(1) CRUDE OIL.The term "crude oil" includes a natural gas liquid recovered from a gas well in lease separators or field facilities. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. 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: 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. Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. Louisiana Land WebThe Louisiana Land and Exploration Company Law Practice New Orleans, Louisiana 10 followers LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. 121 Cong. During the 1960s, CEO Fred Graham began a process of diversification that would eventually include a Hawaiian resort, a coastal industrial real estate operation, and coal, gold, and copper mines. The state's principal agricultural outputs include seafood percent. The Louisiana Land And Exploration Company Business At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. 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. WebPlaquemines Parish, LA Tenneco Inc. La Land & Expl Co B Lease API # 17-075-01679 Well Summary Well Name: La Land & Exploration Co B 001 API #: 17-075-01679 Operator: Tenneco Inc. County: Plaquemines Parish, LA Production Dates on File: No Production Data Available Map of La Land & Exploration Co B 001 La Land & Exploration Co B 001 Well When we have a project we'll go to Houston, rent a computer and run it through. ), among them In 1964 the company reported profits of $32.1 million on sales of $64.1 million. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." And when we're finished we don't own the computer or have the people on our permanent payroll. Mexico; rivers include the Mississippi (large delta area in the S), 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. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. All Rights Reserved 613(b)(1)(A). History Timeline 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. Section 613A(e) defines crude oil and natural gas for purposes of section 613A. The goal of the legislation was to eliminate what was perceived to be an unneeded tax incentive only for the major integrated oil companies. Oil and Gas Producers | Houma, LA - Manta.com Respondent's position in this case thus seems to conflict with his reading of section 613A as expressed in one of his published rulings. See Black's Law Dictionary 1278 (5th Ed.1979). Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. 613A(c)(3). Crude oil is measured and sold by barrels. this group, the explorer Antoine Simon Le Page du Pratz may be considered Louisiana Land And Exploration Company (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. Listed below are the cases that are cited in this Featured Case. In addition, in December 1976 LL&E acquired the Warrior River Coal Company, owners of a small surface mine in Tuscaloosa, Alabama. 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. Not satisfied? It held working interests but did not actively manage projects. 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. The separated natural gas is processed further in another contactor which removes water vapor from the gas stream. The Drillings makes no warranty, expressed or implied, including the warranties of merchantability and fitness for a particular purpose, nor assumes any legal liability or responsibility for the accuracy, reliability, completeness or utility of these geospatial data, or for the improper or incorrect use of these geospatial data. Caspary's charges had some legitimacy. 1763, then to the USA in 1783; W region acquired by the USA in the ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. About Our Hunting Lodge in Paradis, LA | The Island 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. Congress' goal of encouraging domestic production would in that event be thwarted. Tenneco Exploration, Ltd. v. Federal Energy Regulatory Commission, wherein the federal Fifth Circuit read NGPA Section 104 in para materia with Section 109 to determine the applicability of Section 109 to gas that had not been committed or dedicated to interstate commerce within the meaning of the NGPA.). tax. The LL & E leases require Texaco to pay royalties based upon a percentage of the value of the gas produced. Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). In 1984, large additions and renovations were made to the lodge, increasing the size of the camp to accommodate more guests. WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 Both are part of the PLSS measurement system but have different uses. The company became a public company . This released acreage amounted to approximately 557,000 acres. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. 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. / 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 LL&E enjoyed a good exploration year in 1990. 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. In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. 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. Court of Appeal of Louisiana, Fourth Circuit. Brine water, water with a high mineral content, is the nonhydrocarbon liquid extracted from the Jay Field wells. In the early 1970s, however, its Louisiana reserves began their natural decline. 123673km/47752sqmi. It also sought to expand riskier but potentially more lucrative foreign exploration. Park, Poverty Point National Monument at The venture's finances faltered and in time there were foreclosures. (Lafayette), New Orleans Jazz National Historical 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. United States v. American Trucking Association, 310 U.S. 534, 543 (1940). Rec. 613A(c)(4). 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. R.S. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. Sec. 7295. 94-36, 94th Cong., 1st Sess. 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. Sec. LOUISIANAS MOST CAPTIVATING HUNTING LODGE & WILDLIFE RESERVE. In 1989, the company spun off Plum Creek 1971). LOUISIANA The typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. Timken agreed and in 1926 exchanged his acres for shares in the Border Research Corporation. Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. Louisiana Land and Exploration Co 121 Cong. 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. Small producers must also separate hydrogen sulfide from natural gas before the natural gas may be transported through pipelines and used as fuel. After reviewing the law and the facts, we find that the district court was correct in its determination. area, Baton Rouge metropolitan 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. divided into 64 parishes (the only state to use this term for its 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. Respondent further argues that Congress would not have used the term "oil and gas wells" as opposed to simply "oil and gas" if it had not intended to limit percentage depletion for all products of oil and gas wells. The brine water is reinjected into the well. At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. Its price is not regulated by the Federal Power Commission. growth rate 2000?2005, Cane River National Heritage Area near Pub. Graham worked hard to keep expenses down. At year's end, he was able to salvage earnings of $76.3 million despite mining operations that sustained a pretax loss of $38 million. Rec. Rule 91(e), Tax Court Rules of Practice and Procedure. See Rev. WebThe La Land & Exploration Co U 004: API No. WebLouisiana Land & Exploration Co LLC/The - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and Louisiana land & exploration company Company Profile: Census Bureau: Population Estimates**Estimated annual