A federal court in Washington, DC, Thursday deferred to the Interior Department’s interpretation of which costs can be deducted when producers calculate royalties owed for the production of natural gas on federal lands.
Royalties
Articles from Royalties
Companies Seek to Tap Stranded Kentucky Reserves
Looking to tap into stranded natural gas in the state of Kentucky, Australian-Canadian Oil Royalties Ltd. (ACOR) said it has signed a general pooling agreement on the Park City Gas Field in Kentucky and also plans to construct a low-pressure gas gathering system to get gas from the project to market.
March 12, 2007
Companies Seek to Tap Stranded Kentucky Reserves
Looking to tap into stranded natural gas in the state of Kentucky, Australian-Canadian Oil Royalties Ltd. (ACOR) said Monday it has signed a general pooling agreement on the Park City Gas Field in Kentucky and also plans to construct a low-pressure natural gas gathering system to get gas from the project to market.
March 6, 2007
El Paso Agrees to Pay $30M to Settle Royalty Claims
El Paso Corp. has agreed to pay $30 million to settle claims that it allegedly underpaid royalties for production from natural gas wells in Oklahoma, Texas and New Mexico, according to the company’s annual 10-K report that was filed with the Securities and Exchange Commission Tuesday.
March 10, 2006
Saskatchewan Lowers Oil, Gas Royalties to Encourage Exploration
Saskatchewan’s government has introduced a plan to increase exploration and development activity by lowering oil and gas royalty and tax structures, implementing a system of volume incentives and reducing corporate capital tax surcharges.
October 14, 2002
Saskatchewan Lowers Oil, Gas Royalties to Encourage Exploration
Saskatchewan’s government has introduced a plan to increase exploration and development activity by lowering oil and gas royalty and tax structures, implementing a system of volume incentives and reducing corporate capital tax surcharges.
October 9, 2002
Industry Briefs
Texaco Inc. has agreed to pay $43 million to settle charges byseveral whistleblowers that the firm underpaid royalties due oncrude oil drilled from federal and Indian leases, The U.S. JusticeDepartment said Wednesday. The settlement covers underpayments fromJanuary 1980 to through December 1998. Two former AtlanticRichfield Co. marketing managers brought the lawsuit in the U.S.District Court in Lufkin, TX, and will receive part of the Texacosettlement. The settlement agreement was signed by representativesof several Indian tribes, as well as the federal government. Thegovernment has reached similar settlements on royalty underpaymentswith Mobil, Occidental Petroleum, Chevron, BP Amoco, Conoco, DevonEnergy, Union Pacific Resources and Sunoco.
September 29, 2000
Court Nixes Marketing Costs from Royalties
The United States District Court for the District of Columbiahas struck down a controversial part of the Interior Department’s1997 royalty valuation rule for natural gas, which incorporatedmarketing costs in the valuation. (Civ. No. 98-00531)
April 3, 2000
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