News & Analysis as of

Gross Proceeds

White & Case LLP

Implications of the Texas Supreme Court and the Fifth Circuit Court of Appeals Ruling on Fuel Gas Royalties

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On June 4, 2024, the United States Court of Appeals for the Fifth Circuit affirmed the dismissal of an "at the well" royalty holder's class action lawsuit after the Texas Supreme Court held that Hilcorp Energy Co. properly...more

Gray Reed

Federal Court Distinguishes Devon v. Sheppard

Gray Reed on

Producers disappointed by the Supreme Court’s holding in Devon Energy Production v. Sheppard might have reason to feel vindicated. The question in HL Hawkins Jr., Inc. v. Capitan Energy Inc. et al. was whether producer...more

Gray Reed

Texas Supreme Court Rules on Suspension of Proceeds of Oil and Gas Production

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Freeeport-McMoRan Oil and Gas, LLC and Ovintiv USA Inc. v. 1776 Energy Partners LLC  presented a recurring question faced by Texas oil and gas producers:  When can proceeds of production be withheld by the operator without...more

Houston Harbaugh, P.C.

Texas Supreme Court Rules That Post-Sale Costs Must be Added Back to Gross Proceeds Calculation

Houston Harbaugh, P.C. on

Let’s assume you own 185 acres in Washington County. In 2020, you negotiate a new oil and gas lease with ABC Drilling. During the negotiations, you insist on a “gross royalty” which prohibits the deduction of post-production...more

Gray Reed

Royalty Obligations on Free-Use Gas Redux

Gray Reed on

Recall our recent post on Carl v. Hilcorp Energy Company from the U.S. District Court for the Southern District of Texas discussing the lessee’s royalty obligations on gas used off the premises in a market-value lease. See...more

Nelson Mullins Riley & Scarborough LLP

Creditor Not Entitled to Post-Sale Discovery to Attempt to Amend Sale Proceeds Distribution

In In re Squirrels Rsch. Labs, LLC, No. 21-61491, 2022 WL 1310173, at *1 (Bankr. N.D. Ohio Apr. 29, 2022), the United States Bankruptcy Court for the Northern District of Ohio recently addressed whether post-sale of the...more

Gray Reed

Texas Supreme Court Weighs in on Post-Production Costs

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The Supreme Court of Texas has ruled that oil and gas leases under consideration in BlueStone Natural Resources II, LLC v. Walker Murray Randle, et al. did not permit deduction of postproduction costs from sales proceeds...more

Foley Hoag LLP

FTC Decreases Thresholds for HSR Filings for First Time Since 2010, Also Decreases Interlocking Directorates Thresholds and...

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On February 1, 2021, the Federal Trade Commission (FTC) announced its annual adjustment of the jurisdictional thresholds for pre-merger notification filings under the Hart‐Scott‐Rodino Antitrust Improvements Act of 1976 (HSR...more

Dorsey & Whitney LLP

Often Overlooked Exception to Withholding and Reporting Requirements under FATCA

Dorsey & Whitney LLP on

An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not...more

Gray Reed

When is a “Gross Proceeds” Royalty not Paid on Gross Proceeds?

Gray Reed on

Devon Energy Prod. Co., et al. v. Sheppard, et al is your kind of case if you are in search of: - A roadmap for slicing and dicing royalty calculations in myriad ways, - Pretty good summaries of the Supreme Court’s...more

Foley Hoag LLP

FTC Increases Thresholds for HSR Filings and Interlocking Directorates and Adjusts Civil Penalties

Foley Hoag LLP on

On January 28, 2020, the Federal Trade Commission (FTC) announced its annual increase of the jurisdictional thresholds for pre-merger notification filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR...more

Foodman CPAs & Advisors

Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop?

Foodman CPAs & Advisors on

On 10/9/19, IRS issued Rev. Rul. 2019-24 addressing the issues of a Taxpayer having gross income under § 61 of the Internal Revenue Code as a result of a hard fork of a cryptocurrency that the Taxpayer owns if the Taxpayer...more

Hogan Lovells

Deposit requirement for natural resources export proceeds

Hogan Lovells on

On 10 January 2019 the Government of Indonesia issued a new regulation that further tightens control over the proceeds from the export of Indonesian natural resources. As a result, such proceeds must be retained in Indonesia,...more

Gray Reed

Louisiana Operator Can’t Deduct Post-Production Costs from Unleased Mineral Owners

Gray Reed on

In Johnson et al vs. Chesapeake et al, unit operator Chesapeake deducted post-production costs (gathering, compression, treatment, processing, transportation and dehydration) from non-operating, unleased mineral owners’...more

Hogan Lovells

FATCA tweaks kick "Passthru" withholding back to the future

Hogan Lovells on

Those of us who regularly review debt facilities have probably noticed that the prospective (earliest) application date for FATCA withholding on "gross proceeds” from sales or other dispositions and "foreign passthru...more

Akin Gump Strauss Hauer & Feld LLP

U.S. Withholding Tax and Reporting Action Items for Investment Funds and Asset Managers (Fall 2018)

• Foreign Investor Forms W-8: An update of Forms W-8 on file for non-U.S. investors is generally recommended by December 31, 2018 to ensure that a date of birth (DOB) and non-U.S. taxpayer identification number (Foreign TIN)...more

Goulston & Storrs PC

IRS Will Extend Some FATCA Transition Rules

Goulston & Storrs PC on

In new Notice 2015-66 the IRS said it plans to amend FATCA regulations to reduce certain collateral restrictions on grandfathered obligations and extend the following transition rules: (1) the date for when withholding on...more

Morgan Lewis

Revisions to FATCA Implementation

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IRS announces certain new time lines for implementation and further interpretive guidance. On October 24, the Internal Revenue Service (IRS) announced several key revisions to Foreign Account Tax Compliance Act...more

Proskauer Rose LLP

IRS Announces Extended FATCA Deadlines

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On October 24, 2012, the U.S. Internal Revenue Service (IRS) issued Announcement 2012-42: Timelines for Due Diligence and Other Requirements Under FATCA (Announcement). The Announcement provides that final regulations (Final...more

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