Strip Pricing definition
Strip Pricing means pricing calculated using oil and natural gas price parameters established by current guidelines of the SEC and accounting rules with the exception of pricing that is based on average annual forward-month ICE (Brent) oil and NYMEX Henry Hub natural gas contract pricing in effect on a given date to reflect the market expectations as of that date.
Strip Pricing means the average closing price over the preceding ninety (90) days prior to the date of the applicable Reserve Report, (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 four (4) complete calendar years, the average NYMEX Pricing for the twelve months in each such calendar year, and (c) for the succeeding fifth complete calendar year and each calendar year thereafter, the average NYMEX Pricing for the twelve months in such fifth calendar year.
Strip Pricing means, as of any date of determination for the appropriate crude oil benchmark (WTI C▇▇▇▇▇▇) and appropriate natural gas benchmark (H▇▇▇▇ Hub) included in the relevant Reserve Report, for the 60-month period commencing with the month in which such date occurs, as quoted on the New York Mercantile Exchange (the “NYMEX”) and published in a nationally recognized publication for such pricing as selected by the Administrative Agent (as such prices may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations), the average closing price over the preceding ninety (90) days prior to the date of the applicable date of determination (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 four (4) complete calendar years, the average NYMEX pricing for the twelve months in each such calendar year, and (c) for the succeeding fifth complete calendar year and each calendar year thereafter, the average NYMEX pricing for the twelve months in such fifth calendar year; 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 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 months of such period, and, if the NYMEX no longer provides such futures contract quotes or has ceased to operate, the Administrative Agent shall designate another nationally recognized commodities exchange to replace the NYMEX for purposes of the references to the NYMEX herein which in the Administrative Agent’s reasonable opinion is the most comparable exchange to the NYMEX at such time.
Examples of Strip Pricing in a sentence
The NYMEX Strip Pricing is used for five (5) years and escalated at three percent (3%) thereafter, and adjusted for basis and hydrocarbon quality (gas BTU/Mcf).
More Definitions of Strip Pricing
Strip Pricing means the average closing price over the preceding ninety
Strip Pricing means four (4) year NYMEX strip pricing adjusted for applicable differentials and Hedge Agreements and held flat after such four (4) year period at the average of the 37th month through the 48th month’s price.
Strip Pricing means, as of the Effective Date, (a) for crude oil, the closing settlement price for the West Texas Intermediate (light sweet crude oil) futures contract for the applicable month, as published by the New York Mercantile Exchange (NYMEX) on its website currently located at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇, or any successor thereto (as such price may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations), and (b) for natural gas, the closing settlement price for the ▇▇▇▇▇ Hub Natural Gas futures contract for the applicable month, as published by the New York Mercantile Exchange (NYMEX) on its website currently located at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇, or any successor thereto (as such price may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations).