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Glossary of oil & gas valuation terms

Proved reserves (1P)

Oil & gas quantities that data show, with reasonable certainty, to be recoverable under existing conditions. In billion barrels of oil equivalent (bnboe).

Standardized measure

SEC-mandated after-tax present value (10% discount) of future net cash flows from proved reserves, at the 12-month average prices used in the filing. Used here as a public-source NAV floor.

PV-10

Pre-tax equivalent of the standardized measure — present value of future net revenues from proved reserves discounted at 10%, before income taxes. Disclosed mainly by US independents.

EV / EBITDA

Enterprise value ÷ EBITDA — a capital-structure-neutral valuation multiple. Lower is cheaper.

EV per boe

Enterprise value ÷ proved reserves — what the market pays per barrel-equivalent in the ground. Read with the liquids mix.

EV per flowing boe/d

Enterprise value ÷ daily production — what the market pays per barrel-equivalent of daily output.

Reserve life (R/P)

Proved reserves ÷ annual production — roughly how many years the reserve base lasts at today's rate.

ROACE

Return on average capital employed — net income ÷ average (debt + equity).

Free-cash-flow yield

Free cash flow (operating cash flow − capex) ÷ market capitalisation.

Jurisdiction risk

Production-weighted country-risk score (0–100) from the OECD Country Risk Classification and World Bank governance indicators; higher = riskier.

Break-even

Oil or gas price at which a company covers its capital programme and (where noted) dividend.

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Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com