Yahoo worthless IMO.
Following table clearly states chargeable costs per barrel is 9.30;
If i am interpreting the information incorrectly, please set me straight.
From the SEC filings:
WTI Price
The "WTI Price" for any trading day means (i) the latest price (expressed
in dollars per barrel) for West Texas intermediate crude oil of standard
quality having a specific gravity of 40 degrees API for delivery at Cushing,
Oklahoma ("West Texas Crude"), quoted for such trading day by the Dow Jones
International Petroleum Report (which is published in The Wall Street Journal)
or if the Dow Jones International Petroleum Report does not publish such
quotes, then such price as quoted by Reuters, or if Reuters does not publish
such quotes, then such price as quoted in Platt's Oilgram Price Report, or
(ii) if for any reason such publications do not publish the price of West
Texas Crude, then the WTI Price will mean, until the price quotations
described in (i) are again available, the simple average of the daily mean prices (expressed in dollars per barrel) quoted for West Texas Crude by one
major oil company, one petroleum broker and one petroleum trading company, in
each case unaffiliated with BP and having substantial U.S. operations. Such
major oil company, petroleum broker and petroleum trading company will be
designated by the Company from time to time. In the event that prices for
West Texas Crude are not quoted so as to permit the calculation of the WTI
Price, "West Texas Crude," for the purposes of calculating the WTI Price will
mean such other light sweet domestic crude oil of standard quality as is
designated by the Company and approved by the Trustee in the exercise of its
reasonable judgment, with appropriate allowance for transportation costs to
the Gulf Coast (or other appropriate location) to equilibrate such price to
the WTI Price. The WTI Price for any day which is not a trading day is the
WTI Price for the next preceding trading day.
Chargeable Costs
The "Chargeable Costs" per barrel of Royalty Production for each calendar
year are fixed amounts specified in the Conveyance and do not necessarily
represent the Company's actual costs of production. Chargeable Costs per
barrel for the five calendar years ended December 31, 1996 were: $6.00 during
1992; $6.75 during 1993; $8.00 during 1994; $8.25 during 1995; and $8.50
during 1996. Chargeable Costs for the calendar year ending December 31, 1997
and subsequent years are shown in the following table:
For the Chargeable For the Chargeable
Year Ending Costs Per Year Ending Costs Per
December 31 Barrel December 31 Barrel
------------ ---------- ------------ ----------
1997 $ 8.85
1998 9.30
1999 9.80
2000 10.00
2001 10.75
2002 11.25
2003 11.75
2004 12.00
2005 12.25
2006 12.50
2007 12.75
2008 13.00
After 2020, Chargeable Costs increase at a uniform rate of $2.75 per
year. |
