A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Peak Load - Also known as Peak Demand. Refers to the highest electrical demand during a particular time period.

Petrochemicals - Chemicals made from oil.

PP&E, Additions to - The current year's expenditures on property, plant, and equipment (PP&E). The amount is predicated upon each reporting company's accounting practice. That is, accounting practices with regard to capitalization of certain items may differ across companies, and therefore this figure in FRS will be a function of each reporting company's policy.

PP&E, Net - The original cost of property, plant, and equipment (PP&E), less accumulated depreciation.

Petroleum - Hydrocarbon mixtures broadly defined to include crude oil, lease condensate, natural gas, products of natural gas processing plants (plant products), refined products, and semi-finished products and blending materials.

Pipeline - A line of pipe with pumping machinery and other devices (valves, compressors, metering stations, etc.), for conveying a liquid or gas.

Pipelines, Rate Regulated - FRS establishes three pipeline segments: crude/liquid (raw materials); natural gas; and refined products. The pipelines included in these segments are all Federal or State rate-regulated pipeline operations, included in the reporting company's consolidated financial statements. At the reporting company's discretion, however, intrastate pipeline operations may be included in the U.S. Refining/ Marketing Segment if: (1) they comprise less than 5 percent of U.S. Refining/Marketing Segment net PP&E, revenues, and earnings in the aggregate; and (2) if the inclusion of such pipelines in the consolidated financial statements adds less than $100 million to the net PP&E reported for the U.S.

Power Plant - Central station generating facility that produces energy.

Power Pool - Interconnected utilities that supply electricity in the most economical and reliable way to meet their combined load requirement.

Primary Recovery - The crude oil or natural gas recovered by any method that may be employed to produce them where the fluid enters the well bore by the action of natural reservoir pressure (energy or gravity).

Primary Transportation - Conveyance of large shipments of petroleum raw materials and refined products usually by pipeline, barge, or ocean-going vessel. All crude oil transportation is primary, including the small amounts moved by truck. All refined product transportation by pipeline, barge, or ocean-going vessel is primary transportation.

Producing Property - A term often used in reference to a property, well, or mine that produces wasting natural resources. The term means a property that produces in paying quantities (that is, one for which proceeds from production exceed operating expenses).

Production, Natural Gas Liquids - Production of natural gas liquids is classified as follows: Contract Production. Natural gas liquids accruing to a company because of its ownership of liquids extraction facilities that it uses to extract liquids from gas belonging to others, thereby earning a portion of the resultant liquids. Leasehold Production. Natural gas liquids produced, extracted, and credited to a company's interest. Contract Reserves. Natural gas liquid reserves corresponding to the contract production defined above. Leasehold Reserves. Natural gas liquid reserves corresponding to the leasehold production defined above.

Production, Oil and Gas - The lifting of the oil and gas to the surface and gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons), and field storage. The production function typically terminates at the outlet valve on the lease or field production storage tank. If unusual physical or operational circumstances exist, it may be more appropriate to regard the production function as terminating at the first point at which oil, gas, or gas liquids are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal. Gross Company-Operated Production. Total production from all company-operated properties, including all working and non-working interests. Net Working Interest Production. Total production accruing to the reporting company's working interests less royalty oil and volumes due others.

Production Costs - Costs incurred to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. The following are examples of production costs (sometimes called lifting costs): … Costs of labor to operate the wells and related equipment and facilities. … Repair and maintenance costs. … The costs of materials, supplies, and fuel consumed and services utilized in operating the wells and related equipment and facilities. … The costs of property taxes and insurance applicable to proved properties and wells and related equipment and facilities. … The costs of severance taxes. … Depreciation, depletion, and amortization (DD&A) of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above. … Production costs include the following sub-categories of costs: … Well operations and maintenance … Well work-overs … Operating fluid injection and improved recovery programs … Operating gas processing plants … Ad valorem taxes … Production or severance taxes … Other, including overhead.