A volumetric unit of measurement equivalent to 42 U.S. gallons, 9,702 cubic inches, 5.6146 cubic feet, 34.9722 Canadian Imperial gallons, 158.99 liters, or .15899 cubic meters. It is the unit of measurement commonly used to measure oil production and oil reserves within the U.S.

The stated per unit price for natural gas in a contract between a producer and a purchaser.

The time required to pass one cubic foot of air or gas through a given orifice in a flow prover at stated base conditions. This time is stamped on the prover orifice in seconds.

The difference in price between the NYMEX natural gas futures contract at the Henry Hub and the cash price at other market points. The basis primarily represents transportation cost, although regional supply and demand factors are also important.

A decision that is made to determine whether an item should be included in cost of service for establishing rates (above the line) or should not be included (below the line). The "line" referred to is utility net operating income on the income statement. "Above the Line" refers to revenues collected for and costs included in providing utility service.

The ratio of the value of a measure's savings to its cost.

An agreement by a contracting party to do its best to complete some specified result. In a gas transportation contract, it might represent a pledge by the transporter to use best efforts to transport the shipper's gas. BESS is the acronym for best efforts storage service.

The regular, periodic interval used by a utility for reading the meters of customers for billing purposes. Usually billing cycles are monthly or bi-monthly.

A customer billing procedure in a distribution company where bills are rendered every month, but meters are read every other month. An estimate is made of the volume of gas used in months when meters are not read.

One who sells or assigns firm transportation (or storage) capacity rights on an interstate pipeline to another entity. Also, an individual or company that buys or sells stocks, commodities, or services for others for a fee. A broker provides the function of bringing a buyer and seller together. A lease broker leases oil and gas leases for others or for the broker's own account for later sale.

The term applies to the activities and compensation in arranging for the sale of gas between producers and buyers.

British Thermal Unit. The quantity of heat required to raise one pound of water (about one pint) one degree Fahrenheit at or near its point of maximum density.

A clause in a gas purchase contract that may adjust the contract price if the heat content of the gas delivered does not fall within a specified range.

Natural gas sold on an as-needed basis, without prior scheduling, to the local distribution company at FERC-approved rates. Prior to implementation of various transportation programs, this constituted all gas delivered to an LDC.

The point at which gas is consumed by the end-user. The end-user’s meter.