Netbacks are the operating cash margin we receive for every barrel or equivalent barrel (boe) sold.
As we bring new production onstream from our attractive global projects, our overall cash netback is improving. Many of these projects have low or no royalties, and low operating costs, which results in high netbacks. For example,in the deep-water Gulf of Mexico, every barrel from Aspen and Gunnison is twice as valuable as our corporate average. Buzzard production, which came on stream in January 2007, is royalty-free.
Below is a detailed calculation of our oil and gas netbacks by operating segment.
Additional historical netbacks can also be found in our statistical supplement.
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