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Mineral owners may receive a monthly royalty check if oil, gas, or any other substances of value are extracted from below the surface and either sold or used by an oil and gas operating company. Royalty statements include the production and revenue figures for both the individual owner and the entire well.
Because a division is an internal segment of a company, not an entirely separate entity, business owners create and end divisions at their whim. Also, because individuals in each division are employed by the same company, it's easier to modify staffing to fit with this setup".
Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and the payments to the lessor. [6]
The state Oil and Gas Commission has sided with the Department of Natural Resources in a case involving who should pay for a $1.3 million environmental cleanup caused by a leak from an Ohio ...
The state’s oil and gas industry regulator released a draft rule banning the oil and gas extraction method last week Years after a Newsom order, California is finally set to ban oil and gas fracking
Pay: A reservoir or portion of a reservoir containing hydrocarbons that can be economically produced, i.e. it is capable of "paying" an income. Also referred to as "pay sand" or the "pay zone". Petroleum play (or "play"): A group of oil prospects that are controlled by the same set of geological circumstances.
A commercial entity, the contractor company, is being engaged to extract petroleum according to some contract. The countries using this type of systems, often have their state-owned oil company to represent the interests of the state. As of concessionary systems, more than one oil company can make partnerships in the license.
By Sheila Dang. HOUSTON - U.S. oil producer Chevron used the term "Gulf of America" instead of Gulf of Mexico in its fourth-quarter press release on Friday, a sign of corporate America beginning ...