The Claus system chemically converts more than 96 percent of the hydrogen sulfide into elemental sulphur. LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. The company had few employees and operators shouldered the major expenses of exploration and development. 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. See, e.g. 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. Louisiana Land & Exploration Co LOUISIANA LAND Specifically, subparagraph (C) does not state "minerals from oil and gas wells.". 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. Preserve, headquartered in New Orleans, with units in Rul. Rul. 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. Our conclusion is buttressed by the fact that all the existing authority on this point, although persuasive rather than authoritative, has interpreted the phrase "subject to" in Section 105 as requiring that a source of gas be described in a contract in order to trigger the Section's application. 613A(c)(3). area, List of school districts in The well effluent from the Jay Field wells is treated in facilities adjacent to the wells. 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. The primary issue on appeal is whether that value should be determined under Section 105 of the NGPA, as Texaco argues, or under the higher ceiling price reflected in Section 109 of the NGPA, as LL & E claims. 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). As LL&E operations grew, both sales and revenues increased. We reject LL & E's contention that it has proven by affidavit that the gas could at all times have been sold at the Section 109 ceiling price, thereby establishing its value for royalty purposes under the leases. 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. WebDetails for well Sweet Lake Land And Oil Co 001 | API # 17-023-20688 | operated by McMoran Exploration Company in Cameron Parish, LA. 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. The company's troubles climaxed the following year as investor Delo Caspary mounted a proxy fight to remove Phillips and the rest of management. 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. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion). Respondent's position in this case thus seems to conflict with his reading of section 613A as expressed in one of his published rulings. 613(b)(1)(A). Whether it is filing a lease or researching one, the administering BLM office is going to be the definitive source. The LOUISIANA LAND AND EXPLORATION COMPANY The remainder of central and north Louisiana was home 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: Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. The carbon dioxide is vented to the atmosphere. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. and paper industry; highly productive in agriculture; soybeans, 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. WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. WebThe Louisiana Land and Exploration Company Address: 909 Poydras Street P.O. (Lafayette), New Orleans Jazz National Historical The company became a public company . WebAsbestos & Mesothelioma, Medical Malpractice, Nursing Home Abuse, Personal Injury, Products Liability, Workers' Compensation Website Email Profile John J. Lynch Chicago, IL (630) 283-7091 Bankruptcy, Probate, Foreclosure Defense, Real Estate Law, Estate Planning Website Email Profile cattle, sugarcane, poultry and eggs, dairy products, and LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. WebHistorical stocks and bonds, Autographs, Americana, Ephemera, Numismatics and all forms of paper collectibles specializing in Uncancelled bonds 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? by Fr. 1965), cert. Respondent's position, although technically viable, is supported neither by legislative history nor by common usage of the term "natural gas." The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Canada by the British in the 18th-c); areas devastated by Hurricane 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. WebLouisiana Land & Exploration Co/The - Company Profile and News - Bloomberg Markets Bloomberg Anywhere Remote Login Manage Products and Account Information Indices LAND EXPLORATION CO Finally in 2018, the camp was yet again renovated turning it into the beautiful lodge it is today. Information hosted on The Drillings is based on publicly available data through the Bureau of Land Management. 121 Cong. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. For purposes of the preceding sentence, the allowable deductions taken into account with respect to expenses of mining in computing the taxable income from the property shall be decreased by an amount equal to so much of any gain which (1) is treated under section 1245 (relating to gain from disposition of certain depreciable property) as ordinary income, and (2) is properly allocable to the property. List of official symbols of The other major source of sulphur for commercial use is the Frasch sulphur mining industry. If independent producers cannot claim percentage depletion for the sulphur they may recover from hydrogen sulfide before selling the hydrocarbon fuels extracted from an oil and gas well, there is less economic incentive to explore for and exploit new wells, particularly sour gas wells. Natchitoches, Cane River Creole National Historical Park in The capital stock of LL E is registered with the Securities and Exchange Commission ("SEC") and is traded on the New York Stock Exchange. There is no question that there are no particular gas reserves governed by warranty contracts entered into by Texaco. Louis Hennepin, Lahontan, Louis Narcisse Baudry des Lozires, Jean-Baptiste Bnard de La Harpe, and Laval. Louisiana land & exploration company Company Profile: James Gayle Land Exploration Co specializes in Oil And Gas Exploration Services. Decisions will be entered under Rule 155. 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. For this reason, Congress chose to define natural gas by reference to what gases are depletable pursuant to section 611. Company HistoryOil & Natural Gas Extraction. 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. 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. 121 Cong. Louisiana Land and Exploration Company Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. 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 Sec. 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. gas production (mainly offshore); oil refineries and petrochemical Congress' goal of encouraging domestic production would in that event be thwarted. area, Baton Rouge metropolitan See Black's Law Dictionary 1278 (5th Ed.1979). Saline 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. 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. Shell Oil Co., v. Williams, 428 So.2d 798 (La.1983). 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. Mascrier), Fr. Congress responded to this public outcry by repealing the percentage depletion allowance as applied to the major integrated oil companies.". Mexico; rivers include the Mississippi (large delta area in the S), 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. Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. L. 69-20, sec. See Rev. Browse lease owners by state in the United States of America, Browse owners by category (corporation, agency, private), Browse owners by interest relationship (partner, holder, agent, etc.). Petitioners, the Louisiana Land & Exploration Co. (LL&E) and Subsidiaries, are an affiliated group of corporations whose common parent is LL&E. H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. Louisiana Land & Exploration Co. is a corporation applicant based in New Orleans, Louisiana for 66 closed leases. descent) and Cajuns (descendants of French Acadians driven from 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. And when we're finished we don't own the computer or have the people on our permanent payroll. Copyright 2023 Web Solutions LLC. 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. 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. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. 121 Cong. 4638 (1975); S. Rept. Burlington Resources - Wikipedia Not satisfied? 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." 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. 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"). Only subparagraph (B) includes the words "minerals from." Because the rules of section 613A work on the foundation of section 613, we look first to the plain language of section 613. Join our mailing list to get alerts for lease listing updates, new features, and special opportunities. After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. When brought to the surface, all of the items in the wells are physically mixed. 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. LA The Louisiana Land & Exploration Co 346 F.2d 377 (5th Cir. The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". 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. Natural gas is measured and sold by standard cubic feet. In 1928 LL&E signed a contract with Texas Co. (now Texaco) in which that company agreed to lease all of LL&E's acreage around ten productive salt domes. Burlington Resources Buys Louisiana Land - WSJ In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. (A salt dome is a raised central area of salt or rock, around which beds of sedimentary rock dip in all directions. Listed below are those cases in which this Featured Case is cited. 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. La Land As for the other genuine issues of fact which Texaco claims should prevent summary judgment herein, we find that they also relate solely to damages rather than to liability. Louisiana. Escalating energy prices and the Arab oil embargo awakened the public to the Nation's growing reliance on foreign energy resources. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. hills; over half the land area forested, supporting a major lumber 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. 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). COMMISSIONER OF INTERNAL REVENUE, RESPONDENT, United States Tax Court.https://leagle.com/images/logo.png. 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. 7801 (remarks of Senator Bartlett) (criticizing amendment for altering percentage depletion only for oil and gas industry); 121 Cong. We agree with the district court that Section 109 applies. The brine water is reinjected into the well. Regulated natural gas is gas regulated by the Federal Power Commission, which regulates only the price of fuels. (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. Headquartered in New Orleans, it French explorers, among whom the following at least should on the history of New Orleans (q.v. We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. 7807. 1971). 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 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. During the 1950s, CEO Robert M. Youngs began investing in working interest wells. Current estimates show that the unit has a sales volume of $1500000 and staff of approximately 17 people. 17-089-00532: Well Direction: Operator: HUMBLE OIL AND REFINING CO. 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 * * *. Rec. Envisioning farming on a grand scale, Wisner bought hundreds of thousands of acres, built levees, and drained the land. 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. the first historian of Louisiana with his. The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Rec. 4611 (1975) (remarks of Representative Green); 121 Cong. In 1975 the company opened a small refinery in Mobile, Alabama, to process 30,000 barrels a day of Jay Field crude. L. 94-12, sec. The data are dynamic and may change over time. St. Bernard Parish, Baritaria (Crown Point), and Acadiana The venture's finances faltered and in time there were foreclosures. In 1930 Texaco also agreed to pay LL&E's $1.8 million funded indebtedness. tax rate is 1 percent: a .97 percent Louisiana sales tax Louisiana Land and Exploration Co 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. 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, Listed below are the cases that are cited in this Featured Case. The Supreme Court has interpreted "oil and gas wells" to mean the oil and gas produced from such wells. Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. v. Foreign reserves are located in the U.K. and Dutch sectors of the North Sea, Canada, and Columbia. It is true that the statutory language on its face is incongruous. 613A(b). Pub. 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. La Land Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat The town of Paradis, LA traces its history back to 1856 whenEdouard Paradis came down from Quebec, Canada to provide crossties for the railroads being constructed in St. Charles Parish. Louisiana Land & Exploration Co. Oil and Gas Leases - The These moves strengthened LL&E's overall position, but plunging oil prices and the Copper Range charge took their toll. The Copper Range Company owned a copper mine in White Pines, Michigan; refined and fabricated copper bars, strips, plates, and sheets; owned 185 thousand acres of mixed hardwood timber; enjoyed extensive mineral rights in upper Michigan; and owned a one-half interest in a Nevada gold mine. Also, the company opened its first regional office in Shreveport, LA after acquiring the oil and gas division of T.L. LOUISIANA LAND AND EXPLORATION COMPANY And profit sharing on top of the royalty was unheard of.". Sulphur is mentioned once in the congressional debates as part of a list of 108 mineral extractive industries for which percentage depletion was retained. In these consolidated cases, the Commissioner determined deficiencies in petitioners' Federal corporate income tax for the taxable years 1979, 1981, and 1982 as follows: The sole issue remaining for our decision is whether petitioners are entitled to percentage depletion pursuant to section 6131 on income from sulphur chemically converted from hydrogen sulfide produced from an oil and gas well. Accordingly, we affirm the partial summary judgment granted by the district court and remand the case for a determination of damages. Louisiana. originally applied to the entire Mississippi R basin, claimed for Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." In 1943, for instance, LL&E employed only 24 people, yet earned $1.8 million on sales of $3.4 million. around New Orleans; special population groups of Creoles (French