Lease No. 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 company became a public company . 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. 121 Cong. production; foods, clay, glass, transportation equipment; tourism As a result, LL&E enjoyed low expenses and high profits. The standard history of the state, though only through In the case of oil and gas wells, "gross income from the property" has been interpreted to mean gross income from the sale of the property at the "well-mouth," i.e., before conversion or transportation. 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. After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. As if to bear out this description, LL&E's mining operation lost $7.8 million in 1977 and $6.6 million in 1978. Louisiana Mexico; rivers include the Mississippi (large delta area in the S), Respondent's stipulation also suggests that the amount of the depletion deduction is susceptible of calculation. When section 613A(e)(2) is read in conjunction with sections 611 and 613, together they function as a filter to exclude depletion allowances for anything produced from an oil and gas well except as permitted by section 613A(b) and section 613A(c). The percentage depletion rate for sulphur is 22 percent. 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. 121 Cong. Hydrogen sulfide is not transported far from the well because of the hazards involved. LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. 1965), cert. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. Company HistoryOil & Natural Gas Extraction. Copyright 2023 Web Solutions LLC. In 1989 the Department of Interior recognized this effort and awarded LL&E its Conservation Award for Respecting the Environment. increasing; world famous for the jazz music which grew up in and chief cities, New Orleans and Shreveport; bounded S by the Gulf of 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. It was solely Texaco's choice to meet its obligations to these customers with LL & E's gas. 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. The remainder of central and north Louisiana was home Field / Formation: LAKE DES ALLEMANDS / THE LA LAND & EXPLORATION CO U 004: Well Status: DRY AND PLUGGED: Well Type: Township Range Section: 13S 19E 022: Derrick Elevation: Members Only: Kelly Bushing Elevation: The Louisiana Land and Exploration Company LLC is a relatively young v. 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. A township can refer to two different things. Crude oil is processed into various types of fuels and oils, including diesel fuel and lubricating oil. WebArising under the 2006 version of La. Click the citation to see the full text of the cited case. 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. WebSuperior Performance Oil And Gas Exploration Service 122 Youngsville Hwy Lafayette, LA 70508 A literal reading, however, aims the statutory restrictions on percentage depletion at any mineral produced along with oil or gas when the legislative record of section 613A's passage is wholly devoid of mentioning any such important targets. 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. Respondent thus concludes that we should not allow percentage depletion for sulphur derived from hydrogen sulfide. There is no indication that Congress intended to limit percentage depletion for any products of oil and gas wells other than hydrocarbon fuels.12. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. 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. 1.613-3(a), Income Tax Regs. 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.

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