Oil & Gas: What You Need to Know Now - A Continuing Dialogue on Important Issues Facing the Oil and Gas Industry

Topics:

• Use of like-kind exchanges under Internal Revenue Code Section 1031 as a mechanism for deferring taxable gain on disposition of an asset, including satisfying the “like-kind” requirement when transferring oil and gas interests, and like-kind exchanges involving royalty trusts.
• Update on petroleum bulk storage and brine handling regulations and compliance with the new requirements, including facility registration, aboveground storage tank and pipe material standards, gauging, automatic shutoff, brine disposal restrictions, and inspections.
• Clean Water Act enforcement against the oil and gas industry, including a discussion of increased stormwater runoff scrutiny, compliance tips, and strategies for defending administrative enforcement efforts.