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Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
The factor is intended to make reading comprehension easier than a lengthy series of zeros. For example, 1.0 × 10 9 expresses one billion—1 followed by nine zeros. The reciprocal, one billionth, is 1.0 × 10 −9.
Any object that weighs one billion kilograms (2.2 × 10 9 lb) would weigh about as much as 5,525 empty Boeing 747-400s. A cube of iron that weighs one billion pounds (450,000,000 kg) would be 38.62 metres (126.7 ft) on each side.
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa) (or 1 atm). This standard barrel of oil will occupy a different volume at different ...
This recent acquisition was the latest in a string of multi-billion-dollar mergers among oil companies in the region. Occidental Petroleum makes $12 billion deal to grow Permian Basin oil and gas ...
Traditional British usage assigned new names for each power of one million (the long scale): 1,000,000 = 1 million; 1,000,000 2 = 1 billion; 1,000,000 3 = 1 trillion; and so on. It was adapted from French usage, and is similar to the system that was documented or invented by Chuquet.
But I think we're certainly near the lower end of that original range $4.1 billion to $4.4 billion to get to 480,000 barrels of oil a day next year. That includes the 5,000 barrels a day that ...
The oil company sent investors $9.1 billion last year via dividends and share repurchases. Based on current commodity prices, it's aiming to return $10 billion in 2025. Here's a look at what's ...