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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
25-Nov
60.98
4.124
25-Oct
61.78
3.476
25-Sep
64.64
2.982
25-Aug
67.33
3.083
25-Jul
65.45
3.415
25-Jun
60.79
3.447
25-May
59.24
3.479
25-Apr
71.2
3.951
25-Mar
69.76
3.834
Mar-25
69.76
3.83
25-Feb
72.53
3.04
Feb-25
72.53
3.04
Jan-25
71.25
3.63
25-Jan
71.25
3.63
Dec-24
67.72
3.36
24-Dec
67.72
3.36
Nov-24
69.08
2.94
24-Nov
69.08
2.94
Oct-24
69.39
3.29
24-Oct
69.39
3.29
24-Sep
72.98
2.5
Sep-24
72.98
2.5
24-Aug
75.4
2.1
Aug-24
75.4
2.1
Jul-24
82.32
2.49
24-Jul
82.32
2.49
Jun-24
76.73
2.66
24-Jun
76.73
2.66
24-May
78.44
2.27
May-24
78.44
2.27
24-Apr
82.82
2.07
Apr-24
82.82
2.07
Mar-24
79.09
1.98
24-Mar
79.09
1.98
Feb-24
73.79
2.06
24-Feb
73.79
2.06
24-Jan
71.97
2.67
Jan-24
71.97
2.67
Dec-23
74.25
2.77
23-Dec
74.25
2.77
Nov-23
80.1
3.75
23-Nov
80.1
3.75
23-Oct
88.8
3.31
Oct-23
88.8
3.31
23-Sep
84.75
3.11
Sep-23
84.75
3.11
23-Aug
80.92
2.67
Aug-23
80.92
2.67
Jul-23
70.78
2.77
23-Jul
70.78
2.77
Jun-23
70.2
2.27
23-Jun
70.2
2.27
May-23
75.51
2.5
23-May
75.51
2.5
23-Apr
75.8
2.47
Apr-23
75.8
2.47
23-Mar
77.83
2.94
Mar-23
77.83
2.94
Feb-23
76.73
2.54
23-Feb
76.73
2.54
23-Jan
80.45
4.1
Jan-23
80.45
4.1
22-Dec
81.14
6.63
Dec-22
81.14
6.63
22-Nov
87.19
6.08
Nov-22
87.19
6.08
Oct-22
78.72
7.07
22-Oct
78.72
7.07
Sep-22
86.22
9.33
22-Sep
86.22
9.33
Aug-22
92.39
8.26
22-Aug
92.39
8.26
22-Jul
105.39
5.71
Jul-22
105.39
5.71
22-Jun
112.72
8.69
Jun-22
112.72
8.69
May-22
102.94
7.36
22-May
102.94
7.36
Apr-22
97.9
5.8
22-Apr
97.9
5.8
22-Mar
100.21
4.6
Mar-22
100.21
4.6
22-Feb
88.2
4.57
Feb-22
88.2
4.57
22-Jan
75.21
3.73
Jan-22
75.21
3.73
Dec-21
65.57
4.26
21-Dec
65.57
4.26
21-Nov
84.05
5.19
Nov-21
84.05
5.19
Oct-21
75.88
5.62
21-Oct
75.88
5.62
Sep-21
68.59
4.62
21-Sep
68.59
4.62
21-Aug
73.95
3.91
Aug-21
73.95
3.91
Jul-21
75.23
3.66
21-Jul
75.23
3.66
Jun-21
67.72
3.1
21-Jun
67.72
3.1
21-May
63.58
2.93
May-21
63.58
2.93
Apr-21
61.45
2.64
21-Apr
61.45
2.64
Mar-21
60.64
2.78
21-Mar
60.64
2.78
21-Feb
53.55
2.85
Feb-21
53.55
2.85
Jan-21
48.52
2.54
21-Jan
48.52
2.54
20-Dec
44.55
2.88
Dec-20
44.55
2.88
20-Nov
35.79
3.35
Nov-20
35.79
3.35
20-Oct
38.72
2.53
Oct-20
38.72
2.53
Sep-20
42.76
2.53
20-Sep
42.76
2.53
20-Aug
40.27
1.8
Aug-20
40.27
1.8
Jul-20
39.82
1.67
20-Jul
39.82
1.67
Jun-20
35.44
1.77
20-Jun
35.44
1.77
May-20
19.78
1.89
20-May
19.78
1.89
20-Apr
20.31
1.59
Apr-20
20.31
1.59
Mar-20
44.76
1.68
20-Mar
44.76
1.68
20-Feb
51.56
1.84
Feb-20
51.56
1.84
Jan-20
61.33
2.18
20-Jan
61.33
2.18
Dec-19
55.17
2.28
19-Dec
55.17
2.28
19-Nov
56.2
2.71
Nov-19
56.2
2.71
Oct-19
53.62
2.28
19-Oct
53.62
2.28
Sep-19
54.8
2.28
19-Sep
54.8
2.28
19-Aug
53.95
2.2
Aug-19
53.95
2.2
19-Jul
59.09
2.27
Jul-19
59.09
2.27
Jun-19
53.5
2.45
19-Jun
53.5
2.45
19-May
63.6
2.62
May-19
63.6
2.62
Apr-19
61.59
2.71
19-Apr
61.59
2.71
19-Mar
55.8
2.86
Mar-19
55.8
2.86
Feb-19
55.26
2.73
19-Feb
55.26
2.73
Jan-19
45.89
2.98
19-Jan
45.89
2.98
Dec-18
50.93
4.61
18-Dec
50.93
4.61
18-Nov
63.69
3.24
Nov-18
63.69
3.24
18-Oct
75.3
3.09
Oct-18
75.3
3.09
Sep-18
69.8
2.92
18-Sep
69.8
2.92
18-Aug
67.66
2.76
Aug-18
67.66
2.76
Jul-18
74.15
2.92
18-Jul
74.15
2.92
Jun-18
65.81
2.96
18-Jun
65.81
2.96
May-18
67.25
2.8
18-May
67.25
2.8
Apr-18
64.94
2.73
18-Apr
64.94
2.73
Mar-18
60.99
2.7
18-Mar
60.99
2.7
Feb-18
65.8
2.86
18-Feb
65.8
2.86
18-Jan
60.24
3.08
Jan-18
60.24
3.08
Dec-17
58.36
3.06
17-Dec
58.36
3.06
Nov-17
54.3
2.89
17-Nov
54.3
2.89
Oct-17
51.67
3.01
17-Oct
51.67
3.01
Sep-17
47.29
3.07
17-Sep
47.29
3.07
Aug-17
49.16
2.82
17-Aug
49.16
2.82
Jul-17
46.04
3.04
17-Jul
46.04
3.04
17-Jun
48.36
3.01
Jun-17
48.36
3.01
17-May
48.84
3.22
May-17
48.84
3.22
Apr-17
50.6
3.19
17-Apr
50.6
3.19

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

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

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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.

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