Cf. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. Sec. The well effluent from the Jay Field wells is treated in facilities adjacent to the wells. CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. The magazine went on to comment that LL&E's finding and developing costs were among the industry's highest and noted that the company had closed its Michigan copper mine after completing work on a $78 million dollar copper smelter. Timken hoped to lease the land to fur trappers. 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. Raising this argument for the first time in his post-trial brief, respondent would argue a case that petitioners were unable to develop for trial and would, consequently, prejudice petitioners' case. Accordingly, we affirm the partial summary judgment granted by the district court and remand the case for a determination of damages. These geospatial data and related maps or graphics are not legal documents and are not intended to be used as such. 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. E.g., 121 Cong. 7295-7296 (1975). Court of Appeal of Louisiana, Fourth Circuit. It is true that the statutory language on its face is incongruous. Docket Nos. To do this, he committed major amounts of capital to new exploration initiatives. Pub. Phillips Petroleum Co. Poydras Energy Partners, LLC Shoreline Southeast LLC Tenneco Inc. Texaco, Inc. Union Pacific Resources Co. Drilling wells, permits, operators and production information can give you an This definition encompasses both hydrocarbon and nonhydrocarbon gases. fishing, particularly for shrimps and oysters; a major source of 612. Rul. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. 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. Respondent's view may be a valid literal reading of section 613A(e)(2). We receive lots of emails from people who find their name or a relatives name on our site and want to know if this means they have some right to the land listed under that name. Petitioner argues that the definition of "natural gas" in section 613A(e)(2) is intended only to distinguish between hydrocarbon natural gases and crude oil. petroleum and Respondent interprets section 613A(e) as follows: Section 613A(e)(2) provides a definition; it is not an allowance section. WebThe Louisiana Land and Exploration Company 909 Poydras Street P.O. posthumous and further expanded edition in Lease No. 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. Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. In 1946, this original structure was acquired from the Sun Oil Company and transported by barge from Cocodrie, LA to its current location in Paradis. 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. be cited: Jean-Bernard Bossu, Franois-Marie Perrin du Lac, Through its subsidiary, The Louisiana Land and Exploration Company LLC (LL&E), ConocoPhillips is the largest private wetlands owner in Louisiana. We further conclude that section 613A applies only to hydrocarbon fuels produced from oil and gas wells and does not affect eligibility for percentage depletion for other minerals produced from oil and gas wells. 95. 121 Cong. The terms of stipulations are generally binding on the parties and the Court will not allow a party to ignore a stipulation except "where justice requires." 121 Cong. 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 Bayou, a National Wild and Scenic River in northern List of official symbols of There is no question that there are no particular gas reserves governed by warranty contracts entered into by Texaco. 8128, and Senator Curtis added, "Our first objective should be the production of more gas and oil." This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). Section 613(b)(1)(A) provides that sulphur is depletable at a 22-percent rate. We must decide whether section 613A eliminates the section 613 percentage depletion rate on sulphur when hydrogen sulfide is produced from an oil and gas well and subsequently converted into elemental sulphur. THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Copyright 2023 Web Solutions LLC. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced 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. 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. The main lodge located at The Island was built entirely from cypress logged and timbered from the Des Allemands area. 123673km/47752sqmi. production; foods, clay, glass, transportation equipment; tourism We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. 7770-7773, 7813 (1975). Rec. 121 Cong. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. WebSearch the D&B Business Directory and find the GAYLE LAND EXPLORATION CO company profile in MONROE, LA. 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. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. 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. 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. Mexico; rivers include the Mississippi (large delta area in the S), Natural gas is measured and sold by standard cubic feet. 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. Phillips, however, remained committed to Copper Range. Petitioners extracted four categories of products from the Jay Field wells: liquid hydrocarbons, gaseous hydrocarbons, nonhydrocarbon gases, and nonhydrocarbon liquids.2. 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. 30292-85, 37799-85, 47753-86. The company became a public company . by Fr. To make matters worse, copper revenues declined and precious metals margins shrank. (d) DENIAL OF PERCENTAGE DEPLETION IN CASE OF OIL AND GAS WELLS.Except as provided in Section 613A, in the case of any oil or gas well, the allowance for depletion shall be computed without reference to this section. 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. 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. As a result of floor amendments by Senators Kennedy, Hollings, Bentsen, and others, however, the final bill included a provision eliminating percentage depletion for oil and gas wells with certain exceptions primarily for the benefit of small producers and royalty owners. 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. (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. Louisiana Historical Society and several works 613(b)(1)(A). 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. Escalating energy prices and the Arab oil embargo awakened the public to the Nation's growing reliance on foreign energy resources. A township can refer to two different things. For this reason, Congress chose to define natural gas by reference to what gases are depletable pursuant to section 611. 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. Founded as the Border Research company in 1926 and renamed Louisiana Land and Exploration a year later, LL&E, for its first twenty years, essentially collected royalties from fossil fuels extracted from nearly 600,000 acres it controlled in southern Louisiana. 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 (It is the biggest producer of crawfish in the world), cotton, soybeans, 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. 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. Respondent thus concludes that we should not allow percentage depletion for sulphur derived from hydrogen sulfide.
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