Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (55282)	11/23/1999 11:46:00 AM
From: hdrjr	Read Replies (3) of 95453

From OEI's most recent quarterly report: "In 1999, the Company entered into a prepaid crude oil sales contract to deliver approximately 5,600 barrels of crude oil per day beginning in February 2000 through May 2003. In exchange for the crude oil to be provided, the Company received an advance payment of approximately $100 million in June 1999. The Company has the option to satisfy contract delivery requirements with crude oil purchased from third parties or from oil it produces. The obligation associated with the future delivery of the crude oil has been recorded as deferred revenue and will be amortized into revenue as scheduled deliveries of crude oil are made. The obligation is included in other accrued and other noncurrent liabilities and deferred revenue on the consolidated balance sheet." Does anyone know the details of this contract, ie. at what price? set price, market price at the time of delivery, or below below market price at the time of delivery in return for the upfront cash? TIA, hdr

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