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Industry Glossary
Data Dictionary Services
Industry Glossaries:
 
Petroleum
                 
 Air Gap
Category
 

 

Petroleum
 Btu
Category
 

An acronym for British Thermal Unit. The Btu is the amount of heat required to increase thetemperature of one pound of water by one degree Farenheit.

 

Petroleum
 Boe
Category
 

An acronym for barrel of oil equivalent. The Boe is a unit of measure used to equate oil and natural gas volumes.

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Petroleum
 Coal Liquefaction
Category
 

A process that breals down coal to smaller molecules and adds hydrogen to create lighter more stable oil molecules.

 

Petroleum
 Crack Spread
Category
 

The spread differencial typically used in the financial markets as a measure of the refining margin. It is the difference between weighted spot prices of refined petroleum products and an associated crude oil fedstock, expressed on a per barrel basis.

 

Petroleum
 Brent Crude Oil
Category
 

Brent crude oil cargoes are acquired at a set specific set of loading dates about two weeks before loading. Before this pointm, Brent cargoes are traded generically ats "15 day Brent". The dated Brent market is assed a 7 to 15 day forward basis which generates prices that have becoem a key benchmark for contract pricing of crude oil worldwide.

 

Petroleum
 Decline rate
Category
 

The falloff in oil or gas productio from an oil well or gas field over a given period.

 

Petroleum
 Deepwater
Category
 

Underwater drilling operations located in depths of 3,00 to 5,000 feet. Ultradeep water refers to depths greater than 5,000 feet.

 

Petroleum
 Depletion
Category
 

Depletion is an accounting term for allocating the cost of natural resources based on the rate of extraction or production

 

Petroleum
 Distillate
Category
 

Petroleum fractions produced in conventional distillation operations which includes kerosene, heating oils, and diesel fuels.

 

Petroleum
 Exploration Costs
Category
 

Expenses directly incurred through exploration activities which includes support equipment, facilities, depreciation, and other operating costs.

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Petroleum
 Gas-to-Liquids
Category
 

A technology that converts natural gas to a liquid.

 

Petroleum
 Decline Rate
Category
 

The decline in oil and gas production from an oil well or gas field over a given period of time.

 

Petroleum
 Netback
Category
 

Oil and gas revenues, less production and transporation costs but before selling , general and adimistrative expenses.

 

Petroleum
 Lease Sales
Category
 

The process by which the U.S. government auctions the right to explore for oil, gas, and other minerals on lands for which it owns the mineral rights. For instance, oil companies acquire most of their offshore blocks through federal lease sales.

 

Petroleum
 OPEC Reference Price
Category
 

A market price indicator used by OPEC.

 

Petroleum
 Probable Reserves
Category
 

An estimate of th equantities of energy sources that can be reasonably be expected to exist and to be recoverable under existign operatign conditions. These estimates are based on geological evidence that supports projections from proved reserves.

 

Petroleum
 Proved Reserves
Category
 

An estimate of the quantities of energy sources that analysis of geologic and engineering data demonstrates with resonable certainty are recoverable under existing operating conditions.

 

Petroleum
 Reformulated Gasoline
Category
 

Finished gasoline formulated for use in motor vehicles.

 

Petroleum
 Reserves Replacement Ratio
Category
 

A petroleum company's ability to continue operations in the future by measuring the extent to which it replaces the reserves from which it produces. A company replacing all the reserves that it produces has a reserves replacement of at least 100%.

 

Petroleum
 Reserves-to-Production Ratio
Category
 

Years of oil and gas production remaining given current rates of prodcution and reserve estimates.

 

Petroleum
 Synthetic Fuels
Category
 

Liquid fuels and chemicals produced from various gas sources (natural gas, refinery residues, sythesis gas from coal, industrial off gases , and fro mthe pyrolysis , or heating of biomass in non-conventional processes.

 

Petroleum
 West Texas Intermediate (WTI) Crude Oil
Category
 

The U.S. benchmark price for crude oil as WTI is for delivery at Cushing, Oklahoma.

 

Petroleum
 OPEC
Category
 

OPEC (Organization of the Petroleum Exporting Countries) is a cartel fomed by nations that are large exporters of oil. The purpose of the cartel is to staqbilize world oil prices and to provide an efficient , economic , and regulated petroleum supply to oil-consuming nations with a fair return to capital.

 

Petroleum
 Outer Continental Shelf
Category
 

A sloping underwater plain that extends seaward from both coasts of the North American continent.

 

Petroleum
 Bitumen
Category
 

Heavy, ter-like htdrocompounds that vary in form from a viscous oil to a brittle solid. Bituminous compounds include asphalt, tars, and mnatural mineral waxes.

 

Petroleum
 Development costs
Category
 

Operatingexpenses incurred to obtain access to proven reserves of oil and gas and to provide facilities for extracting, treating, gathering, and storing gas and liquids.

 

Petroleum
 Hydrocarbon
Category
 

An organic chemical compound of hydrogen and carbon in the gaseous, liquid, or solid phase.

 

Petroleum
 Production costs
Category
 

Operating expenses incurred to operate and maintain wells and related equipmernt. This is also referredtoas lifting costs.

 

Petroleum
 Reformulated blendstock
Category
 

The base gasoline blendstock produced by refiners or blenders that is shipped to terminals where ethanol is then added to create the finished ethanol-blended reformulated gasoline.

 

Petroleum