Monthly Oil Purchase Statements
Accurate Allocations, Accurate Payments
To schedule a free consultation, please call (303) 463-8799 or fill out our contact form.
As part of our well services for oil and gas purchasers and operators, we provide our clients with monthly oil purchase statements. These statements bring together the production, measurement, and pricing data from the oil and gas tickets, tank strap databases, and monthly price bulletins into an easy-to-read summary.
Crude Oil Tickets
Crude oil run tickets are the records of the physical transfer of oil from a lease tank to the purchaser.
These crude oil tickets typically include:
- lease name
- tank number
- date of pickup
- volume hauled
- gravity
- temperature
- other measurement details
As the primary document for purchased volumes, crude oil run tickets provide the foundation for revenue allocation calculations. We review run tickets to ensure that production is properly attributed to the correct lease and that revenue distributions are based on verified production data.
Tank Strap Databases
Tank strap databases contain the calibration information used to convert tank fluid levels into measurable volumes of oil. Because lease tanks vary in size, shape, and construction, accurate strapping tables are essential for determining the amount of oil stored and sold from each tank.
Tank strap databases are used to:
- validate production measurements
- verify volume calculations
- support accurate allocations to owners
To prevent volume discrepancies that can lead to accounting adjustments, payment errors, and audit concerns, we maintain current and accurate tank strap records.
Monthly Price Bulletins And Deductions
Monthly price bulletins establish the value assigned to oil that was purchased within a specific month.
These price bulletins typically include:
- the purchaser’s posted price
- adjustments for the quality of the oil
- gravity differentials
- gathering fees
- transportation charges
- marketing deductions
We review and maintain oil and gas pricing records, to ensure that revenues are calculated using the correct pricing schedules and deductions.
Bringing It All Together
Crude oil tickets, tank strap databases, monthly price bulletins are the cornerstones of the revenue distribution process.
At ExTex, we bring these pieces together into a single, accurate monthly oil purchase statement that supports proper allocations and timely owner payments. By getting the details right the first time, we help reduce the risk of payment errors, compliance issues, and costly corrections.
About ExTex
Since 1998, have been providing a full range of division order services for oil and gas companies of all sizes, including startups. We are SOC compliant, and we can customize our back office support to your exact needs!
In addition to well services, we offer other outsourced services: title services, revenue accounting services, and tax accounting services.
For more information about monthly oil purchase statements, or to schedule a free consultation, call (303) 463-8799 or fill out our contact form.
ExTex Division Order Services, LLC is located in the Denver metro area (in Golden, Colorado), and we provide back office outsourcing services for oil and gas companies across the U.S. and Canada.
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“ExTex’s attention to detail makes challenging projects seamless, including 1099 reporting and prior period adjustments.”
Mark B, VP of Finance, Texas
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