WTI Price definition
WTI Price means, with regards to any month, the NYMEX calendar month average settlement price for West Texas Intermediate for that month in barrels multiplied by 6.289811 barrels per cubic metre.
WTI Price has the meaning set forth in Section 9.1(a).
WTI Price for any trading day means (i) the latest price (expressed in dollars per Barrel) for West Texas intermediate crude oil of standard quality having a specific gravity of 40 degrees API for delivery at Cushing, Oklahoma (“West Texas Crude”), quoted for such trading day by the Dow Jones International Petroleum Report (which is published in The Wall Street Journal) or if the Dow Jones International Petroleum Report does not publish such quotes, then such price as quoted by Reuters, or if Reuters does not publish such quotes, then such price as quoted in Platt’s Oilgram Price Report, or (ii) if for any reason such publications do not publish the price of West Texas Crude, then the WTI Price will mean, until the price quotations described in (i) are again available, the simple average of the daily mean prices (expressed in dollars per Barrel) quoted for West Texas Crude by one major oil company, one petroleum broker and one petroleum trading company, in each case unaffiliated with BP and having substantial U.S. operations. Such major oil company, petroleum broker and petroleum trading company will be designated by the Company from time to time. In the event that prices for West Texas Crude are not quoted so as to permit the calculation of the WTI Price, “West Texas Crude,” for the purposes of calculating the WTI Price will mean such other light sweet domestic crude oil of standard quality as is designated by the Company and approved by the Trustee in the exercise of its reasonable judgment, with appropriate allowance for transportation costs to the Gulf Coast (or other appropriate location) to equilibrate such price to the WTI Price. The WTI Price for any day which is not a trading day is the WTI Price for the preceding trading day.
Examples of WTI Price in a sentence
The actual WTI Price used in calculating the Transfer Price shall be the settlement value published the first day following the date of delivery of the applicable Crude Oil Withdrawal.
Vitol shall use its best estimate of the trading price for purposes of calculating the WTI Price component of the Transfer Price.
If Coffeyville fails to nominate any WTI Contracts within such time frame, the second-line WTI Contract shall be deemed to be the WTI Price for the subject Crude Oil Lot.
The WTI Differential shall be amended, as necessary, to reflect the substitution or replacement of any WTI Contracts, to include, but not be limited to, WTI Price rolls pursuant to Section 9.1(b), and grade exchange differentials, if any.
Any such amounts shall be included in the Provisional Invoice, unless the Parties mutually agree to document any such transaction as a price roll, with respect to the WTI Price, in accordance with common oil industry trading practices.
More Definitions of WTI Price
WTI Price for any trading day means (i) the latest price (expressed in dollars per barrel) for West Texas intermediate crude oil of standard quality having a specific gravity of 40 degrees API for delivery at Cushing, Oklahoma ("West Texas Crude"), quoted for such trading day by the Dow Jones International Petroleum Report (which is published in The Wall Street Journal) or if the Dow Jones International Petroleum Report does not publish such quotes, then such price as quoted by Reuters, or if Reuters does not publish such quotes, then such price as quoted in Platt's Oilgram Price Report, or (ii) if for any reason such publications do not publish the price of West Texas Crude, then the WTI Price will mean, until the price quotations described in (i) are again available, the simple average of the daily mean prices (expressed in dollars per barrel) quoted for West Texas Crude by one major oil company, one petroleum broker and one petroleum trading company, in each case unaffiliated with BP and having substantial U.S. operations. Such major oil company, petroleum broker and petroleum trading company will be designated by the Company from time to time.
WTI Price for any trading day means (i) the latest price (expressed in dollars per barrel) for West Texas Intermediate crude oil of standard quality having a specific gravity of 40 degrees API for delivery at Cushing, Oklahoma ("West Texas Crude"), quoted for such trading day by the Dow Jones International Petroleum Report (which is published in The Wall Street Journal) or if the Dow Jones International Petroleum Report does not publish such quotes, then such price as quoted by Reuters, or if Reuters does not publish such quotes, then such price as quoted in Platt's Oilgram Price Report, or (ii) if for any reason such publications do not publish such price, then the WTI Price will mean, until
WTI Price means the average, rounded to four decimal places, of the mid-point ▇▇▇▇▇▇▇ second line as quoted in ▇▇▇▇▇'▇ for WTI for each business day during the relevant month; IT BEING UNDERSTOOD that (A) the mid-point ▇▇▇▇▇▇▇ second line for any business day shall be equal to the average of the high and the low ▇▇▇▇▇▇▇ second line as quoted in ▇▇▇▇▇'▇ for WTI for such business day and (B) for purposes of this definition only, the term "business day" shall mean any day on which a ▇▇▇▇▇▇▇ second line is quoted in ▇▇▇▇▇'▇ for WTI, and (ii) "NET REVENUE INTEREST BARRELS" shall mean total barrels of hydrocarbon liquids produced from the Producing Properties delivered into TAPS Pump Station No. 1 during the relevant month, as reported in the relevant unit operator's off-take reports filed with the State of Alaska, but not including any barrels attributable to royalty obligations except for any royalty obligations which the owner of the Producing Properties may voluntarily incur subsequent to the First Closing. For the avoidance of doubt, any transfer of any Producing Property or part thereof by Purchaser to any Person after the First Closing shall not affect the calculations to be made under this Section 2.8.
WTI Price has the meaning set forth in Section 2.8(c).
WTI Price for any trading day means (i) the latest price (expressed in dollars per barrel) for West Texas Intermediate crude oil of standard quality having a specific gravity of 40 degrees API for delivery at Cushing, Oklahoma ("West Texas Crude"), quoted for such trading day by the Dow Jones International Petroleum Report (which is published in The Wall Street Journal) or if the Dow Jones International Petroleum Report does not publish such quotes, then such price as quoted by Reuters, or if Reuters does not
WTI Price means the daily closing spot price, in Dollars per barrel, reported by the U.S. Energy Information Administration, on the “Spot Prices” chart, set for a daily period, in the row labeled “WTI – Cushing, Oklahoma,” which chart can currently be accessed at the following link: ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇/dnav/pet/pet_pri_spt_s1_d.htm.
WTI Price means the arithmetic average of the prompt month high/low ▇▇▇▇▇’▇ posting for each publication day for West Texas Intermediate crude oil in U.S. dollars per barrel. Each of the definitions used in the calculation of the Contingent Purchase Payment shall correspond to the calendar month with respect to which the Contingency Amount is being calculated. If any of the above published postings or definitions cease to exist or change materially, in whole or in part, the Parties shall agree on a mutually agreeable similar posting or definition as a substitute.