage depletion allowance as applied to the major integrated oil companies.". 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. WebArising under the 2006 version of La. Its industrial outputs include chemical products, The early 1960s proved very successful for LL&E. 7807. 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. Texaco pays 75 percent and gets 60 percent. In 1965 LL&E had only 145 employees. 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. Park, Poverty Point National Monument at Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. The company's troubles climaxed the following year as investor Delo Caspary mounted a proxy fight to remove Phillips and the rest of management. 30292-85, 37799-85, 47753-86. William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners. Decisions will be entered under Rule 155. 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. These geospatial data and related maps or graphics are not legal documents and are not intended to be used as such. Oil and gas often become trapped in the pockets that form around these structures.) "The normal royalty was one-eighth (12 percent). Forbes later criticized the Jacintoport purchase, maintaining that LL&E had gotten into industrial real estate, "just at the time when the play was going out of it along the Gulf Coast.". The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. Crude oil is measured and sold by barrels. Section 613(b)(7) is a catch-all provision for minerals not mentioned elsewhere in the subsection. cattle, sugarcane, poultry and eggs, dairy products, and Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 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. Louisiana. The following June a wholly owned subsidiary of LL&E, the Sun Fire Coal Company, began to develop an underground mine near Hazard, Kentucky. 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. Phillips, however, remained committed to Copper Range. 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. The, first commercial plant in the United States to use the modified Claus process was placed in operation in 1944. 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. 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. 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. Finally, respondent's interpretation of section 613A conflicts with normal usage of the term "natural gas" as meaning fuel. Whether it is filing a lease or researching one, the administering BLM office is going to be the definitive source. Katrina (notably New Orleans) in 2005. hills; over half the land area forested, supporting a major lumber We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. Sec. 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. Oil and gas have been extracted from wells containing a trace quantity of hydrogen sulfide and from wells containing as much as 90-percent hydrogen sulfide. and a .03 percent Louisiana Tourism Promotion District sales 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? 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 Rul. The nonhydrocarbon gases extracted from the Jay Field wells are primarily hydrogen sulfide and carbon dioxide. These apparent anomalies are reconciled, in respondent's view, by attributing to Congress an unexpressed intent to deny any percentage depletion for nonhydrocarbon gases. Commissioner v. Engle, 464 U.S. 206, 218 (1984). 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. Listed below are the cases that are cited in this Featured Case. 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. In determining this price, Texaco claims that Section 105 of the NGPA, entitled "Ceiling price for sales under existing intrastate contracts," is applicable. 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. WebThe Louisiana Land and Exploration Company Overview. In 1980, LL E earned profits of 180.2 million dollars or $4.74 per share. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers Phillips, meanwhile, continued to diversify. Epps. (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. Furnel, Inc. has been successfully implementing this policy through honesty, integrity, and continuous improvement. Graham worked hard to keep expenses down. Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. It replaced 203 percent of expended reserves, adding 55 million equivalent barrels of oil and natural gas, 46 percent of which came from the East Brae Field. 613A(b). The Supreme Court has interpreted "oil and gas wells" to mean the oil and gas produced from such wells. The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". 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). Sec. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. See Rev. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion). 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. 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. We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon It also sought to expand riskier but potentially more lucrative foreign exploration. LL&E reported 1986 losses of $20.6 million. A number of members criticized the provision for unfairly singling out the oil and gas industry. this group, the explorer Antoine Simon Le Page du Pratz may be considered As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. Red, Sabine, and Pearl; highest point Mt Driskill This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). Sec. 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. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. 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. The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. 121 Cong. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. 16. Citations are also linked in the body of the Featured Case. Sec. 121 Cong. 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. "We pay 25 percent of the cost," Ford Graham enthusiastically told Dun's Review "and get 40 percent of the income. Listed below are the cases that are cited in this Featured Case. 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. 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. Much of the land was eventually taken over by a group of midwesterners led by Henry Timken, who owned an Ohio ball bearing company. Deteriorating economic conditions, windfall profits taxes, high dry hole costs, narrower profit margins, and declining demand all pressured earnings. Sec. The Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. 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. Commissioner v. Engle, 464 U.S. 206 (1984). Sulphur is not depletable under section 613(b)(7) because depletion for sulphur is expressly provided for in subsection (b)(1). 4606 (1975). 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. 7295. 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on 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. 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. Sec. 121 Cong. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced 1.613-3(a), Income Tax Regs. be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, (2) NATURAL GAS.The term "natural gas" means 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. by Fr. 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. the more important, as well as the publications of the Petitioners are calendar year, accrual method taxpayers. Visit DandB.com to locate more business profiles. Pub. The primary products from the Jay Field wells and processing facilities have been oil and natural gas. 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. Natural gas is measured and sold by standard cubic feet. 17-057-02316: Well Direction: Operator: HUMBLE OIL AND REFINING CO. Rec. (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. It is true that the statutory language on its face is incongruous. WebThe Louisiana Land and Exploration Co. (LLEC) (defendant) claimed that it was the actual owner of the land between the Liners recorded title boundary and Bayou Dufrene. Furnel, Inc. is dedicated to providing our customers with the highest quality products and services in a timely manner at a competitive price. The other major source of sulphur for commercial use is the Frasch sulphur mining industry. The separated natural gas is processed further in another contactor which removes water vapor from the gas stream. Rec. Contact Information Website lle.com Ownership The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. rice. Louisiana Historical Society and several works After processing, the crude oil is classified as sweet rather than sour oil. Only subparagraph (B) includes the words "minerals from." WebThe Louisiana Land & Exploration Co is listed as an officer of another company. 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. Caspary's charges had some legitimacy. These diversification adventures were possible in part because of high profits in the oil industry. At that time, the lodge housed When we have a project we'll go to Houston, rent a computer and run it through.

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