Barrel of Oil Equivalents (BOE): BOE stands for Barrels of Oi | Oildoc

Barrel of Oil Equivalents (BOE):

BOE stands for Barrels of Oil Equivalents, a metric used by oil production companies and oil transportation companies to measure both the rate of oil production or transportation (IE, in barrel of oil equivalents per day) as well as total proven reserves in the ground.

The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (42 U.S. gallons or 158.9873 litres) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas. The U.S. Internal Revenue Service defines a BOE as equal to 5.8 × 106 BTU.

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