Resource Extraction

News & Analysis as of

Canada’s New Extractive Sector Transparency Measures Act and its Implications for Companies Subject to the U.S. Foreign Corrupt...

On June 1, 2015, Canada’s Extractive Sector Transparency Measures Act (“ESTMA” or “the Act”) came into force. Approved in December 2014, but not in force until this month, the Act requires companies in the extractive sector...more

News from Second and State

Week two of the budget stalemate is behind us, and there’s very little news to report. While news of a potential stop-gap budget and possible agreement on the imposition of a natural gas extraction tax might seem encouraging,...more

Promise Delivered, Details to Follow...

The Extractive Sector Transparency Measures Act (the Act) was proclaimed in force by the Government of Canada on June 1, 2015. As a result, Canada has joined the ranks of the EU, UK and US in promoting transparency and...more

Recent Settlement Under EPA’s Energy Extraction Initiative Provides Insight For Future Enforcement in the Oil and Gas Industry

Given its patchwork of regulatory authority over operations in the oil and natural gas industry, the U.S. Environmental Protection Agency (EPA) has adopted a national enforcement initiative to focus its efforts. Through its...more

Are Groundwater Extraction Fees Property Related or Regulatory Fees? It Depends

Two new Proposition 218-related cases published in March come to opposite conclusions in determining whether groundwater extraction and replenishment fees are “property-related” fees subject to Article XIII D of the...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

California Groundwater Users Face Unpredictable Legal Frontier

In 2014, for the first time in its 164-year history, California enacted a law that comprehensively regulates the extraction and use of the state’s groundwater. This legislative action came against the dramatic backdrop of...more

Commonwealth Court Rejects Constitutional Challenge to Natural Gas Production on State-Owned Lands and Use of Lease Funds in...

The Commonwealth Court of Pennsylvania has dismissed a lawsuit filed by the Pennsylvania Environmental Defense Foundation (PEDF) to declare unconstitutional and enjoin natural gas extraction from State park and forest land....more

Congress Passes Major Public Lands Package

For the first time in nearly six years, Congress passed a major package of public lands and natural resource bills, which was signed into law by President Obama on December 19, 2014. The package combined dozens of bills...more

Focus on Pennsylvania Corporate Taxes

With the November 4th election of Democrat Tom Wolf as Pennsylvania’s next Governor, Pennsylvania corporate taxpayers face an interesting budget season in 2015. During the campaign, Wolf advocated for a severance or...more

Terms & Conditions under Texas Law: A Potential Liability Trap for Oilfield Operators

A common misconception exists that pre-printed terms and conditions on a job ticket do not rise to the level of a legal contract. This view is not correct. Terms and conditions can and will be enforced by Texas courts. Such...more

SEC Sued to Implement Resource Extraction Rules

On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Since that time, industry players have asked the SEC to...more

New Disclosure Rules for Extractive Companies Coming Into Force Soon

UK companies, including UK subsidiaries of EU companies, face tougher anti-corruption rules from next year. Under chapter 10 of the EU Accounting Directive (2013/34/EU) (“the Accounting Directive”) and the EU...more

Congress and Industry Want Resource Extraction Rules Finalized

In 2013 the United States District Court for the District of Columbia vacated the SEC resource extraction disclosure rules that were mandated by Section 1504 of the Dodd-Frank Act. Fifty-eight Democratic lawmakers have...more

Advances in Drilling Techniques Push U.S. Oil Rig Count to New Record High

Operators’ ability to develop previously untapped oil reserves through horizontal drilling techniques has led to a record 1,443 oil rigs currently in operation in the U.S. according to a report released last week by Baker...more

California Lawmakers Introduce New Fracking Bill

On February 20, 2014, California lawmakers Holly Mitchell (D-Los Angeles) and Mark Leno (D-San Francisco) introduced Senate Bill (SB) 1132, a new bill that would halt fracturing and other oil and extraction practices in the...more

Mineral Matters - Winter 2014

Introduction - Welcome to the latest edition of Minerals Matters and a slightly belated Happy New Year to you all. No doubt as you read this the holiday season seems a long time ago, but hopefully you had the oppor...more

Michigan Lawmakers Evaluate Lower Severance Tax and Infrastructure Bills for Carbon Dioxide-Injected Oil and Gas Wells

While legislation driven by the rapid growth of horizontal drilling and hydraulic fracturing has dominated oil and gas legislation in recent years, this week, Michigan lawmakers considered bills to enhance viability of other...more

Texas’ Eagle Ford Formation Leads U.S. in Oil-and-Gas Transactions in 2013

In a year where overall upstream oil-and-gas transactions were down significantly from the previous year, the Eagle Ford shale formation in South Texas proved to be an active region for companies looking to make a deal....more

Historic reform in Mexico clears the way for foreign investment in energy sector: 5 key aspects

The energy reform proposed by Mexico’s Peña Nieto administration has been approved by the Mexican Congress and, in rapid succession, by a majority of the Mexican state legislatures. This sweeping, historic reform amends the...more

Representatives Object To Exemption From Resource Extraction Rule Disclosures

Congress is working to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico. Three Democratic lawmakers recently wrote...more

Does SEC Independence Mean A Lack Of Accountability?

Earlier this week, Broc Romanek highlighted a recent panegyric on SEC independence given by SEC Chairwoman Mary Jo White. Independent agencies are the platypodes of the federal government. Many are inclined to view...more

Assembly Committee Advances Fracking Bill to the Floor

At the end of last week, the Assembly Committee on Appropriations advanced the remaining bill regarding hydraulic fracturing, SB 4, to the Assembly Floor. After delaying the first scheduled vote on the bill, Appropriations...more

SEC Will Not Appeal Resource Extraction Decision

The United States District Court for the District of Columbia previously vacated the SEC resource extraction disclosure rules. According to various published press reports, the SEC will not appeal the decision. “The court...more

Public Comment Period for Proposed Federal Fracking Regulations Draws to a Close

The public comment period for new federal regulations regarding fracking on public lands—the first substantive update to the rules in three decades—ended on Friday with over 1 million submissions from both critics and...more

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