Leviathan definition
Examples of Leviathan in a sentence
The commodity price swap transactions Leviathan uses differ from futures contracts in that there are no contractual obligations which require or allow for the future delivery of the product.
Leviathan settles the commodity price swap transactions by paying the negative difference or receiving the positive difference between the applicable settlement price and the price specified in the contract.
Additionally, Leviathan has open sales swap transactions of 10,000 MMbtu of natural gas per day at a fixed price to be determined at its option equal to the January 2000 Natural Gas Futures Contract on NYMEX as quoted at any time during 1999, to and including the last two trading days of the January 2000 contract, minus $0.50 per MMbtu.
Leviathan ▇▇▇▇▇▇ a portion of its oil and natural gas production to reduce its exposure to fluctuations in the market prices thereof.
Leviathan is currently evaluating the effects of this pronouncement.
Any credit due to Atlantic Richfield as a result of the error shall be deducted from, and any additional funds due to the Regional Board as a result of the error shall be added to, Atlantic Richfield’s next required payment into the Leviathan Mine Environmental Remediation Trust.
Leviathan has entered into an agreement, attached as Schedule 9 hereto, with North Atlantic Pipeline Partners, L.P., an indirect wholly owned subsidiary of Offshore, and other parties, dated February 5, 1998, relating to the participation by Leviathan in a proposed pipeline project in Canadian Atlantic waters (the "NAP Agreement").
Leviathan does not require collateral and does not anticipate non-performance by this counter-party, which does not transact a sufficient volume of transactions with Leviathan to create a significant concentration of credit risk.
As promptly as practical, and in any event no later than Monday, March 2, 1998, Offshore shall take, and the Company shall cause Leviathan to take, all such actions as shall be necessary to exchange the outstanding shares of the Senior Preferred Stock for a substantially identical series of preferred stock of Offshore, except that such new series of preferred stock shall not be redeemable and shall be immediately convertible into Offshore Common Stock.
Leviathan uses commodity price swap transactions whereby monthly settlements are based on differences between the prices specified in the commodity price swap agreements and the settlement prices of certain futures contracts quoted on the NYMEX or certain other indices.