The oil and gas exploration and production industry may be affected by new or revised rules, regulations, and policies that may be proposed. These rules, policies, and regulations may include: (1) permitting oil and gas drilling on federal lands, (2) (2) leasing federal lands for oil and gas development, (3) regulating greenhouse gas emissions and climate change related matters, and (4) calculating royalty payments in respect of oil and gas production from federal lands, including increasing applicable royalty rates and vi) U.S. federal income tax laws applicable to oil and gas exploration and production companies.