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.

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

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

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.

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.

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

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

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

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

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

A technology that converts natural gas to a liquid.

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

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

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.

A market price indicator used by OPEC.

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.

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.

Finished gasoline formulated for use in motor vehicles.

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%.

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

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.

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

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.

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

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.

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.

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

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

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.