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. 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. While entities may have multiple locations, this is based on the address registered for the lease. 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. 7239 (remarks of Senator Hollings). A township can refer to two different things. Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. 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. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. 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 The exemptions from the general rule of section 613A(a) denying percentage depletion for oil and gas wells, however, function only when applied to hydrocarbon fuels. 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. Sec. area, List of school districts in 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. 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. William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners. an economic revolution in the early 1900s when large deposits of In 1986 Williamson rid LL&E of the Copper Range Company--taking a $91 million charge in the process. In Rev. 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. Rul. But while business was very good in the late 1970s there were doubts about LL&E's future. 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. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. 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. Pierre-Franois-Xavier de Charlevoix, Dumont (as published WebHistorical stocks and bonds, Autographs, Americana, Ephemera, Numismatics and all forms of paper collectibles specializing in Uncancelled bonds Senator Mansfield agreed that the bill limited the depletion allowance "for the oil and gas industry while it retains it for almost every other mineral-extractive industry, for * * * 108 items which are covered by the depletion allowance." The Drillings is a resource for locating where oil and gas leases are and have been. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. The contract would remain in effect for as long as Texaco continued to drill on the acreage. 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. The conversion ratio represents a fuel equivalence; 6,000 cubic feet of natural gas generates the same amount of heat as one barrel of oil. (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. The Supreme Court has interpreted "oil and gas wells" to mean the oil and gas produced from such wells. 16. 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". H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. (1975). LAND EXPLORATION CO At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. 1965), cert. The separated natural gas is processed further in another contactor which removes water vapor from the gas stream. TEXACO, INC. Court of Appeal of Louisiana, Fourth Circuit.https://leagle.com/images/logo.png. 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. 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. According to the lower court, subsection (a) must be read in para materia with subsection (b) of Section 105 and subsection (a)(3) of Section 109, both of which refer to gas that is "subject to" or "not subject to" an existing contract. 613(b)(1)(A). 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). Crude oil is measured and sold by barrels. 94-36, 94th Cong., 1st Sess. 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. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. Through its subsidiary, The Louisiana Land and Exploration Company LLC (LL&E), ConocoPhillips is the largest private wetlands owner in Louisiana. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers As on previous occasions, LL&E's involvement was a financial one. Louisiana Land and Exploration Company 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. is a corporation applicant based in New Orleans, Louisiana for 66 closed leases. Click the citation to see the full text of the cited case. Box 60350 New Orleans, Louisiana 70160 U.S.A. (800) 351-1242 Fax: (504) 566-6891 Public Company Texaco answered LL & E's petition for damages by denying that its royalty payments were improper, and subsequently filed a motion for partial summary judgment seeking a declaration that its payments were proper at least with respect to the gas it had produced from wells drilled prior to the enactment in 1978 of the Natural Gas Policy Act (NGPA), 15 U.S.C. 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. Listed below are those cases in which this Featured Case is cited. In 1965 LL&E had only 145 employees. "We pay 25 percent of the cost," Ford Graham enthusiastically told Dun's Review "and get 40 percent of the income. Rec. The carbon dioxide is vented to the atmosphere. WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon 346 F.2d 377 (5th Cir. By 1970, an oversupply of sulphur seriously depressed prices,4 but the sulphur market recovered and the price of sulphur rose dramatically in the late 1970's and early 1980's.5. Small producers must also separate hydrogen sulfide from natural gas before the natural gas may be transported through pipelines and used as fuel. As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. Construction began on a new catalytic reformer that would provide more highly valued refined products. In 1943, for instance, LL&E employed only 24 people, yet earned $1.8 million on sales of $3.4 million. The remainder of central and north Louisiana was home All Rights Reserved 121 Cong. 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. Louisiana In response, LL & E filed a cross motion for partial summary judgment to declare these payments improper, which was eventually granted by the district court. 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. WebThe Louisiana Land & Exploration Co is listed as an officer of another company. And when we're finished we don't own the computer or have the people on our permanent payroll. Preserve, headquartered in New Orleans, with units in When a literal reading of a statute conflicts with expressed congressional intent and common usage, we will reject it. These geospatial data and related maps or graphics are not legal documents and are not intended to be used as such. tax rate is 1 percent: a .97 percent Louisiana sales tax As LL&E expanded its exploration efforts (by 1974 it was exploring in southern Louisiana, the Rocky Mountain area, a geological stratum from northern Louisiana to Florida, and off the coasts of Louisiana and Texas) it began to act as operator in an increasing number of its working interest efforts. on the history of New Orleans (q.v. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. 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. Commissioner v. Engle, 464 U.S. 206, 218 (1984). Because the rules of section 613A work on the foundation of section 613, we look first to the plain language of section 613. In the contract, which was very generous for its time, Texaco agreed to pay LL&E a 25-percent royalty on production and 8 percent of its net profits on a dome-by-dome basis. 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. The company became a public company . 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. Discover petroleum exploration activity in your area and find new regions of opportunity. 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. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160 Louisiana Land & Exploration Co. is a corporation lessee based in New Orleans, Louisiana for 11 oil 30292-85, 37799-85, 47753-86. percent. Louisiana Purchase, 1803; admitted to the Union as the 18th state, The sulphur is then condensed and stored until sold. Congress responded to this public outcry by repealing the percentage depletion allowance as applied to the major integrated oil companies.". be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, 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. WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and around New Orleans; special population groups of Creoles (French The Tax Reduction Act of 1975, Pub. 613(A)(c)(4). Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. Louisiana Land & Exploration Co/The - Company Profile Court of Appeal of Louisiana, Fourth Circuit. LA. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. La Land The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. Louisiana Land and Exploration Co gas production (mainly offshore); oil refineries and petrochemical 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. Lease No. Since that time, however, the amount of sulphur recovered from hydrogen sulfide has been greater. 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. Rec. In addition to Texaco, which was still its major leaseholder, LL&E secured royalty agreements with Phillips Petroleum Co., Stanolind Oil & Gas Co., Alder Oil Co., and Plymouth Oil Co., among others. 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. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. To make matters worse, copper revenues declined and precious metals margins shrank. The diagram on the facing page summarizes the sour production processing system used at the Jay Field Wells. A number of members criticized the provision for unfairly singling out the oil and gas industry. 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. Graham worked hard to keep expenses down. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat denied 382 U.S. 892 (1965). Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. 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. Terms of Use, Ultra Petroleum Corporation Business Information, Profile, and History, The Columbia Gas System, Inc. Business Information, Profile, and History, *Estimated as of July 1, 2005U.S. (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.