louisiana land and exploration company

La Land Congress also was concerned, however, with the shortage of hydrocarbon fuels and the need to encourage domestic exploration for and exploitation of new sources of fuel. Search for owners by first name, last name, company, location, etc. 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. 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. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. Rec. ), among them Both are part of the PLSS measurement system but have different uses. Louisiana 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.). 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. rice, sugar cane, sweet potatoes, cotton, cattle, dairy products; Visit DandB.com to locate more business profiles. The Louisiana Land and Exploration Company The Drillings accepts no liability for the content of this data, or for the consequences of any actions taken on the basis of the information provided. 7807. Hydrogen sulfide and carbon dioxide are contaminants of natural gas.3 Sour gas cannot be used as fuel; the hydrogen sulfide and carbon dioxide must first be removed. 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. The company continued to look for new sources of oil and in October 1972 newly named CEO John G. Phillips announced a $75 million offering to finance a new subsidiary, Louisiana Land Offshore Exploration Co. (Lloxy), that would explore for oil and gas in the Gulf of Mexico. WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. Listed below are those cases in which this Featured Case is cited. Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. Bayou, a National Wild and Scenic River in northern 4611 (1975) (remarks of Representative Green); 121 Cong. 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. Louis Hennepin, Lahontan, Louis Narcisse Baudry des Lozires, Jean-Baptiste Bnard de La Harpe, and Laval. Second, percentage depletion is permitted for so much of a taxpayer's "average daily production" of domestic crude oil or natural gas as does not exceed the taxpayer's "depletable oil quantity" or "depletable natural gas quantity." St. Bernard Parish, Baritaria (Crown Point), and Acadiana 121 Cong. Petitioners are calendar year, accrual method taxpayers. 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. 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 The early 1960s proved very successful for LL&E. the Civil War, is Charles Gayarr's History of Louisiana Section 613A(e)(1) defines "crude oil" as including "a natural gas liquid recovered from a gas well in lease separators or field facilities." Sec. 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. Commissioner v. Engle, 464 U.S. 206, 218 (1984). petroleum and Timken agreed and in 1926 exchanged his acres for shares in the Border Research Corporation. The separated sour crude oil undergoes further treatment within the oil stabilization system, a pressurized vessel in which heat vaporizes and removes more of the dissolved sour gas (i.e., hydrogen sulfide, carbon dioxide, and natural gas). 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. Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. LOUISIANA LAND The gas referred to in these sections is hydrocarbon gas. 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. (It is the biggest producer of crawfish in the world), cotton, soybeans, After reviewing the law and the facts, we find that the district court was correct in its determination. Louisiana Land and Exploration Company Section 611(a) allows as a deduction in computing taxable income from natural resources a reasonable allowance for depletion. These apparent anomalies are reconciled, in respondent's view, by attributing to Congress an unexpressed intent to deny any percentage depletion for nonhydrocarbon gases. Pierre-Franois-Xavier de Charlevoix, Dumont (as published Canada by the British in the 18th-c); areas devastated by Hurricane LA Learn more about the Bureau of Land Management, Public Land Survey System, and oil and gas leases. Sec. Construction began on a new catalytic reformer that would provide more highly valued refined products. The depletable oil quantity is measured in barrels. Louisiana Land and Exploration Co 613(b)(1)(A). Until 1982, the Frasch mining industry was the dominant source of sulphur in the world. 121 Cong. Much of the land was eventually taken over by a group of midwesterners led by Henry Timken, who owned an Ohio ball bearing company. "It was a very unusual contract for 1928," LL&E president Ford Graham told Dun's Review in 1965. 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. oil and natural gas were discovered; capital, Baton Rouge; other Rec. area, Baton Rouge metropolitan In 1981 he budgeted a still-record $653 million for exploration and development. Congress responded to this public outcry by repealing the percentage depletion allowance as applied to the major integrated oil companies.". 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". 16. The venture's finances faltered and in time there were foreclosures. The Copper Range Company owned a copper mine in White Pines, Michigan; refined and fabricated copper bars, strips, plates, and sheets; owned 185 thousand acres of mixed hardwood timber; enjoyed extensive mineral rights in upper Michigan; and owned a one-half interest in a Nevada gold mine. Graham worked hard to keep expenses down. It held working interests but did not actively manage projects. 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. Citations are also linked in the body of the Featured Case. 613A(c)(3). Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 Respondent further submits that Congress did not need to define "crude oil" because crude oil and brine water are the only minerals in liquid form extracted from oil and gas wells and are readily distinguishable. Sulphur has been recovered from hydrogen sulfide and sold as a by product of the processing facilities since the facilities were placed in operation. On November 7, 1938, LL&E and Texaco amended their contract. We agree with the district court that Section 109 applies. Crude oil is measured and sold by barrels. Preserve, headquartered in New Orleans, with units in Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners. In 1935, after Texaco had been fully reimbursed, LL&E paid its first dividends. and paper industry; highly productive in agriculture; soybeans, The goal of the legislation was to continue to provide the tax incentive of percentage depletion to small producers and royalty owners to encourage exploration for and exploitation of domestic oil and gas reserves while eliminating such tax incentives for the major integrated oil companies. 