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| Free Cash Flow (||||||||||
) for each year is defined as (the year index "I" is omitted): | |||||||||||
with the following breakdown: | |||||||||||
= | Net Income = EBT * ( | 1 − IncomeTaxRate) ||||||||||
Sales = q1 · Priceincome | |||||||||||
Priceincome = Taxmining · Pricemarket | |||||||||||
− Interest) · ( 1 − IncomeTaxRate) + CAPEX | COGS = mF↑ · CF↑ + mF↓ · CF↓ + qO↑ · C | O O↑ + qG↑ · CG↑ + qW↑ · CW↑ + qG↓ · CG↓ + qW↓ · CW↓ | |||||||||
\mbox{q}_{L,i}^{\uparrow}\ \cdot \ \mbox{COST/qL} + \mbox{q}_{O,i}^{\uparrow} \ \cdot \ \mbox{COST/qO}+ \mbox{q}_{G,i}^{\uparrow} \ \cdot \ \mbox{COST/qG} + \mbox{q}_{W,i}^{\uparrow} \ \cdot \ \mbox{COST/qW} + \mbox{q}_{WI,i}^{\downarrow} \ \cdot \ \mbox{COST/qWI} | |||||||||||
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LaTeX Math Block | |||||||||||
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Sales = q1 · Priceincome | Priceincome = Taxmining · Pricemarket |
where
FCFi | Free Cash Flow for i-th year | qO↑ | surface oil volumetric production |
Salesi | qG↑ | surface gas volumetric production | |
COGSi | qW↑ | surface water volumetric production | |
qG↓ | surface gas volumetric injection | ||
OPEXi | qW↓ | surface water volumetric injection | |
CAPEXi | CO↑ | production oil processing/transportation cost | |
Interesti | CG↑ | production gas processing/transportation cost | |
IncomeTaxRate | CW↑ | productio nwater processing/transportation cost | |
Taxmining | CG↓ | injection gas processing/transportation cost | |
Pricemarket | CW↓ | injection water processing/transportation cost | |
Priceincome | mF↑ | fluid production lift cost | |
q1 | mF↓ | fluid injection lift cost | |
CF↑ | η↑ · g · H · CE | ||
CF |