CRUDE OIL

A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include:

1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included;
2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals;
3. Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.

Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content.

Receipts of domestic and foreign crude oil at a refinery. Includes all crude oil in transit except crude oil in transit by pipeline. Foreign crude oil is reported as a receipt only after entry through customs. Crude oil of foreign origin held in bonded storage is excluded.

An equity (not custody) transaction commonly associated with a transfer of ownership of crude oil associated with the physical removal of the crude oil from a property for the first time (also referred to as a lease sale). A first purchase normally occurs at the time and place of ownership transfer where the crude oil volume sold is measured and recorded on a run ticket or other similar physical evidence of purchase. The volume purchased and the cost of such transaction shall not be measured farther from the wellhead than the point at which the value for landowner royalties is established, if there was a separate landowner.

The volumes of crude oil that are extracted from oil reservoirs. These volumes are determined through measurement of the volumes delivered from lease storage tanks or at the point of custody transfer, with adjustment for (1) net differences between opening and closing lease inventories and (2) basic sediment and water. Crude oil used on the lease is considered production.

Total crude oil (domestic plus foreign) input to crude oil distillation units and other refinery processing units (cokers, etc.).

Represents the arithmetic difference between the calculated supply and the calculated disposition of crude oil. The calculated supply is the sum of crude oil production plus imports minus changes in crude oil stocks. The calculated disposition of crude oil is the sum of crude oil input to refineries, crude oil exports, crude oil burned as fuel, and crude oil losses.

Those economic resources of crude oil and natural gas, yet undiscovered, that are estimated to exist in favorable geologic settings.

A mixture of hydrocarbons that exists in the liquid phase in the underground reservoir and remains liquid at atmospheric pressure after passing through surface separating facilities (separation from any associated gas).

Petroleum as found in the earth, before it is refined into oil products. Also called CRUDE.