I looked at many sources and all were quoting around 6000.This was one such source.However if I was incorrect then so was PL as he also quoted 50,000 of income (turnover ) from Smith alone. I may still have the wrong end of the stick though?
Barrels of oil equivalent Companies often translate their gas reserves into barrels of oil equivalent, or boe (unlike the Doctor Who character, it's pronounced as three syllables, b-o-e). They say that this is for the convenience of investors, but since gas is worth less than liquids, it just happens to make gas reserves appear more valuable than they are. 1 boe is approximately the energy released by burning 1 barrel of oil -- it's a unit of energy content, not a measure of value. Companies producing mostly gas may convert the other way, oil into cubic feet of gas equivalents (eg, 553bcfe). The US taxman defines 1 boe = 5.8MMBtu. The exact conversion to volumes of gas depends on its chemical composition. Typically 1 boe = 6000cf but some companies use the more flattering 1 boe = 5800cf; the conversion rate will be noted in the footnotes somewhere. A handy rule of thumb is that the price of gas in pence per therm is roughly the same as the price in $/boe. This relationship is exact when the exchange rate is US$1.72/, as 1boe = 58 therms. British wholesale prices are typically around 40p/therm, but can range from negative to 250p/therm. That's nearly twice as expensive as oil has ever been! Well done for making it this far, and you might want to print this out for future reference. In the next article, I'll discuss not quantity of oil but quality of oil -- what makes some types of oil more valuable than others?
