Crude oil acquisitions

(unfinished oil acquisitions)

  The volume of crude oil either:

  • acquired by the respondent for processing for his own account in accordance with accounting procedures generally accepted and consistently and historically applied by the refiner concerned, or

  • in the case of a processing agreement, delivered to another refinery for processing for the respondent's own account.

  Crude oil that has not been added by a refiner to inventory and that is thereafter sold or otherwise disposed of without processing for the account of that refiner shall be deducted from its crude oil purchases at the time when the related cost is deducted from refinery inventory in accordance with accounting procedures generally applied by the refiner concerned. Crude oil processed by the respondent for the account of another is not a crude oil acquisition.

  U.S. Dept. of Energy, Energy Information Administration's Energy Glossary