Bbl definition
Examples of Bbl in a sentence
Pioneer and Pioneer USA ignored any economic limit, or point at which production would become unprofitable, otherwise assumed in the 1998 Will▇▇▇▇▇▇ reserve report because that reserve report used NYMEX oil and gas prices as of December 31, 1998, which were $12.00 per Bbl of oil and $2.00 per Mcf of gas.
In contrast, Pioneer and Pioneer USA used (1) an arithmetic average of the five-year NYMEX futures price as of June 30, 1999, which was approximately $18.00 per Bbl of oil, less standard industry adjustments, and (2) the NYMEX price of $2.40 per Mcf of gas, less standard industry adjustments, to calculate the merger values.
Pioneer and Pioneer USA agreed to calculate estimated future net revenues of the estimated reserves at June 30, 1999, using (1) an arithmetic average of the five-year NYMEX futures price for oil, which was approximately $18.00 per Bbl of oil, less standard industry adjustments, and (2) the NYMEX price of $2.40 per Mcf of gas, less standard industry adjustments.
The merger values are higher than the 1999 repurchase offer prices for the few partnerships that had such requirements because the repurchase prices were based on NYMEX oil and gas prices as of December 31, 1998, which were $12.00 per Bbl of oil and $2.00 per Mcf of gas.
In contrast, the merger values are based on (1) an arithmetic average of the five-year NYMEX futures price for oil, which was approximately $18.00 per Bbl of oil, less standard industry adjustments, and (2) the NYMEX price of $2.40 per Mcf of gas, less standard industry adjustments.