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Inflation Reduction Act
Go West? What the NYSE Has to Offer for Gulf IPOs
Saudi Aramco’s planned IPO has put the region’s companies in sharp focus for global investors. As GCC nations continue to experience shifts in economic activity, including less government spending, more companies (both state and privately owned) are looking to IPOs...
Hurricane Harvey Relief for Employees
Following Hurricane Harvey and its resulting destruction, many employees are in need of financial assistance and/or early access to retirement funds. We will highlight how employers can make direct financial assistance payments to their affected employees on either a taxable...
Impacts of Hurricane Harvey: Underscoring the Importance of Planning, Preparedness & Response
As the waters begin to recede from our nation’s energy capital following Hurricane Harvey’s unprecedented rainfall in the state of Texas, the full impacts of Hurricane Harvey are beginning to become more apparent. Beyond the incredible toll on the residents...
Executive Order Aims to Improve Environmental Review of Infrastructure Projects
On August 15, 2017, President Trump signed an executive order (EO) entitled “Establishing Discipline and Accountability in the Environmental Review and Permitting Process for Infrastructure Projects.” As part of the Administration’s goal to improve domestic infrastructure, the purpose of the...
5th Circuit U.S. Court of Appeals Reverses PHMSA
The 5th Circuit issued a lengthy opinion on August 14, 2017, reversing most of the violations of a PHMSA enforcement action that began in November 2013 in conjunction with investigation of a failure on the Pegasus Pipeline. In that matter...
GAO Report Critical of PHMSA Inspection Priorities
The Government Accountability Office (GAO) issued a report on August 4, 2017, titled “ Pipeline Safety – Additional Actions Could Improve Federal Use of Data on Pipeline Materials and Corrosion .” The 55 page Report, prepared in response to a...
Can Foreign Partners Now Exit Partnerships Tax Free?
In Grecian Magnesite Mining v. Commissioner 1 (“ Grecian Magnesite ”) the Tax Court held that a non-U.S. partner's gain from the redemption of its partnership interest was neither U.S. source income nor income effectively connected with a U.S. trade...
House Moves to End Requirement for Presidential Permits
On July 19, 2017, the U.S. House voted to give lead authority for authorizing cross border oil and gas pipelines to FERC, and to the Secretary of Energy for cross border electric transmission lines. HR 2883, entitled Promoting Cross-Border Energy...
Dallas Court of Appeals Reverses Partnership Verdict: Preliminary Agreements Precluded Partnership
On Tuesday, July 18, 2017, the Dallas Court of Appeals reversed a $535 million judgment against Enterprise Products Partners, L.P. (Enterprise), finding that unfulfilled conditions precedent in Enterprise’s written agreements with Energy Transfer Partners, L.P. (ETP) precluded the formation of...
Deadline Approaching for Input on Regulatory Improvements
The U.S. Department of Transportation (DOT) recently published a notice inviting public comment to identify statutes, rules, regulations, and interpretations in policy statements or guidance that “unjustifiably delay or prevent completion of surface, maritime, and aviation transportation infrastructure projects.” As...
Due Diligence: Critical Component of Pipeline Acquisitions
Oil and gas discoveries in various shale plays around the U.S. over the past decade have led to an increased rise in the number of transfers and acquisitions of pipeline assets, including pipelines serving processing plants, producers, storage facilities, and...
Anti-Corruption Enforcement in Mexico: Your Integrity Policy Matters
On July 19, 2017, Mexico’s General Law of Administrative Accountability will go into effect. It is the final part of a historic package of far-reaching anti-corruption laws, dubbed the National Anti-Corruption System, that were passed last year. Taken as a...
PHMSA to Reassess Underground Natural Gas Storage Rule
On December 19, 2016, PHMSA issued an interim final rule (IFR) to establish for the first time minimum federal safety standards for underground natural gas storage facilities. The rule was issued in response to the 2015 Aliso Canyon storage leak...
DOT Requests Input Regarding Burdensome Regulatory Requirements
As part of his regulatory reform agenda , President Donald Trump instructed federal agencies to review their regulations to identify requirements that burden businesses and industry. See EO 13771 and EO 13777 . In order to comply with these directives...
The Lobby Shop: We'll Always Have Paris?
We will always have Paris: Everyone is talking about POTUS and Paris, but not many people know what they are talking about. He may be recovering from illness and on a train, but that won’t stop Scott Segal (co-head of...