Glossary of Energy Terms

CHARTER SEARCH CONSULTANTS
17318 FM 2920
Tomball, TX 77377
(832) 264-7200
Glossary of Energy Business Term(s)
EnergyEHS.Blogspot.com

Bbl
One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or natural gas liquids.


Bcf
One billion cubic feet of natural gas.


Bcfe
One billion cubic feet of natural gas equivalent using the ratio of one barrel of crude oil, condensate or natural gas liquids to 6 Mcf of natural gas.


Btu
British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.


Basin
A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.


Field
An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.


Fully developed finding, development and acquisition cost (FD&A)
Total costs incurred plus the increase in future development costs divided by total proved reserve acquisitions, extensions and discoveries and revisions.


Henry Hub spot price
The price of natural gas, in dollars per MMbtu, being traded at the Henry Hub in Louisiana in transactions for next-day delivery, measured downstream from the wellhead after the natural gas liquids have been removed and a transportation cost has been incurred.


Horizontal drilling
A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle within a specified interval.


Infill wells
Wells drilled into the same pool as known producing wells so that oil or natural gas does not have to travel as far through the formation.


MBbl
One thousand barrels of crude oil, condensate or natural gas liquids.


Mcf
One thousand cubic feet of natural gas.


Mcfe
One thousand cubic feet of natural gas equivalents.


MMBbl
One million barrels of crude oil, condensate or natural gas liquids.


MMBtu
One million British thermal units.


MMcf
One million cubic feet of natural gas.


MMcfe
One million cubic feet of natural gas equivalents.


NYMEX
The New York Mercantile Exchange.


Net acres
The percentage of total acres an owner has out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres.


Net working interest
A working interest owner’s gross working interest in production, less the related royalty, overriding royalty, production payment, and net profits interests.


PDP
Proved developed producing.