The Energy Law

FEBRUARY 22, 2008

By Katie Caswell The House Ways and Means Committee has introduced HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, which eliminates the manufacturing tax credit for major oil and gas companies and locks the credit at six percent for other producers and refiners. Further, this bill would force oil and gas companies to change the manner in which foreign tax credits are calculated and claimed for resources extracted overseas.

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The Energy Law

FEBRUARY 19, 2008

In Bowden v. Phillips Petroleum Co. , No. 03-0824 (Feb. 15, 2008), the Texas Supreme Court again addressed the propriety of class actions for gas royalty claims. The class affirmed the denial of two subclasses, but reversed the denial of a third subclass of royalty claimaints. The Court followed its prior holding in Yzaguirre in concluding that an "implied duty to market claim" is not susceptible to class treatment in a class containing both "market-value" and "proceeds" type leases.

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