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New words:
absence, affiliate, Alliance, COD, confidential, consummation, effort, evidencing, experience, faith, forgiven, illegal, indemnification, investigating, issuable, Mine, modification, Mountain, negotiate, penalty, PIV, prejudice, prepayment, preventing, promissory, proxy, quorum, Red, release, released, repaid, resolved, restraint, RMCP, Safety, uncommitted, unpaid, Unregistered, vi, vii, viii, YEI
Removed:
accelerated, bank, bear, commence, commenced, declare, declared, determination, EBITDAX, fee, foreclose, foreclosure, invoke, leaving, line, noncompliance, paying, pledged, preceding, ratio, redetermination, requiring, reserved, securing, sustained, trailing, unrestricted, unutilized, waiver
Financial report summary
?Management Discussion
- Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (Boe).
- Crude oil and condensate are sold through month-to-month evergreen contracts. The price for Louisiana production is tied to an index or a weighted monthly average of posted prices with certain adjustments for gravity, Basic Sediment and Water (“BS&W”) and transportation. Generally, the index or posting is based on WTI and adjusted to LLS or HLS. Pricing for our California properties is based on an average of specified posted prices, adjusted for gravity, transportation, and for one field, a market differential.
- Crude oil volumes sold were 31.5%, or 78,753 Bbls, lower for the year ended December 31, 2018 compared to crude oil volumes sold during the year ended December 31, 2017. This decrease was primarily due to a decrease in the El Halcón Field (15,300 Bbls), which was divested during the second quarter of 2017, and declines in the Cameron Canal Field (12,942 Bbls), the La Posada wells (11,097 Bbls), Livingston Field (9,714 Bbls), Raccoon Island (6,284 Bbls), and the Chalktown Field (4,446 Bbls). Realized crude oil prices experienced a 33.9% increase from the year ended December 31, 2017 to the year ended December 31, 2018.