louisiana land and exploration company
WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. 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. These moves strengthened LL&E's overall position, but plunging oil prices and the Copper Range charge took their toll. 1812; seceded from the Union, 1861; re-admitted, 1868; experienced 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. The company became a public company . In these consolidated cases, the Commissioner determined deficiencies in petitioners' Federal corporate income tax for the taxable years 1979, 1981, and 1982 as follows: The sole issue remaining for our decision is whether petitioners are entitled to percentage depletion pursuant to section 6131 on income from sulphur chemically converted from hydrogen sulfide produced from an oil and gas well. 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. Brine water, water with a high mineral content, is the nonhydrocarbon liquid extracted from the Jay Field wells. 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, 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: WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 For this reason, Congress chose to define natural gas by reference to what gases are depletable pursuant to section 611. 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. 613A(b). Section 613A does not deny percentage depletion for [carbon dioxide]. 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. 7295. In the early 1980s, industry economics changed LL&E's fortunes. Of course, hydrogen sulfide is a gas naturally occurring in exhaustible deposits in the earth and falls within a technical classification of "natural gases." Graham worked hard to keep expenses down. Petitioners owned a working or operating interest in leases of oil wells in the Jay-Little Escambia Creek Field (Jay Field) in Escambia County, Alabama, and Santa Rosa and Escambia Counties, Florida. Congress' goal of encouraging domestic production would in that event be thwarted. Rec. Discover petroleum exploration activity in your area and find new regions of opportunity. And profit sharing on top of the royalty was unheard of.". Thus, respondent's proposed statutory construction, which assumes an inadvertent failure by Congress to draft the right language, cannot be harmonized with the provision for depleting sulphur pursuant to section 613(b)(1). The nonhydrocarbon gases extracted from the Jay Field wells are primarily hydrogen sulfide and carbon dioxide. 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. processing, transportation equipment, paper products, and Ronald H. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. In 1971 revenues from working interests exceeded those from royalty interests for the first time. We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. In this case, the district court determined that Texaco is liable to LL & E for paying royalties calculated upon the value of the gas as determined under the Section 105 contract price rather than the Section 109 ceiling price. France by La Salle, 1682; most of the E region ceded to Spain in (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. In 1975 the company opened a small refinery in Mobile, Alabama, to process 30,000 barrels a day of Jay Field crude. 1.613-3(a), Income Tax Regs. Mexico; rivers include the Mississippi (large delta area in the S), WebThe Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. 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. In The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. After extensive research and analysis, Zippia's data science team found the following key financial metrics. In 1965 LL&E had only 145 employees. (It is the biggest producer of crawfish in the world), cotton, soybeans, The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". TEXACO, INC. Court of Appeal of Louisiana, Fourth Circuit.https://leagle.com/images/logo.png. (e) DEFINITIONS.For purposes of this section. Headquartered in New Orleans, it 4606 (1975). Section 613A seems also to use the term to mean a fuel, especially as applied in conjunction with Congress' goal of promoting domestic oil and gas production by subsidizing independent producers and royalty owners. This professionalism is the result of corporate leadership, teamwork, open communications, customer/supplier partnership, and state-of-the-art manufacturing. 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". Its industrial outputs include chemical products, 613(A)(c)(4). 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. In 1930 Texaco also agreed to pay LL&E's $1.8 million funded indebtedness. 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. Rec. In 1987 the company began to acquire newly opened low cost leases in the shallow waters of the Gulf of Mexico. 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. (1975). 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. Forbes later criticized the Jacintoport purchase, maintaining that LL&E had gotten into industrial real estate, "just at the time when the play was going out of it along the Gulf Coast.". Only subparagraph (B) includes the words "minerals from." The diagram on the facing page summarizes the sour production processing system used at the Jay Field Wells. Census Bureau: Population Estimates**Estimated annual Louisiana Historical Society and several works See Rev. Petitioners rightly assumed that the issue was settled and cannot now justly be required to prove the amount of the depletion deduction to which we have found they are entitled. 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. In 1955 it reported $13.4 million in profits on sales of $22.4 million. It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. 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. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. 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. For example, we don't hesitate to use consultants. (a) GENERAL RULE.Except as otherwise provided in this section, the allowance for depletion under section 611 with respect to any oil or gas well shall be computed without regard to section 613. 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. Natchez, Jean Lafitte National Historical Park and Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. around New Orleans; special population groups of Creoles (French Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. this group, the explorer Antoine Simon Le Page du Pratz may be considered 3301 et seq. WebThe La Land & Exploration Co M 001: API No. Petitioners contend that section 613 and section 613A are mutually exclusive and thus whatever is depletable under section 613 is not depletable under section 613A. 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. As on previous occasions, LL&E's involvement was a financial one. 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.
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