Most of these terms are "old hat" to everyone else, and readily available at the Schlumberger glossary site, but for newbies, hopefully this page will be of some help.
Oil and gas glossary.
"SXL" was not in the Schlumberger glossary and that's what prompted this webpage.
ACRONYMS AND DEFINITIONS
CAGR: compound annual growth rate
EUR: estimated ultimate recovery
FBIR: Fort Berthold Indian Reservation
HBP: held by production
IRR: Internal Rate of Return
NPV is the difference between cash inflows and cash outflows. It shows the overall profitability of each well. This NPV is figured using these values:LOE: lease operating expense
This produces a 75% IRR (Internal Rate of Return). The IRR is best described as the rate of growth a project is estimated to generate.
- $8.9 Million in Well Costs
- EUR (Estimated Ultimate Recovery) of 600 Mboe
- 5-31-11 NYMEX Strip
MHA: Mandan, Hidatsa, Arikara; Three Affiliated Tribes (TAT); Fort Berthold Indian Reservation
NPV: Net Present Value
NPV is the difference between cash inflows and cash outflows. It shows the overall profitability of each well. This NPV is figured using these values:OOIP: original oil in place
This produces a 75% IRR (Internal Rate of Return). The IRR is best described as the rate of growth a project is estimated to generate.
- $8.9 Million in Well Costs
- EUR (Estimated Ultimate Recovery) of 600 Mboe
- 5-31-11 NYMEX Strip
P1 (90), P2 (50), P3 (10), PUD (90): "slang" for oil and / or natural gas reserves
Pooling: generally the last step before drilling commences
PIP: precision identified perforations, a type of simultaneous, multi-stage fracturing; compare with "plug and perf"
PUD: proved undeveloped reserves (90% chance to recover oil with existing technology, but requires new wells)
ROCE: return on capital employed (commonly used)
ROEC: return on economic capital (not as commonly used)
SHD: Spotted Hawk Development LLC (the oil exploration and production company of MHA)
SXL: super-extended laterals; an acronym I first saw with the recent Newfield presentation; Newfield discussed SXLs back in February, 2010. These are laterals greater than 5,000 feet, something CLR has been doing for quite some time. Most of us just refer to laterals as "short laterals" or "long laterals."
Well Status Definitions
- Ontario's official well status definitions: Although these come from the Canadian province of Ontario, I find them helpful
If you arrived here from another link looking for "Areas of Interest, by Producer," this information has been moved. Click here.
On many corporate presentations, one sees PDP, PBP, PNP, and PUD. Here is a note from a discussion thread regarding these acronyms:
When evaluating the value of a field the reserves are broken down into PDP, PUD, PBP and PNP as general categories: Proved Producing, Proved Undeveloped (not yet drilled), Proved Behind Pipe (drilled but waiting for a recompletion to that reservoir) and Proved Non-producing (maybe waiting for a pipeline to be built). And this obviously just covers the proved categories. Possible and probable are the other two big categories. To fall into any proved category a well has to be drilled and logged thru the reservoir. And then, according to SEC regs, the proved category only extends one offset location in four directions from the well. One well might indicate a 2,000 acre productive field but the regs might only allow four 40 acre units classified as proved (PUD) around the discovery well.This source probably has one of the best definitions of PDP, PUD, PBP, and PNP.
Obviously "reserve" numbers tossed out by national oil companies (NOCs) don't come close to fitting this protocol. And as someone pointed out, the number that counts most is proved producing. And the category Proved Undeveloped is very dependent on development cost/oil prices. A field might have 500 million bbls of PUD reserves at $80/bbl but only 100 million bbls of PDP at $40/bbl.
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