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) the management of greenhouse gas emissions and climate change related matters, and (4) the calculation of royalty payments in respect of oil and gas production from federal lands, including but not limited to an increase in applicable royalty rates and vi) U.S. federal income tax laws.