Strip Price means, at any time, (a) for the remainder of the then-current calendar year, the average NYMEX Pricing for the remaining months in such calendar year, (b) for each of the succeeding three complete calendar years, the average NYMEX Pricing for the twelve months in each such calendar year, and (c) for the succeeding fourth complete calendar year and each calendar year thereafter, the average NYMEX pricing for the twelve months in such fourth calendar year.
Strip Price means as of any date of determination, the forward month prices as of the last Business Day of the fiscal year or fiscal quarter of the Parent immediately preceding such date of determination for the most comparable hydrocarbon commodity applicable to such future production month for a four-year period (or such shorter period if forward month prices are not quoted for a reasonably comparable hydrocarbon commodity for the full four year period), with such price held flat for each subsequent year based on the average forward month price for each of the twelve months in such fourth year, as such prices are quoted on the NYMEX (or its successor) as of the date of determination, without future escalation; provided that with respect to estimated future production for which prices are defined, within the meaning of SEC guidelines, by contractual arrangements excluding escalations based upon future conditions, then such contract prices shall be applied to future production subject to such arrangements.
Strip Price means, as of any date, (a) for the 60-month period commencing with the month in which such date occurs, as quoted on the NYMEX and published in a nationally recognized publication for such pricing as selected by the Majority Holders (as such prices may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations), the corresponding monthly quoted futures contract price for months 0–60 and (b) for periods after such 60-month period, the average corresponding monthly quoted futures contract price for months 49– 60; provided, however, in the event that the NYMEX no longer provides futures contract price quotes for 60-month periods, the longest period of quotes of less than sixty (60) months shall be used to determine the strip period and held constant thereafter based on the average of contract prices for the last twelve (12) months of such period, and, if the NYMEX no longer provides such futures contract quotes or has ceased to operate, the Majority Holders shall designate another nationally recognized commodities exchange to replace the NYMEX for purposes of the references to the NYMEX herein which in such Person’s reasonable opinion is the most comparable exchange to the NYMEX at such time.
Examples of Strip Price in a sentence
Based on internally generated type curves and using GLJ July 2018 Strip Price Forecast2.
Based on Ryder Scott type well from Reserves Report dated February 28, 2018 and using GLJ July 2018 Strip Price Forecast2.
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Calculate the implied peak strip price which when deducted (on an average MWh- weighted basis) from the implied Base strip price yields the Off-peak Strip Price.
The Lenders shall have received a borrowing base certificate setting forth the Borrowing Base and the Revolver A Borrowing Base, each of which includes a roll forward of production volumes and update of the NYMEX Strip Price from the Initial Reserve Report, together with a detailed breakdown of each oil and gas well setting forth whether such well is subject to a Mortgage or the Production Payment 2001 Lien.
More Definitions of Strip Price
Strip Price means (x) for purposes of determining the value of Oil and Gas Properties constituting Proved Reserves, the price estimated by the Borrower in a Reserve Report prepared by the Borrower’s petroleum engineers applying the ICE(Xxxxx)/NYMEX (as applicable) published forward prices adjusted for relevant basis differentials (before any state or federal or other income tax) and (y) for purposes of determining the value of basis differential commodity Hedge Agreements, as estimated by the Borrower applying, if available, the relevant ICE(Xxxxx)/NYMEX (as applicable) published forward basis differential or, if such ICE(Xxxxx)/NYMEX (as applicable) forward basis differential is unavailable, in good faith based on historical basis differentials, but accounting for reasonably expected future conditions (before any state or federal or other income tax). For any months beyond the term included in published ICE(Xxxxx)/NYMEX (as applicable) forward pricing, the Strip Price used will be equal to the last published contract escalated at 1.5% per annum.
Strip Price means, with respect to any month, (i) for crude oil, the closing settlement price for the Light, Sweet Crude Oil futures contract for the first nearby month, and (ii) for natural gas, the closing settlement price for the Xxxxx Hub Natural Gas futures contract for the first nearby month, in each case, as published by a nationally recognized commodities exchange designated by the Administrative Agent.
Strip Price means, as of any date of determination, the forward month prices for the most comparable hydrocarbon commodity applicable to such future production month, as such prices are (i) quoted on the New York Mercantile Exchange (or its successor) as of the date of determination and (ii) adjusted for energy content, quality and basis differentials.
Strip Price means, as of any Calculation Date, (a) for the period commencing with the month immediately following the month in which such date occurs and ending on the latest contractual termination date of any Hedge Transaction of such Participating Partnership, the NYMEX Pricing for such period and (b) for periods after such period, the average of such quoted prices for the final 12 months in such period.
Strip Price means, as of any date of the determination thereof with respect to the Oil and Gas Properties included in the then most recent Reserve Report, (a) the average of the closing midpoint contract prices on a monthly basis for each month through the eighth anniversary of the then most recent Reserve Report (the “Initial Strip”) and (b) thereafter, the average of such midpoint contract prices for the last twelve (12) months of such Initial Strip period escalated at 2.0% per annum for five years, in each case as quoted on the New York Mercantile Exchange (the “NYMEX”) for WTI oil and Hxxxx Hub gas prices and the ICE Futures Europe (“ICE”) for Bxxxx oil prices; provided, however, that lease operating costs will be escalated at 1% per annum for the same period that WTI oil prices are escalated. If NYMEX and/or ICE no longer provides such futures midpoint contract quotes or has ceased to operate, the Company shall designate another nationally recognized commodities exchange to replace the NYMEX and/or ICE for purposes of the references to the NYMEX and ICE herein.
Strip Price means, at any time, (a) for the remainder of the then-current calendar year, the average NYMEX Pricing for the remaining monthly contracts in the then-current calendar year, (b) for each succeeding calendar year for which there is a daily settlement price for every monthly contract in that calendar year, the average NYMEX Pricing for the twelve months in each such calendar year, and (c) for each calendar year thereafter for which there is not a daily settlement price for every monthly contract in that calendar year, the average NYMEX Pricing for the twelve months in the last complete calendar year for which there is a daily settlement price for all twelve monthly contracts in such calendar year.