Glossary of Terms

Term   Description
Barrel   A volume measure for crude oil and petroleum products that is equal to 42 U.S. gallons.
C2   ethane. A simple hydrocarbon that is widely used as a feedstock in the petrochemical industry.
C3   propane. A component of natural gas liquids that is used for residential and industrial heating and to power propane-fuelled vehicles.
C4   butane. At ordinary atmospheric conditions, butane is a gas, but it is easily liquefied. It is one of the most useful liquefied petroleum gases and is widely used in gasoline blending and as a household fuel.
C2+   mixture of ethane, propane, butane and condensate.
C3+   mixture of propane, butane and condensate.
C5+   condensate. Liquid hydrocarbons produced with natural gas. Condensates are used in crude oil blending and as a refinery feedstock.
GJ   Gigajoule.
Marketing pool   The marketing pool component of natural gas liquids sales is the profit share component of the natural gas liquids sales price under the Younger Plant market contract with Provident Energy Trust. Taylor receives 50 percent of the proceeds received from the final sale of natural gas liquids sales by Provident Energy Trust, net of all costs. If the proceeds on the final sale of natural gas liquids do not exceed these costs, then future proceeds will only accrue to Taylor after the retirement of this deficiency.
MMscf   million standard cubic feet.
MMscf per day   million standard cubic feet per day.
NGLPA   Natural Gas Liquids Purchase Agreement with Provident Energy Trust.
NGL   Natural gas liquids.
Propane plus   Mixture of propane, butane and condensate.
Shrinkage gas   Shrinkage gas is the energy removed from the natural gas stream and processed into natural gas liquids. It must either be replaced by an equivalent amount of natural gas or purchased directly from the natural gas shipper.
Sour gas   Raw natural gas that must be treated to remove H2S, CO2, NGLs and water in order to meet sales quality specifications.
Sweet gas   Raw natural gas that must be treated to remove only NGLs and water to meet sales quality specifications.


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