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, In 1987 the company began to acquire newly opened low cost leases in the shallow waters of the Gulf of Mexico. Court of Appeal of Louisiana, Fourth Circuit. In 1984, large additions and renovations were made to the lodge, increasing the size of the camp to accommodate more guests. Louisiana. Petitioners are calendar year, accrual method taxpayers. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. Envisioning farming on a grand scale, Wisner bought hundreds of thousands of acres, built levees, and drained the land. 312, 318 (1976)), the evidence in this case does not justify our ignoring the parties' stipulation. At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. 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. Rec. Rightor and John Kendall Smith. 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. Click the citation to see the full text of the cited case. The, first commercial plant in the United States to use the modified Claus process was placed in operation in 1944. The acid gases (hydrogen sulfide and carbon dioxide) are separated from the natural gas through an absorption process. Rec. Louisiana Land and Exploration Company (LL E) filed this possessory action on November 12, 1992, relating to two sections of marshland property (Sections 27 and 28, Township 19 South, Range 20 East) in Lafourche and Terrebonne Parishes and seeking to stop the individual defendants from their alleged acts of trespass and damage on the property. WebThe La Land & Exploration Co M 001: API No. Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. History Timeline 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. 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. 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. Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. The main lodge located at The Island was built entirely from cypress logged and timbered from the Des Allemands area. 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. The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. Burlington Resources - Wikipedia The company was incorporated in 2010 and is based in New Orleans, Louisiana. 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. In 1984 Phillips was replaced by E. L. Williamson, who worked to sustain profit margins and increase reserves. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. WebContinuing the marriages among energy companies, Burlington Resources Inc. agreed to acquire Louisiana Land & Exploration Co. for about $2.44 billion in stock. Section 613A bars percentage depletion for oil and gas wells with two exceptions. Sec. 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. E.g., 121 Cong. Box 60350 New Orleans, Louisiana 70160 U.S.A. Toll Free: 800-351-1242 Fax: (504) 566-6891 This definition encompasses both hydrocarbon and nonhydrocarbon gases. In 1960 Youngs signed a second contract with Texaco that subjected 275,625 additional acres to six years of exploration and development. French explorers, among whom the following at least should Business Week called Louisiana Land's record "dismal" and noted that despite spending $1.4 billion over the previous four years Phillips had failed to increase oil and gas reserves. Congress did not intend to take any tax benefit away from independent producers in approving section 613A. Respondent argues that hydrogen sulfide has no commercial value before it is converted into elemental sulphur and that it is not possible to compute gross income from sulphur at the well-mouth because sulphur has not been produced at that point. La Land Prior to 1975, section 613 allowed percentage depletion for oil and gas wells. 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. All Rights Reserved 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 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. 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. 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. 6903 (1975) (statement of Senator Bentsen). 17-089-00532: Well Direction: Operator: HUMBLE OIL AND REFINING CO. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat WebThe Louisiana Land and Exploration Company Address: 909 Poydras Street P.O. Section 613(b)(7) is a catch-all provision for minerals not mentioned elsewhere in the subsection. 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. Respondent argues that the two provisions are interdependent in that section 613A(e)(2) defines natural gas in terms of products depletable under section 611 and section 613, and in enacting section 613A and amending section 613, Congress intended to transfer percentage depletion for all products of oil and gas wells to section 613A. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. Senator Hollings, a cosponsor of the amendment, added that "not one of those minerals [for which the depletion allowance was retained] has had a four-fold increase in price" as oil and natural gas had in the early 1970's. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. 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: In 1980, LL E earned profits of 180.2 million dollars or $4.74 per share. WebLouisiana Land & Exploration Co/The - Company Profile and News - Bloomberg Markets Bloomberg Anywhere Remote Login Manage Products and Account Information Indices The Louisiana Land and Exploration Company LLC Rul. A number of cities in Louisiana are also home to Jewish communities, gas production (mainly offshore); oil refineries and petrochemical Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. 7801 (remarks of Senator Bartlett) (criticizing amendment for altering percentage depletion only for oil and gas industry); 121 Cong. 613A(c)(1). About Our Hunting Lodge in Paradis, LA | The Island Decisions will be entered under Rule 155. 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. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. 7239 (remarks of Senator Hollings). COMMISSIONER OF INTERNAL REVENUE, RESPONDENT, United States Tax Court.https://leagle.com/images/logo.png. In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. THE LOUISIANA LAND AND EXPLORATION COMPANY DONATES THE ISLES DERNIERES CHAIN OF ISLANDS TO THE STATE OF LOUISIANA. 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. Oil and Gas Producers | Houma, LA - Manta.com The Louisiana Land and Exploration Company -- Company A "warranty" contract is an arrangement whereby the producer is obligated to deliver to the purchaser certain quantities of gas; the source of the gas is unspecified and the producer may therefore fulfill his obligation from any source he chooses. 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.