Methodology: E&P Operating Metrics
What these figures are
The Operating Metrics card on this stock page shows operating statistics the company reports in its own quarterly earnings release — the SEC Form 8-K exhibit filed alongside the results. Oxford Ledge reads them directly from the as-filed exhibit and normalizes the labels so you can compare a company to itself over time.
They are an Oxford Ledge Signal: our reading of a public filing, not a re-audit of the company’s books and not a licensed data-vendor feed. Every value on the card carries its filing as-of date and links back to the SEC source.
The metrics, in plain English
| Metric | What it measures |
|---|---|
| Production | Volume of hydrocarbons produced, in barrels-of-oil-equivalent. Reported by commodity (oil, gas, NGL). |
| Realized price | The actual price received per barrel, after differentials to the benchmark. Before or after hedging -- we badge which. |
| Lease operating expense | The recurring cash cost to keep wells producing, per BOE -- the operating-efficiency read. |
| F&D cost & reserve replacement | How economically new reserves were added, and whether the company replaced what it produced -- the long-run sustainability metrics. |
| Proved reserves | The resource base, in barrels-of-oil-equivalent. |
Why the peer table is scoped by commodity
An oil producer and a gas producer are not comparable on the same operating metrics -- oil and gas trade on different markets, at different prices, with different economics. So the peer table is split by commodity (Oil, Natural gas, NGL), and you pick one; an oil-production index and a gas-production index are separate series. A realized price is compared only within a commodity, and only on the same hedging basis: an unhedged realized price (the market a producer actually sold into) and a hedged price (reflecting derivatives) are different numbers, so we pin the unhedged/reported price and badge a hedged or benchmark figure. A blank cell inside a commodity is an honest coverage gap.
What we deliberately do not do
- We do not re-audit. The figures are as reported by the issuer under regulatory convention. We normalize labels; we do not restate the company’s numbers.
- We do not pool figures that are not the same measure. The peer table compares only like with like and leaves the rest blank.
- We do not show a value we are unsure of. Any reading our extractor flags is dropped from the display, never shown greyed or asterisked. Honest or absent.
- We do not treat these as forecasts, ratings, or advice. They are historical operating results a company disclosed, presented for study.
Freshness
The stock page is cached at the edge, so a brand-new filing’s figures can lag up to a day on the cached page. Each value is stamped with the filing it came from, so the as-of date always tells you exactly how current the number is.