First purchase

First purchase
(of crude oil)
  An equity (not custody) transaction commonly associated with the transfer of ownership of crude oil coupled with the physical removal of the crude oil from a property (lease) for the first time. A first purchase normally occurs at the time and place of ownership transfer where the crude oil volume sold is measured and recorded on a run ticket or other similar physical evidence of purchase. The reported price is the first purchase average cost paid by the purchaser, allowing for any adjustments (deductions or premiums) passed on to the producer or royalty owner.
  U.S. Dept. of Energy, Energy Information Administration's Energy Glossary

Energy terms . 2014.

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