Common use of Volume Determinations Clause in Contracts

Volume Determinations. (a) All measurements, volume corrections and calibrations will be made in accordance with the API MPMS. (b) All volume determinations shall be adjusted to a temperature of 60 degrees Fahrenheit and a pressure of one standard atmosphere (14.7 PSIA) per the API MPMS, Chapter 11 (Table 6A). (c) All Crude Oil received by truck will be determined by calibrated custody transfer grade meters. (d) All Crude Oil received from or delivered to pipeline will be determined by calibrated custody transfer grade meters or by tank measurements (static tank). (e) All Crude Oil received from waterborne vessels will be determined by an IIC using the measurement methods below and will be the basis for preparing relevant shipping documents except in cases of fraud or manifest error. In the absence of an IIC, Holdings’ measurements will be final and binding except in cases of fraud or manifest error. The volumes received from or delivered to waterborne vessels shall be determined by one of the following measurement methods in the following order of preference: (i) custody transfer grade meter(s); (ii) shore tank(s) measurements (static tank), as determined by the IIC; (iii) in the event of an active (versus static) shore tank during any part of the transfer, or if IIC determines shore quantities to be inaccurate or not representative of the cargo transferred, quantity shall be based on the volumes as determined from measurements of the vessel before and after the transfer with application of a vessel experience factor, if determined valid and applicable by the IIC; or (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes. TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**).

Volume Determinations. (a) All measurements, volume corrections and calibrations will be made in accordance with the API MPMS. (b) All volume determinations shall be adjusted to a temperature of 60 degrees Fahrenheit and a pressure of one standard atmosphere (14.7 PSIA) per the API MPMS, Chapter 11 (Table 6A). (c) All Crude Oil received by truck will be determined by calibrated custody transfer grade meters. (d) All Crude Oil received from or delivered to pipeline pipelines will be determined by calibrated custody transfer grade meters or by tank measurements (static tank). (e) All Crude Oil received from waterborne vessels will be determined by an IIC using the measurement methods below and will be the basis for preparing relevant shipping documents except in cases of fraud or manifest error. In the absence of an IIC, Holdings’ measurements will be final and binding except in cases of fraud or manifest error. The volumes received from or delivered to waterborne vessels shall be determined by one of the following measurement methods in the following order of preference: (i) custody transfer grade meter(s); (ii) shore tank(s) measurements (static tank), as determined by the IIC; (iii) in the event of an active (versus static) shore tank during any part of the transfer, or if the IIC determines shore quantities to be inaccurate or not representative of the cargo transferred, quantity shall be based on the volumes as determined from measurements of the vessel before and after the transfer with application of a vessel experience factor, if determined valid and applicable by the IIC; or (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes. TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes.

Volume Determinations. (a) All measurements, volume corrections and calibrations will be made in accordance with the API MPMS. (b) All volume determinations shall be adjusted to a temperature of 60 degrees Fahrenheit and a pressure of one standard atmosphere (14.7 PSIA) per the API MPMS, Chapter 11 (Table 6A). (c) All Crude Oil received by truck will be determined by calibrated custody transfer grade meters. (d) All Crude Oil received from or delivered to pipeline pipelines will be determined by calibrated custody transfer grade meters or by tank measurements (static tank). (e) All Crude Oil received from waterborne vessels will be determined by an IIC using the measurement methods below and will be the basis for preparing relevant shipping documents except in cases of fraud or manifest error. In the absence of an IIC, Holdings’ measurements will be final and binding except in cases of fraud or manifest error. The volumes received from or delivered to waterborne vessels shall be determined by one of the following measurement methods in the following order of preference: (i) custody transfer grade meter(s); (ii) shore tank(s) measurements (static tank), as determined by the IIC; (iii) in the event of an active (versus static) shore tank during any part of the transfer, or if the IIC determines shore quantities to be inaccurate or not representative of the cargo transferred, quantity shall be based on the volumes as determined from measurements of the vessel before and after the transfer with application of a vessel experience factor, if determined valid and applicable by the IIC; or (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes. TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**).