121 Cong. In 1984, large additions and renovations were made to the lodge, increasing the size of the camp to accommodate more guests. 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. Graham worked hard to keep expenses down. 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. 501, 89 Stat. 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." Department of Natural Resources | State of Louisiana France by La Salle, 1682; most of the E region ceded to Spain in WebRead Louisiana Land and Exploration Co. v. Donnelly, 394 F.2d 273, see flags on bad law, and search Casetexts comprehensive legal database Louisiana Land and Exploration Co. v. Donnelly, 394 F.2d 273 | Casetext Search + Citator Continuing to diversify, in 1968 Graham obtained the rights to participate in the resort development of approximately 50,000 acres on the western half of Molokai Island, Hawaii--an island previously best known for its leper colony. v. Burlington Resources Buys Louisiana Land - WSJ It is true that the statutory language on its face is incongruous. The venture's finances faltered and in time there were foreclosures. gas production (mainly offshore); oil refineries and petrochemical That year also marked Steward's conclusion of a property exchange that substantially increased LL&E's interest in the Madden Field in Wyoming. 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. The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". 95. 3301 et seq. 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. 4625 (remarks of Representative Pickle) ("if we are going to repeal the depletion allowance in one area, * * * we need to look at the depletion allowance on these other minerals"). The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Rec. This criticism was borne out in December of that year when Lloxy paid $60 million for Gulf leases covering land under 300 feet of water. See Rev. 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. In Rev. In exchange for this, Texaco would retain one-half of the royalties and profits payable to LL&E up to the amount of $800,000. Commissioner v. Engle, 464 U.S. at 218.