top of page

resources

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. 

SIDE-BY-SIDE COMPARISON OF THE 2007 SPE-PRMS AND THE 2018 SPE-PRMS

View

The Petroleum Resources Management System (PRMS) definitions and related classification system are in common use internationally to support petroleum project and portfolio management requirements. Effective June 2018, PRMS was revised and reissued in its current form with a number or revisions, clarifications, and corrections to the previous version published in 2007. This document is a side-by-side comparison of the two versions of PRMS, demonstrating key additions on a paragraph-by-paragraph basis along with highlighting for wording changes. This is an essential tool for anyone evaluating reserves and resources according to SPE-PRMS today.

bottom of page