louisiana land and exploration company

The company was incorporated in 2010 and is based in New Orleans, Louisiana. gas production (mainly offshore); oil refineries and petrochemical 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. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. For this reason, Congress chose to define natural gas by reference to what gases are depletable pursuant to section 611. The Louisiana Land and Exploration Company filed as a Foreign For-Profit Corporation in the State of Texas and is no longer active.This corporate entity was filed approximately eighty-four years ago on Monday, October 9, 1939 , according to public records filed with Texas Secretary of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 121 Cong. WebContinuing the marriages among energy companies, Burlington Resources Inc. agreed to acquire Louisiana Land & Exploration Co. for about $2.44 billion in stock. 7770-7773, 7813 (1975). Although this Court will disregard a stipulation that is plainly contrary to the facts (Jasionowski v. Commissioner, 66 T.C. WebHistorical stocks and bonds, Autographs, Americana, Ephemera, Numismatics and all forms of paper collectibles specializing in Uncancelled bonds The company became a public company . 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. 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. 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. 3rd Cir.1984), wherein the court approved the procedure of granting a partial summary judgment on the issue of an insurer's obligation to defend, reserving to the insured the right to establish damages in a further proceeding. The sulphur is then condensed and stored until sold. 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. Box 60350 New Orleans, Louisiana 70160 U.S.A. Toll Free: 800-351-1242 Fax: (504) 566-6891 production; foods, clay, glass, transportation equipment; tourism Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. "The normal royalty was one-eighth (12 percent). 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. In 1980, LL E earned profits of 180.2 million dollars or $4.74 per share. To do this, he committed major amounts of capital to new exploration initiatives. 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. Pub. 121 Cong. 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. 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 natural gas is then transported through natural gas pipelines for use by petitioner or sale to Florida Gas Transmission Co. pursuant to a long-term gas purchase contract dated November 15, 1971. WebArising under the 2006 version of La. Section 611(a) allows as a deduction in computing taxable income from natural resources a reasonable allowance for depletion. In the Senate, Senator Dole remarked that "The 2,000 barrel * * * exemption from the depletion allowance repeal is vitally important to maintaining a high level of energy exploration and production," 121 Cong. Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. Louisiana Land & Exploration Co Phillips, meanwhile, continued to diversify. In the early 1980s, industry economics changed LL&E's fortunes. Both are part of the PLSS measurement system but have different uses. The diagram on the facing page summarizes the sour production processing system used at the Jay Field Wells. And profit sharing on top of the royalty was unheard of.". 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. 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. 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. Listed below are those cases in which this Featured Case is cited. 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. WebThe Louisiana Land And Exploration Company LLC 806 Bayoo Black Drive Houma, LA Visit Website Categorized under Oil and Gas Producers Apache Louisiana Minerals LLC 1913 La 613A(c)(3). L. 94-12, sec. Shell Oil Co., v. Williams, 428 So.2d 798 (La.1983). LLEC began attempting to mark that boundary, first with a ditch and later by removing the Liners stakes at the edges of their claimed land. 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. Section 613(b)(7), however, does not appear to exclude from percentage depletion under section 613 all minerals from oil and gas wells. 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". [Emphasis supplied.]. 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. Timken hoped to lease the land to fur trappers. LL&E is a Maryland corporation having its principal office at New Orleans, Louisiana. 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: 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. Respondent entered into the stipulation with full knowledge of the relevant facts and in doing so agreed to waive any argument concerning the amount of any depletion deduction allowable. Sec. Earnings recovered in 1989 as oil prices rose while replacement costs remained low. Forbes criticized the offer, charging that the company had waited too long to get into explorations and would be left with expensive deeper water wells. Sec. 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 Address: 909 Poydras Street P.O. Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. H. Leighton Steward, Chairman of the Board of The Louisiana Land and Exploration Company, and Terry Ryder, Special Counsel for Governor Murphy J. The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. pop(2000e) 4469000; area Respondent's view may be a valid literal reading of section 613A(e)(2). In 1981 earnings fell to $145.2 million despite revenues of almost $1,277.5 million. WebLa. La Land area, List of school districts in A number of travel relations by 17th and 18th century The gas referred to in these sections is hydrocarbon gas. France by La Salle, 1682; most of the E region ceded to Spain in 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. The Supreme Court has interpreted "oil and gas wells" to mean the oil and gas produced from such wells. As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. We agree with the district court that Section 109 applies. and 22 percent shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. Copyright 2023 Web Solutions LLC. