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SEC Resources

first-day-of-the-month pricing

SEC regulations require that economic producibility be determined using existing economic conditions which include prices and costs associated with the development project, and may not include any escalations based on future conditions, unless contractually defined. The use of a 12-month average price was adopted as part of the amendments to Regulation S-X Rule 4-10 that went into effect on January 1, 2010. The SEC indicated that the change was implemented in order to enhance comparability between disclosures while continuing to provide helpful reserves information to investors.

Regulation S-X, Section 210.4-10 (a)(22)(v) states:

Existing economic conditions include prices and costs at which economic producibility from a reservoir is determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

references & documentation

Download relevant Securities and Exchange Commission reserves regulations, definitions, and interpretations:

at a glance

Partial SEC pricing data

Month / Year
WTI Front Month
Henry Hub Front Month
Mar-25
69.76
3.83
Feb-25
72.53
3.04
Jan-25
71.25
3.63
Dec-24
67.72
3.36
Nov-24
69.08
2.94
Oct-24
69.39
3.29
Sep-24
72.98
2.5
Aug-24
75.4
2.1
Jul-24
82.32
2.49
Jun-24
76.73
2.66
May-24
78.44
2.27
Apr-24
82.82
2.07
Mar-24
79.09
1.98
Feb-24
73.79
2.06
Jan-24
71.97
2.67
Dec-23
74.25
2.77
Nov-23
80.1
3.75
Oct-23
88.8
3.31
Sep-23
84.75
3.11
Aug-23
80.92
2.67
Jul-23
70.78
2.77
Jun-23
70.2
2.27
May-23
75.51
2.5
Apr-23
75.8
2.47
Mar-23
77.83
2.94
Feb-23
76.73
2.54
Jan-23
80.45
4.1
Dec-22
81.14
6.63
Nov-22
87.19
6.08
Oct-22
78.72
7.07
Sep-22
86.22
9.33
Aug-22
92.39
8.26
Jul-22
105.39
5.71
Jun-22
112.72
8.69
May-22
102.94
7.36
Apr-22
97.9
5.8
Mar-22
100.21
4.6
Feb-22
88.2
4.57
Jan-22
75.21
3.73
Dec-21
65.57
4.26
Nov-21
84.05
5.19
Oct-21
75.88
5.62
Sep-21
68.59
4.62
Aug-21
73.95
3.91
Jul-21
75.23
3.66
Jun-21
67.72
3.1
May-21
63.58
2.93
Apr-21
61.45
2.64
Mar-21
60.64
2.78
Feb-21
53.55
2.85
Jan-21
48.52
2.54
Dec-20
44.55
2.88
Nov-20
35.79
3.35
Oct-20
38.72
2.53
Sep-20
42.76
2.53
Aug-20
40.27
1.8
Jul-20
39.82
1.67
Jun-20
35.44
1.77
May-20
19.78
1.89
Apr-20
20.31
1.59
Mar-20
44.76
1.68
Feb-20
51.56
1.84
Jan-20
61.33
2.18
Dec-19
55.17
2.28
Nov-19
56.2
2.71
Oct-19
53.62
2.28
Sep-19
54.8
2.28
Aug-19
53.95
2.2
Jul-19
59.09
2.27
Jun-19
53.5
2.45
May-19
63.6
2.62
Apr-19
61.59
2.71
Mar-19
55.8
2.86
Feb-19
55.26
2.73
Jan-19
45.89
2.98
Dec-18
50.93
4.61
Nov-18
63.69
3.24
Oct-18
75.3
3.09
Sep-18
69.8
2.92
Aug-18
67.66
2.76
Jul-18
74.15
2.92
Jun-18
65.81
2.96
May-18
67.25
2.8
Apr-18
64.94
2.73
Mar-18
60.99
2.7
Feb-18
65.8
2.86
Jan-18
60.24
3.08
Dec-17
58.36
3.06
Nov-17
54.3
2.89
Oct-17
51.67
3.01
Sep-17
47.29
3.07
Aug-17
49.16
2.82
Jul-17
46.04
3.04
Jun-17
48.36
3.01
May-17
48.84
3.22
Apr-17
50.6
3.19
Mar-17
53.83
2.8
Feb-17
53.88
3.17
Jan-17
53.72
3.72
Dec-16
51.06
3.51
Nov-16
46.67
2.9
Oct-16
48.24
2.91
Sep-16
43.16
2.79
Aug-16
40.06
2.77
Jul-16
48.99
2.99
Jun-16
49.01
2.38
May-16
45.92
2.18
Apr-16
36.79
1.96
Mar-16
34.4
1.74
Feb-16
31.62
2.15
Jan-16
37.04
2.34
Dec-15
41.85
2.23
Nov-15
46.59
2.32
Oct-15
44.74
2.43
Sep-15
45.41
2.7
Aug-15
47.12
2.72
Jul-15
56.96
2.78
Jun-15
60.2
2.65
May-15
59.15
2.78
Apr-15
50.09
2.61
Mar-15
49.76
2.73
Feb-15
48.24
2.69
Jan-15
54.56
2.84

Useful links related to Securities and Exchange Commission reserves estimation, definitions, and disclosure:

SEC Small Entity Compliance Guide

SEC Edgar Full-Text Search

SEC First-Day-of-the-Month Pricing
SEC References & Documentation

General Resources

Genral Resources

Browse our collection of resources related to reserves and resources estimation. 

RESERVES AND RESOURCES CONSIDERATIONS FOR LNG PROJECTS

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Increasingly companies are interested in building or already have in place an integrated global natural gas business that includes equity positions in natural gas fields, interstate natural gas pipelines, liquefaction plants and export terminals, and marketing for liquefied natural gas (LNG) sales to worldwide markets. The purpose of this paper is to explore the reserves and resources considerations related to the implementation of such integrated LNG businesses. Tellurian Inc. (Tellurian) is a public company in the process of building such an integrated global natural gas business and has been taken as a case study to illustrate the implications explored within this paper.

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