Oil and gas exploration and production companies may face challenges in complying with new regulations, policies, and regulations that may be issued, such as 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 in respect of oil and gas production from federal lands, including increasing applicable royalty percentages and U.S. federal income tax laws.