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Combine oil & gas into barrels of oil equivalent.
BOE = oil bbl + (gas Mcf ÷ 6)BOE uses an energy-equivalence convention: 6 Mcf (6,000 cubic feet) of natural gas ≈ 1 barrel of oil ≈ 5.8 MMBtu. The economic value ratio differs.
Barrels of oil equivalent (BOE) is a way to add oil and natural gas production together on a common energy basis. The industry convention is that 6 Mcf of natural gas (6,000 cubic feet) equals one barrel of oil, because they contain roughly the same energy — about 5.8 million BTU.
Note this is an energy ratio, not a price ratio. Oil is usually worth far more per BOE than gas, so BOE volumes flatter gassy assets. Some companies use slightly different ratios (5.6–6.0 Mcf); 6:1 is the SEC and industry standard.
Field service & billing software for oilfield service companies — capture tickets at the wellsite, bill in days not weeks.