Reserve Life – Oil Equivalent
Reserve life represents the estimated life in years of the reserves and is computed by dividing ending reserves by production volume.
Gathering and Transportation Expenses
The costs related to the movement of raw oil or gas, such as transportation, marketing and processing of crude oil, natural gas and refined petroleum products.
Gathering and Transportation Costs Per Unit
Gathering and transportation expenses on a per unit basis. Computed by dividing gathering and transportation expenses by total production.
Taxes Other Than Income Taxes
Taxes paid for the production of hydrocarbons, such as royalties and other indirect taxes.
Production Taxes Per Unit
Taxes other than income taxes on a per unit basis. They are computed by dividing taxes and other than income taxes by total production.
Production Costs
The costs that are incurred in the operation and maintenance of wells/facilities and depletion. A combination of rent and lease operating expenses, taxes and other than income taxes, and gathering and transportation costs. Rent and lease expenses together with gathering and transportation costs form lifting costs.
Production Costs Per Unit
Production cost on a per unit basis. Calculated by dividing production costs by total production. This measure illustrates how efficiently the producer is extracting hydrocarbons.
Exploration Expense
Expenses relating to searching for new hydrocarbon deposits, as well as the cost of drilling dry wells.
Exploration Expense Per Unit
Exploration expenses on a per unit basis. Computed by dividing exploration expenses with total production.
Production Costs – Upstream
Production cost relating to the upstream segment of integrated oil and gas companies.
Production Costs Per Unit – Upstream
The per unit production cost for the upstream segment of integrated oil and gas companies.
Ending Reserves
These are the proved developed reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods.
API Gravity
The American Petroleum Institute metric used for measuring the weight of petroleum products compared to water. API gravity is inverse to density – the higher the API gravity, the lower the density of the petroleum product.
Standardized Measures
Standardized measures are a set of non-GAAP supplemental financial data reported by U.S. E&P companies as per SEC regulations. They include standardized measures of discounted future cash flows from the production of proved reserves and help investors to make comparisons between companies.
OPEC Countries
Saudi Arabia, Iraq, UAE, Kuwait, Iran, Nigeria, Angola, Libya, Algeria, Venezuela, Congo, Equatorial Guinea and Gabon
