Common use of Oil in Storage Clause in Contracts

Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time. ExxonMobil, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at the Effective Time ExxonMobil will (a) at its sole option, either run or gauge the Oil in storage, and (b) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations. ExxonMobil will use measured Oil inventories in the closing settlement statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil may include the difference in the final settlement statement. Oil inventories will be priced, at ExxonMobil’s option, at either (A) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; (B) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobil, posted by other purchasing companies in the field or locality where the Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; (C) the applicable posted price, with appropriate gravity adjustments; or (D) the price received for the Oil from the purchaser (or an estimate of the price). For Interests operated by others, ExxonMobil will include in the closing settlement statement the quantity of Oil in storage at the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interests.

Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobilXTO Energy. Title to Oil in storage for both ExxonMobilXTO Energy-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time. ExxonMobil. (b) XTO Energy, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobilXTO Energy-operated Interests, at the Effective Time ExxonMobil will XTO Energy will: (ai) at its sole option, either run or gauge the Oil in storage, and ; and (bii) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations. ExxonMobil . (c) XTO Energy will use measured Oil inventories in the closing settlement statementClosing Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil XTO Energy may include the difference in the final settlement statement. Final Settlement Statement. (d) Oil inventories will be credited to XTO Energy in the Closing Settlement Statement. The assessed value of the Oil in storage will be priced, at ExxonMobilXTO Energy’s option, at either either: (Ai) ExxonMobilXTO Energy’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; ; (Bii) if there is no ExxonMobilXTO Energy-posted price for the field, then the average of the two highest prices, as determined by ExxonMobilXTO Energy, posted by other purchasing companies in the field or locality where the Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; ; (Ciii) the applicable posted price, with appropriate gravity adjustments; or or (Div) the price received for the Oil from the purchaser (or an estimate of the price). ) or the price paid shall be a mutually agreeable negotiated price, with transportation charges deducted, where applicable. (e) For Interests operated by others, ExxonMobil XTO Energy will include in the closing settlement statement Closing Settlement Statement the quantity of Oil in storage at the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobilXTO Energy-operated Interests.

Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time. . (b) ExxonMobil, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at the Effective Time ExxonMobil will will: (a1) at its sole option, either run or gauge the Oil in storage, and ; and (b2) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations. . (c) ExxonMobil will use measured Oil inventories in the closing settlement statementClosing Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil may include the difference in the final settlement statement. Final Settlement Statement. (d) Oil inventories will be priced, at ExxonMobil’s option, at either either: (A1) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; ; (B2) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobil, posted by other purchasing companies in the field or locality where the Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; ; (C3) the applicable posted price, with appropriate gravity adjustments; or or (D4) the price received for the Oil from the purchaser (or an estimate of the price). . (e) For Interests operated by others, ExxonMobil will include in the closing settlement statement Closing Settlement Statement the quantity of Oil in storage at the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interests.

Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs attributable to ExxonMobilthe Beta Interests, shall belong to Aera. Title Subject to Buyer's payment for such Oil as set forth below, title to Oil in storage for both ExxonMobil-operated that was produced from the Beta Unit and is attributable to the Beta Interests and Interests operated by others will transfer to Buyer at the Closing, but effective as of the Effective Time. ExxonMobil, at its sole option, may include as “Oil in storage” all . (b) All Oil in the system SPBP Tangible Assets downstream of the wellhead LACT Unit on Platform Elly at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines, shall belong to Aera. For ExxonMobil-operated Interests, at At the Effective Time ExxonMobil Time, Aera will (a) at its sole option, either run or gauge the Oil in storagestorage with respect to the Beta Unit. At the Escrow Opening, Buyer will pay to the Escrow Agent, and at the Closing, Buyer will cause the Escrow Agent to pay to Aera an amount equal to $750,000.00, which amount is agreed to be a good faith estimate of the value of Aera's Oil in storage and in pipelines as of the Effective Time (the "INVENTORY CLOSING AMOUNT"). Such amount shall be subject to adjustment after the Closing in the preparation of a Final Settlement Statement to account for the difference between the value of (x) the actual amount of Oil in storage and attributable to the Beta Interests and the value of such Oil (determined pursuant to SECTION 13.01(d)), and (by) read and replace all gas meter charts. If the Effective Time is after amount of the Execution Date, Buyer may be present for these operations. ExxonMobil Inventory Closing Amount. (c) Aera will use measured Oil inventories in the closing settlement statementa Final Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three (3) most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil Aera may include the difference in the final settlement statement. a Final Settlement Statement. (d) Oil inventories will be priced, at ExxonMobil’s Aera's option, at either (Ai) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; (B) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobilAera, posted by other purchasing companies in the field or locality where the Beta Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; or (Cii) the applicable posted priceaverage, with appropriate gravity adjustments; or (D) the actual price received for the Oil from the purchaser (or an estimate of the price). For Interests operated by others, ExxonMobil will include in the closing settlement statement the quantity sale of Oil shipped from the Beta Unit by Buyer during the month in storage at which the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interestsoccurs.

Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs attributable to ExxonMobilthe Beta Interests, shall belong to Noble. Title Subject to Buyer's payment for such Oil as set forth below, title to Oil in storage for both ExxonMobil-operated that was produced from the Beta Unit and is attributable to the Beta Interests and Interests operated by others will transfer to Buyer at the Closing, but effective as of the Effective Time. ExxonMobil, at . (b) Noble shall retain its sole option, may include as “ownership in its portion of Oil in storage” all Oil in the system downstream of the wellhead LACT Unit on Platform Elly at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at At the Effective Time ExxonMobil Time, Aera will (a) at its sole option, either run or gauge the Oil in storagestorage with respect to the Beta Unit. At Closing, Buyer will pay to Noble an amount equal to $179,577.46, which amount is agreed to be a good faith estimate of the value of Noble's Oil in storage and in pipelines as of the Effective Time (the "INVENTORY CLOSING AMOUNT"). Such amount shall be subject to adjustment after the Closing in the preparation of the Final Settlement Statement to account for the difference between the value of (x) the actual amount of Oil in storage and attributable to the Beta Interests and the value of such Oil (determined pursuant to SECTION 11.01(d)), and (by) read and replace all gas meter charts. If the Effective Time is after amount of the Execution Date, Buyer may be present for these operations. ExxonMobil Inventory Closing Amount. (c) Noble will use measured Oil inventories in the closing settlement statementFinal Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three (3) most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil Noble may include the difference in the final settlement statement. Final Settlement Statement. (d) Oil inventories will be priced, at ExxonMobil’s Noble's option, at either (Ai) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; (B) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobilNoble, posted by other purchasing companies in the field or locality where the Beta Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; or (Cii) the applicable posted priceaverage, with appropriate gravity adjustments; or (D) the actual price received for the Oil from the purchaser (or an estimate of the price). For Interests operated by others, ExxonMobil will include in the closing settlement statement the quantity sale of Oil shipped from the Beta Unit by Buyer during the month in storage at which the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interestsoccurs.