Oil and Gas work|Oil|Gas

3-D Seismic	Technology that bounces sound waves off underground rock formations and is processed to create a three-dimensional picture of the subsurface. Indentifies rock formations most likely to contain accumulations of oil and gas.
Additives	Chemicals to control engine deposits and improve lubricating performance.
Barrels of oil-equivalent (BOE)	unit of measure to quantify crude oil and natural gas amounts using the same basis. Natural gas volumes are converted to barrels on the basis of energy content. See oil-equivalent gas.
Bbl	Barrel of oil
BCF	Billion cubic feet
BCFE	Billion cubic feet (of gas) equivalent
BOE Barrel of oil equivalent.	A method of equating oil, gas and natural gas liquids. Gas is converted to oil based on its relative energy content at the rate of six Mcf of gas to one barrel of oil. Natural gas liquids are converted based upon volume where one barrel of natural gas liquids equals one barrel of oil.
Cash flow from operating activities	Cash generated from the company's businesses, an indicator of a company's ability to pay dividends and fund capital programs. Excludes cash flows related to the company's financing and investing activities.Extraordinary item In 2001, the net after-tax effect on income associated with asset dispositions mandated by the U.S. Federal Trade Commission and other assets that were duplicative to the combined company.
Condensates	Liquid hydrocarbons produced with natural gas, separated by cooling and other means.
Development Well	A well drilled in the area of an oil or gas reservoir known to be productive. These wells are generally low-risk.
Dry Hole	A well that does not provide oil or gas in sufficient quantities to justify completion.
Enhanced Recovery	Techniques used to increase or prolong production from oil and natural gas fields.
Enhanced recovery	Techniques used to increase or prolong production from crude oil and natural gas fields.
Exploration	Searching for crude oil and/or natural gas by utilizing geologic and topographical studies, geophysical and seismic surveys, and drilling of wells.
Exploratory Well	A well drilled in an unproved area, sometimes referred to as a wildcat.
Fee Land	The most extensive interest that can be owned in land, including surface and mineral (including oil and gas) rights.
Field Formation	A geographical area with one or more oil and gas reservoirs. An identifiable layer of rocks named after its geographical location and dominant rock type.
Full Cycle Economics	Current year cash margin (reserves less current year operating and administrative costs) minus 5-year finding cost.
Gasification	Commercially proven process that converts low-value hydrocarbons into clean synthesis gas.
Gas-to-liquids (GTL)	A process that converts natural gas into high-quality transportation fuels.
Greenhouse gases	Gases that trap heat in the Earth's atmosphere (e.g., carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride).
Gross Acres	The total number of acres in which the company owns a working interest.
Gross Production	Total production before deducting royalties.
Gross Well	A well in which a working interest is owned.
Integrated energy company	A company engaged in all aspects of the industry: exploring for and producing crude oil and natural gas (upstream); refining, marketing and transporting crude oil, natural gas and refined products (downstream); manufacturing and distributing petrochemicals (chemicals); and generating power.
Lease	A legal contract that specifies the terms of the business relationship between an energy company and a landowner or mineral rights holder on a specific tract.
Liquefied natural gas (LNG)	Natural gas that is liquefied under extremely cold temperatures to facilitate storage or transportation in specially designed vessels.
Liquefied petroleum gas (LPG)	Light gases, such as butane and propane, that can be maintained as liquids while under pressure.
Margin	The difference between the cost of purchasing, producing or marketing a product and its sales price.
MBbl	One thousand barrels
Mcf .	A standard measurement unit for volumes of natural gas that equals one thousand cubic feet. Six Mcf of natural gas is approximately the energy equivalent of one barrel of oil
MCFE	Thousand cubic feet (of gas) equivalent
Merger-related expenses	The incremental expenses necessary to effect the combination of Chevron and Texaco. The amount shown on the Income Statement is before income tax. Examples are employee termination expenses; professional service fees for investment bankers, attorneys and public accountants; employee and office relocation costs; expenses associated with closure of redundant facilities; and reconfiguration of information technology, telecommunications and accounting systems.
MMBbl	Million barrels
MMBOE	Million barrels of oil equivalent
MMcf	Million cubic feet
Natural gas liquids (NGL)	Separated from natural gas, these include ethane, propane, butane and natural gasoline.
Natural gas that is liquefied under extremely cold temperatures to facilitate storage or transportation in specially designed vessels.
Net Acres	Gross acres multiplied by the fractional working interest in the property.
Net income	The primary earnings measure for a company, as determined under Generally Accepted Accounting Principles (GAAP), and detailed on a
Net Production	Gross production, minus royalties, multiplied by the company's fractional working interest.
Oil sands	Naturally occurring mixture of bitumen — a heavy viscous form of crude oil — water, sand and clay. Using hydroprocessing technology, bitumen can be refined to yield synthetic crude oils.
Oil-equivalent gas (OEG)	The volume of natural gas needed to generate the equivalent amount of heat as a barrel of oil (approximately 6,000 cubic feet of natural gas equals one barrel of oil).
Petrochemicals	Derived from petroleum; used principally for the manufacture of chemicals, plastics and resins, synthetic fibers, detergents,adhesives, and synthetic motor oils. Production Total production refers to all the crude oil and natural gas produced from a property. Gross production is the company's share of total production before deducting royalties. Net production is gross production minus royalties paid to landowners.Refinery utilization rate Represents average crude oil consumed in fuel and asphalt refineries for the year expressed as a percentage of the refineries' average annual crude unit capacity adjusted for refinery dispositions.
Production	Total production refers to all the oil and gas produced from a property.
Prospect	An area designated for the potential drilling of development or exploratory wells.
PV10	Value Pre-tax present value of estimated future net revenues discounted at 10% using SEC guidelines
Recompletion	The modification of an existing well for the purpose of producing oil or gas from a different producing formation.
Renewables Energy	resources that are not depleted when consumed or converted into other forms of energy (e.g., solar, geothermal, ocean and tide, wind, hydroelectric power, biomass fuels, and hydrogen).
Reserve	Oil or gas contained in underground rock formations called reservoirs. Proved reserves are the estimated quantities that geologic and engineering data demonstrate can be produced with reasonable certainty from known reservoirs under existing economic and operating conditions. Recoverable reserves are those that can be produced using all known primary and enhanced recovery methods.
Reserves	Crude oil or natural gas contained in underground rock formations called reservoirs. Proved reserves are the estimated quantities that geologic and engineering data demonstrate can be produced with reasonable certainty from known reservoirs under existing economic and operating conditions. Estimates change as additional information becomes available. Recoverable reserves are those that can be produced using all known primary and enhanced recovery methods. U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "probable," "possible" or "recoverable" reserves, or "resources," may be used to describe certain oil and gas properties in sections of this document that are not filed with the SEC.
Return on capital employed (ROCE)	ROCE is calculated by dividing net income (adjusted for after-tax interest expense and minority interest) by the average of total debt, minority interest and stockholders' equity for the year.
Royalty Interest	An interest in an oil and gas property entitling the owner to a share of oil and gas production free of costs of exploration, development and production.
Stockholders' equity	The owners' share of the company — the difference between total assets and total liabilities.Total stockholder return The return to stockholders from stock price appreciation and reinvested dividends for a period of time.
TCF	Trillion cubic feet
Waterflood	A method of increasing oil recovery from an existing reservoir. Water is injected to force unrecovered oil out of reservoir rock and into nearby oil wells.
Working Interest	The operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and to share in the production.

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