source.by

Successful-Efforts vs. Full-Cost Accounting

Source 2020: https://www.investopedia.com/articles/fundamental-analysis/08/oil-gas.asp | 2020-02-14
The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry.

        <!DOCTYPE html>
<html id="sc-template_1-0" class="comp   sc-template article-layout base-layout mntl-html" data-ab="99,99,99" data-resource-version="1.90.0" lang="en" data-mantle-resource-version="3.11.229" data-finance-resource-version="1.90.0" data-tracking-container="true">				
<!--
<globe-environment environment="prod" application="finance" dataCenter="us-east-1"/>
-->
<head class="loc head">				
<script type="text/javascript"></script>    <link rel="preconnect" href="//js-sec.indexww.com">
    <link rel="preconnect" href="//ad.crwdcntrl.net">
    <link rel="preconnect" href="//c.amazon-adsystem.com">
    <link rel="preconnect" href="//cdn.adsafeprotected.com">
    <link rel="preconnect" href="//grid-cdn.pdc.bidswitch.net">
    <link rel="preconnect" href="//as-sec.casalemedia.com">
    <link rel="preconnect" href="//bcp.crwdcntrl.net">
    <link rel="preconnect" href="//grid.bidswitch.net">
    <link rel="preconnect" href="//adservice.google.com">
    <link rel="preconnect" href="//securepubads.g.doubleclick.net">
    <link rel="preconnect" href="//stats.g.doubleclick.net">
    <link rel="preconnect" href="//tpc.googlesyndication.com">
    <link rel="preconnect" href="//pagead2.googlesyndication.com">
    <link rel="dns-prefetch" href="//tags.crwdcntrl.net">
    <link rel="dns-prefetch" href="//sb.scorecardresearch.com">
    <link rel="dns-prefetch" href="//connect.facebook.net">
    <link rel="dns-prefetch" href="//pixel.adsafeprotected.com">
<meta charset="utf-8">
<meta http-equiv="X-UA-Compatible" content="IE=edge">

<meta name="robots" content="NOODP, NOYDIR" />
<meta name="viewport" content="width=device-width, initial-scale=1.0">

