The oil and gas exploration and production industry may be subject to new rules, regulations, policies, and regulations that could have an impact on permitting oil and gas drilling on federal lands, leasing federal lands for oil and gas development, regulating greenhouse gas emissions and climate change related matters, utilizing hydraulic fracturing facilities on federal lands, and calculating royalty payments for oil and gas production from federal lands, including an increase in applicable royalty rates and U.S. federal income tax laws.