The gaseous hydrocarbons, or natural gases, exist in a gaseous state at ambient temperature and pressure and consist primarily of methane, ethane, propane, and butane. Texaco pays 75 percent and gets 60 percent. 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 Drillings is a resource for locating where oil and gas leases are and have been. 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." Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. Hydrocarbons are organic compounds containing only hydrogen and carbon and are most commonly used as fuels. But while business was very good in the late 1970s there were doubts about LL&E's future. WebSearch the D&B Business Directory and find the GAYLE LAND EXPLORATION CO company profile in MONROE, LA. 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. Under the circumstances, we cannot say that the gas in question was subject to an existing contract at the time of the NGPA's enactment. coal products, food 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. Sec. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." 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. James 94-36, 94th Cong., 1st Sess. The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. 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. 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. There are no known limits on the percentage of hydrogen sulfide a well can contain and still remain economically viable as a source of oil and gas. Because of the exception of subparagraph (C) and the restriction of subsection (d),9 respondent argues that this sulphur is not depletable under section 613. 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. 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. After extensive research and analysis, Zippia's data science team found the following key financial metrics. This released acreage amounted to approximately 557,000 acres. 121 Cong. The floor debates are replete with references to what some members believed to be huge profits enjoyed by the major integrated oil companies and a concomitant lack of need for percentage depletion for oil and gas income. In 1960 Youngs signed a second contract with Texaco that subjected 275,625 additional acres to six years of exploration and development. Regulated natural gas is gas regulated by the Federal Power Commission, which regulates only the price of fuels. Lease No. In 1986 Williamson rid LL&E of the Copper Range Company--taking a $91 million charge in the process. 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). 121 Cong. Its price is not regulated by the Federal Power Commission. WebThe La Land & Exploration Co M 001: API No. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. 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 Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. A 1915 hurricane destroyed many of the levees that Wisner had constructed. Pub. the more important, as well as the publications of the Timken agreed and in 1926 exchanged his acres for shares in the Border Research Corporation. those by Henry Rul. fertile delta lands; further inland are plains and low rolling 6903 (1975) (statement of Senator Bentsen). Headquartered in New Orleans, it As a result, LL&E enjoyed low expenses and high profits. Court of Appeal of Louisiana, Fourth Circuit. Furnel, Inc. has been successfully implementing this policy through honesty, integrity, and continuous improvement. Citations are also linked in the body of the Featured Case. Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. 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. 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. Sec. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. One barrel of oil has the equivalent fuel value, measured in British Thermal Units (BTU's) of 6,000 standard cubic feet of natural gas.6. around New Orleans; special population groups of Creoles (French Discover petroleum exploration activity in your area and find new regions of opportunity. 613A(c)(4). Specifically, subparagraph (C) does not state "minerals from oil and gas wells.". After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. Spots was recovered from an adjoining area in 1986 by the original land owners, Louisiana Land and Exploration Company, and lived on the grounds until he was donated to the Audubon Zoo in 1990. The Louisiana Land and Exploration Company explores, develops, and produces petroleum natural gas resources. Preserve, headquartered in New Orleans, with units in 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.). Co. Linder Oil Co. A Partnership P.C.S.I. 121 Cong. Section 613A bars percentage depletion for oil and gas wells with two exceptions. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr., Appeal Counsel, David N. Schell, Jr., New Orleans, for plaintiff-appellee Louisiana Land and Exploration Co. Gene W. Lafitte, Appeal Counsel, George J. Domas, Anne E. Tate, Liskow & Lewis, and Frederick W. Veters, Patrick J. Butler, Larry N. Port, Robert E. Plumb, Jr., James D. Hurley, Texaco Inc., New Orleans, for defendant-appellant Texaco, Inc. 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. The "depletable natural gas quantity" is whatever portion of its depletable oil quantity the taxpayer chooses to convert to natural gas at a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. The company became a public company . Box 60350 New Orleans, Louisiana 70160 U.S.A. Toll Free: 800-351-1242 Fax: (504) 566-6891 Foreign reserves are located in the U.K. and Dutch sectors of the North Sea, Canada, and Columbia. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. 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 other major source of sulphur for commercial use is the Frasch sulphur mining industry. Louis Hennepin, Lahontan, Louis Narcisse Baudry des Lozires, Jean-Baptiste Bnard de La Harpe, and Laval. In 1989 the Department of Interior recognized this effort and awarded LL&E its Conservation Award for Respecting the Environment. And profit sharing on top of the royalty was unheard of.". (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. and paper industry; highly productive in agriculture; soybeans, After processing, the crude oil is classified as sweet rather than sour oil. In 1930 Texaco also agreed to pay LL&E's $1.8 million funded indebtedness. Sec. Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. Canada by the British in the 18th-c); areas devastated by Hurricane Crude oil is measured and sold by barrels. fishing, particularly for shrimps and oysters; a major source of Responding to these problems, Phillips curtailed and then suspended copper mining, reduced staff, eliminated high-risk exploration ventures, cut back on capital expenditures, and in November reduced the cash dividend. The depletable oil quantity is measured in barrels. Click the citation to see the full text of the cited case. (e) DEFINITIONS.For purposes of this section. Bayou, a National Wild and Scenic River in northern an economic revolution in the early 1900s when large deposits of Whether it is filing a lease or researching one, the administering BLM office is going to be the definitive source. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion). A number of members criticized the provision for unfairly singling out the oil and gas industry. 82-17, 1982-1 C.B. 7295-7296 (1975). 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). Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. 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. The brine water is reinjected into the well. be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, 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. Rec. Respondent interprets section 613A(e) as follows: Section 613A(e)(2) provides a definition; it is not an allowance section. 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. It continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. Sec. 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. Oil and gas often become trapped in the pockets that form around these structures.) WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers Louisiana Purchase, 1803; admitted to the Union as the 18th state, See United States v. 3,788.16 Acres of Land, 439 F.2d 291, 294 (8th Cir. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. 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". It was solely Texaco's choice to meet its obligations to these customers with LL & E's gas. 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. 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. 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.

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