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. 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. The typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. 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. tax. Rec. THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS Wolf Exploration Company shall, as to such leases, be entitled to the same overriding royalty, provided for hereinabove in paragraphs 1.1.1 through 1.1.5. (A salt dome is a raised central area of salt or rock, around which beds of sedimentary rock dip in all directions. In the early 1970s, however, its Louisiana reserves began their natural decline. Box 60350 New Orleans, Louisiana 70160 U.S.A. (800) 351-1242 Fax: (504) 566-6891 Public Company 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. See Black's Law Dictionary 1278 (5th Ed.1979). Katrina (notably New Orleans) in 2005. In 1960 Youngs signed a second contract with Texaco that subjected 275,625 additional acres to six years of exploration and development. 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. There are generally two types of marketing contracts for the sale of gas. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. WebSearch the D&B Business Directory and find the GAYLE LAND EXPLORATION CO company profile in MONROE, LA. The contract would remain in effect for as long as Texaco continued to drill on the acreage. WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. Ronald H. LA LOUISIANA LAND AND EXPLORATION COMPANY He notes that the "oil and gas well" language has been in the Code since percentage depletion was enacted in 1926 and argues that Congress would have changed it if it intended only to limit oil and gas depletion. In addition, natural gas contaminated by hydrogen sulfide cannot be burned or transported through pipelines because its corrosive nature would damage the combustion equipment and the pipelines. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. 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 Hydrogen sulfide is not transported far from the well because of the hazards involved. LL&E reported 1986 losses of $20.6 million. 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. 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. The goal of the legislation was to eliminate what was perceived to be an unneeded tax incentive only for the major integrated oil companies. 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. The data and maps may not be used to determine title, ownership, legal descriptions or boundaries, legal jurisdiction, or restrictions that may be in place on either public or private land. The LL & E leases require Texaco to pay royalties based upon a percentage of the value of the gas produced. Section 613(b)(7) is a catch-all provision for minerals not mentioned elsewhere in the subsection. 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. 613A(c)(3). Also, the company opened its first regional office in Shreveport, LA after acquiring the oil and gas division of T.L. Respondent raises a final argument for the first time on brief that sulphur derived from hydrogen sulfide cannot be depletable pursuant to section 613 because it is not possible to calculate "gross income from the property" with respect to the sulphur as section 613(c) requires. 121 Cong. Construction began on a new catalytic reformer that would provide more highly valued refined products. 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. 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. 95. 613A(b). Rec. Department of Natural Resources | State of Louisiana Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. During the 1950s, CEO Robert M. Youngs began investing in working interest wells. CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. 7295-7296 (1975). coal products, food A number of cities in Louisiana are also home to Jewish communities, 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. and its Licensors (Cf. The practice in the oil and gas industry when section 613A was enacted was to sell hydrocarbon gas for use as fuel under long-term fixed price contracts. Specifically, subparagraph (C) does not state "minerals from oil and gas wells.". LA La Land This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. Petitioners claimed percentage depletion on sulphur during the years in issue in the following amounts: Respondent issued his notices of deficiency and petitioners timely filed petitions on the following dates: If we find that petitioners' sulphur production is eligible for depletion under section 613(b), respondent concedes that petitioners are entitled to the percentage depletion deductions claimed. 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. Citations are also linked in the body of the Featured Case. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. This uncontradicted and consistent legislative record, therefore, reveals that Congress was concerned only with oil and gas when it approved section 613A. Although it did not expressly hold that "oil and gas wells" means "oil and gas," the Court referred repeatedly to oil and gas production, not the production of minerals from oil and gas wells. Louis Hennepin, Lahontan, Louis Narcisse Baudry des Lozires, Jean-Baptiste Bnard de La Harpe, and Laval. Red, Sabine, and Pearl; highest point Mt Driskill Small producers must also separate hydrogen sulfide from natural gas before the natural gas may be transported through pipelines and used as fuel. These diversification adventures were possible in part because of high profits in the oil industry. fertile delta lands; further inland are plains and low rolling Sec. 30:29 (referred to as Act 312), this oilfield remediation case involved the Vermilion Parish School Board (VPSB), individually and on 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. 