The Office of State Lands, also known as the State Land Office, is responsible for the identification, administration and management of state public lands and water bottoms. As a result, LL&E enjoyed low expenses and high profits. LL&Es company earnings, $54.9 million in 1990, fell to $20.9 million in 1991 as falling oil and natural gas prices combined to make the year a difficult one. All rights reserved. Headquartered in New Orleans, it operates a crude oil refinery near Mobile, Alabama, and conducts exploration and production operations in the United States and selected foreign countries. International Directory of Company Histories. Texaco released the fee lands belonging to the company not located on or near the domes or structures which were then being operated by Texaco. Management trumped Caspary, however, when it pledged to spin off to stockholders a tax-sheltered royalty trust holding oil and gas properties that generated $30 million a year. Incorporated: 1981 Overturning 8 Years of "Palpable Error," The Louisiana Supreme Court Louisiana Land & Exploration Co/The - Company Profile and News To make up for this, LL&E participated in additional working interest wells and in 1970 discovered a major reserve estimated at 720 million barrels of oil in the Jay Field in Santa Rosa, Florida. In 1930 Texaco also agreed to pay LL&Es $1.8 million funded indebtedness. The Office of Mineral Resources, Petroleum Lands Division, Records Management Section, maintains the official state operating agreement files. 1984 and 1985: Three marsh managements units containing 20,000 of our acres were permitted for intensive management programs developed in collaboration with Louisiana Soil and Water Conservation Districts. New Orleans, Louisiana 70112 Envisioning farming on a grand scale, Wisner bought hundreds of thousands of acres, built levees, and drained the land. 500 North Akard Street Steward announced that LL&E would sell nonstrategic oil and gas properties and use the proceeds to repay long-term debt and repurchase up to 10 percent of outstanding stock. In 1971 revenues from working interests exceeded those from royalty interests for the first time. As LL&E expanded its exploration efforts (by 1974 it was exploring in southern Louisiana, the Rocky Mountain area, a geological stratum from northern Louisiana to Florida, and off the coasts of Louisiana and Texas) it began to act as operator in an increasing number of its working interest efforts. There is in addition the Big Woods Fish and Game Reserve which provides deer and duck hunting leases in addition to fishing leases. Responding to these problems, Phillips curtailed and then suspended copper mining, reduced staff, eliminated high-risk exploration ventures, cut back on capital expenditures, and in November reduced the cash dividend.

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