Energy Accounting

3. Define the following terms: run ticket settlement statement thief gauging strapping Henry Hub West Texas Intermediate North Sea Brent Blend Dubai crude 4. Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the oil was $20,000. The severance tax rate was 4%. Give the entry to record revenue for Jadson, assuming Belmont disbursed the royalty and remitted all taxes, and assuming a division order as follows