Common use of END OF YEAR STATEMENT Clause in Contracts

END OF YEAR STATEMENT. The Contractor shall prepare a definitive End of Year Statement. The Statement shall contain aggregatedinformation in the same format as required in the Production Statement, Value of Production and PricingStatement, Statement of income, but shall be based on actual quantities of Petroleum produced and income accrued. Based upon this Statement, any adjustments that are necessary shall be made to thetransactions concerned under the Contract.