7295. 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 Louisiana Land And Exploration Company Business Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 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. Epps. Company HistoryOil & Natural Gas Extraction. Land & Expl. 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. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced Hydrocarbons are organic compounds containing only hydrogen and carbon and are most commonly used as fuels. 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. In 1935, after Texaco had been fully reimbursed, LL&E paid its first dividends. 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. 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. L. 69-20, sec. 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. percent. denied 382 U.S. 892 (1965). LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. 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. 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. around New Orleans; special population groups of Creoles (French 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. On November 7, 1938, LL&E and Texaco amended their contract. The, first commercial plant in the United States to use the modified Claus process was placed in operation in 1944. Louisiana Land & Exploration Co LLC/The - Company 204(c)(2), 44 Stat. 1763, then to the USA in 1783; W region acquired by the USA in the 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. WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 Louisiana Land and Exploration Company In 1925 speculator Edward Simms approached Timken with an idea for a company that would explore for oil in the almost 600,000 coastal acres Timken then controlled. 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. 979 (1961), affd. Forbes called Copper Range "a company so bad that some analysts wondered whether it was acquired to make Louisiana Land unattractive as a takeover candidate." In 1987 the company began to acquire newly opened low cost leases in the shallow waters of the Gulf of Mexico. While entities may have multiple locations, this is based on the address registered for the lease. 612. 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. Respondent's position in this case thus seems to conflict with his reading of section 613A as expressed in one of his published rulings. 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. Louisiana land & exploration company Company Profile: Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat THE LOUISIANA LAND AND EXPLORATION COMPANY DONATES THE ISLES DERNIERES CHAIN OF ISLANDS TO THE STATE OF LOUISIANA. Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. In 1955 it reported $13.4 million in profits on sales of $22.4 million. 613(b)(1)(A). 312, 318 (1976)), the evidence in this case does not justify our ignoring the parties' stipulation. 3301 et seq. Listed below are the cases that are cited in this Featured Case. All Rights Reserved But while business was very good in the late 1970s there were doubts about LL&E's future. List of official symbols of Current estimates show that the unit has a sales volume of $1500000 and staff of approximately 17 people. 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, 1965), cert. We conclude that in drafting section 613A, Congress intended to limit percentage depletion only for income from hydrocarbon fuels. by Fr. Crude oil is measured and sold by barrels. Rec. Subparagraph (C), which states the oil and gas well exception from depletion, states simply "oil and gas wells." 613A(c)(1). In WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. 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. 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. By year's end, Phillips could boast of $94 million in profits on sales of $1.25 billion. Lease No. In 1982 matters continued to deteriorate as a recession caused a downturn in prices for liquids, lower demand and prices for copper, a halving of refinery margins, and reduced demand for natural gas. Natural gas is measured and sold by standard cubic feet. In 1989 the Department of Interior recognized this effort and awarded LL&E its Conservation Award for Respecting the Environment. It continued, however, with its policy of contracting other firms to perform seismic surveys and other exploration and development tasks. 82-17, 1982-1 C.B. 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. As LL&E operations grew, both sales and revenues increased. Due to higher prices for refined copper, the mining operation even turned a profit of $9.7 million in 1979. Phillips, however, remained committed to Copper Range. Login | Register; Home; Operators; Leases; Wells; Permits; Pricing; Search; Map; Sweet Lake Land And Oil Co 001: API No. As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. Rul. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. Decisions will be entered under Rule 155. Rightor and John Kendall Smith. Rec. Here is a summary of how the competitors of The Louisiana Land and Exploration Company LLC compare to one another: Vastar Resources has the most employees (1,151). 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.

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