The oil and gas exploration and production industry may be subject to new regulations, policies, and regulations that could affect their operations. These rules, regulations, and policies could include: allowing oil and gas drilling on federal lands, leasing federal lands for oil and gas development, regulating greenhouse gas emissions and climate change related matters, using hydraulic fracturing on federal lands, computing royalty payments for oil and gas production from federal lands, increasing applicable royalty rates, and implementing U.S. federal income tax laws.