<link rel="canonical" href="https://www.investopedia.com/articles/fundamental-analysis/08/oil-gas.asp" />
<title>Successful-Efforts vs. Full-Cost Accounting</title>
<meta name="description" content="The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry." itemprop="description">
<meta name="emailcontenttype" content="STRUCTUREDCONTENT" />
<meta name="emailvertical" content="INVESTOPEDIA" />
<meta name="sailthru.author" content="James Vitalone" />
<meta name="sailthru.tags" content="business,corporate-finance-and-accounting,accounting" />
<!-- Pinterest Pins -->
<meta itemprop="name" content="The Difference Between Successful-Efforts and Full-Cost Accounting" />
<!-- Facebook Open Graph Tags -->
<meta property="fb:app_id" content="659054097907801" />
<meta property="og:type" content="article" />
<meta property="og:site_name" content="Investopedia" />
<meta property="og:url" content="https://www.investopedia.com/articles/fundamental-analysis/08/oil-gas.asp" />
<meta property="og:title" content="The Difference Between Successful-Efforts and Full-Cost Accounting" />
<meta property="og:description" content="The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry." />
<meta property="og:image" content="https://www.investopedia.com/thmb/-_c_sMsLySAVufNePzUM2g_qgeA=/1500x1000/filters:fill(auto,1)/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg" />
<!-- Twitter Cards -->
<meta name="twitter:card" content="summary" />
<meta name="twitter:site" content="@Investopedia" />
<meta name="twitter:title" content="The Difference Between Successful-Efforts and Full-Cost Accounting" />
<meta name="twitter:description" content="The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry." />
<meta name="twitter:image" content="https://www.investopedia.com/thmb/-_c_sMsLySAVufNePzUM2g_qgeA=/1500x1000/filters:fill(auto,1)/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg" /><link type="text/css" rel="stylesheet" data-glb-css href="/static/1.90.0/cache/eNqtVf2SoyAMf6FjfCaEaJlG4kDstm9_kdWrWkRuZ_8BkvzyQQhJE1mzM42JsZmP8KfZcNyge1AjagM3QgthJ438QohvFg0jefAcGx2EgbDuWYiNyUg_ck58l1Ce32tO_OVsD7J7Ytc5I2LyqtXeQ0hWM_ySGUN0d6Cy1k5FpVshaMlWSzpYBU8uQTuEp2sRlDAqTeZgPVKrsbkl1LLlcF4_XJ-usYCUcDbHnM4A1ukGqae05CAdhUEqAnQwNzUT2_NFHG0Q7yZMQxtTMAe6Xnt7rihLtSRrT_5AMU7tzHG-z7BKdRfJOI0q3nSA9MiDZyE33GrtK6XjFQZgvSOqldoXOg_LVoqPiZDduO7VDqz8-thYF6XxvMCqmT6QOVuRw2R4CgIx5Fl4313KnP6sg_NVa3k4KWrntTfymEa1SOau1lc-E1SGdeMB05LDJ4M537NSlvs_VoxGpIlPBb-Tp82HKMhK3a51iKe9bgV5ETyK00XGB0vrrvoRkaZgIB7pUoVrq1hL706-ViKn8ABvKbzxJWwAlAq3aonjk1F4byMZ-5fyD6KY8IlZRtvFEBolBhl98vPvWRy6uLkBwzwUdlRhdHUkDxWW7aLpL92uIynarz1V60GlS-yIC6fpAjL8w_t0oWGJrY4yBPXg8JWG25zFT3Z10BmLp5K_8ArGsQ.min.css"></link>
<style type="text/css"></style><script type="text/javascript" data-glb-js="top" src="/static/1.90.0/cache/eNp9kV1OxDAMhC9ElDushHhFq14gP97ibRIHx-mqe3pShFiDCm_JN_Zk7NgmTjDYa7OewS2VsEh7sg-c3eZBg0QuQvwmCX3b8eaWrssqpe2CKWm2QonENlMELnhnk12R9HAPlCsVGAmspxvwALQgNDN6v45_17534K0JY5ltxCYa6BBdMKFoqwEvxRzySPlYeHmdDiaTNybREw2JYYgdJnZh0VHUAC5-rnCu8mOD3bfuNTlPJ32V3fIs_nmFX59W3QxmRbgdvTZL3mtCwrAY-SfW2F0P0hmiCVRksL2vBTPyfgAya9bG.min.js"></script>
<script type="text/javascript">(function(){
var pageTargeting = {
rec: 0
,customSeries: ''
,tax0: 'inv'
,custom: ''
,rpv: 37
,pagetitle: 'Successful-Efforts vs. Full-Cost Accounting'
,rid: 'n6d9249ea79054e168c915843c587442e05'
,url: '/articles/fundamental-analysis/08/oil-gas.asp'
,sid: 'n6d9249ea79054e168c915843c587442e05'
,microtags: 'Natural gas,Accounting,Net income,Chief financial officer,Depreciation'
}
;
var baseSlotTargeting = {
inf: '0'
,entryType: 'direct'
,leaid: '213308'
,amp: '0'
,docId: '4240802'
,ptax: 'inv_corporate-finance-and-accounting'
,vid: '0'
,tax1: 'inv_business'
,tax2: 'inv_corporate-finance-and-accounting'
,chpg: '1'
,t: '110'
,au: '156569'
,tier: 'L'
,jny: '0'
,leuid: '151378030080892'
,sbj: ''
,aid: ''
,tax3: 'inv_accounting'
,jnyroot: ''
}
;
pageTargeting.w = Mntl.utilities.getW();
Finance.GPT.testIds(pageTargeting, baseSlotTargeting);
Mntl.utilities.onLoad(function() {
Mntl.utilities.loadExternalJS({
src: '//www.googletagservices.com/tag/js/gpt.js',
async: false
});
});
var options = {
domain: 'www.investopedia.com',
isMobile: false,
dfpId: '479',
singleRequest: false,
pageTargeting: pageTargeting,
baseSlotTargeting: baseSlotTargeting,
initialSlots: [{
config: {id: 'leaderboard', sizes: [[728, 90], [970, 250], [970, 90], [1, 1]], type: 'leaderboard', rtb: true},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'atf',
priority: 1
,floor_id: 'a06d7d5e99e4434395ba1231af489151'
,floor: 50
})
},{
config: {id: 'button1', sizes: [[120, 60]], type: 'button', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button1',
priority: 2
})
},{
config: {id: 'button2', sizes: [[120, 60]], type: 'button', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button2',
priority: 2
})
},{
config: {id: 'button3', sizes: [[120, 60]], type: 'button', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button3',
priority: 2
})
},{
config: {id: 'button4', sizes: [[120, 60]], type: 'button', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'button4',
priority: 2
})
},{
config: {id: 'partnerlinks1', sizes: [[300, 55]], type: 'partnerlinks', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks1',
priority: 3
})
},{
config: {id: 'partnerlinks2', sizes: [[300, 55]], type: 'partnerlinks', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks2',
priority: 3
})
},{
config: {id: 'partnerlinks3', sizes: [[300, 55]], type: 'partnerlinks', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'partnerlinks3',
priority: 3
})
},{
config: {id: 'textnote', sizes: [[1, 5]], type: 'native', rtb: false},
targeting: Mntl.fnUtilities.deepExtend({}, {
pos: 'textnote',
priority: 4
})
}],
utils: {
collapseAd: Finance.GPT.collapseAd,
generateSlotId: Finance.GPT.generateSlotId,
buildGptUrl: Finance.GPT.buildGptUrl
}
};
Mntl.GPT.init(options);
}());var Mntl = window.Mntl || {};
Mntl.RTB = Mntl.RTB || {};
Mntl.RTB.setTimeoutLength([500,800]);
Mntl.RTB.Plugins.amazon.mapFBValues = {"adunitid":"mapFBID"};
Mntl.RTB.Plugins.amazon.mapTaxValues = {"tax1":"inv_business","tax2":"inv_corporate-finance-and-accounting","si_section":"inv_corporate-finance-and-accounting","tax0":"inv_root","tax3":"inv_accounting"};
Mntl.RTB.Plugins.amazon.amazonSection = 'Accounting';
Mntl.RTB.Plugins.amazon.amazonSlotName = false;
Mntl.RTB.Plugins.s2s.s2sConfigs = {"partners":"","timeout":500};
Mntl.RTB.initBidders([{ type: "indexUniversal", id: '183710-54318773746259'},{ type: "amazon", id: '3222'},{ type: "ias", id: '926268'},{ type: "mediaGrid", id: 'true'}]);
Mntl.RTBTracking.init(['indexUniversal','amazon','ias','mediaGrid']);
Mntl.RTB.Plugins.mediaGrid.mediaGridConfig.adUnitIds = {"billboard2":958,"billboard6":962,"billboard5":961,"billboard4":960,"billboard3":959,"leaderboard2":966,"billboard7":963,"billboard":957,"leaderboard":965,"leaderboardfooter2":968,"leaderboardfooter":967,"fluid":964};
Mntl.RTB.Plugins.mediaGrid.mediaGridConfig.requestSettings.keyWords = '{"tax1":"inv_business","tax2":"inv_corporate-finance-and-accounting","tax0":"inv_root","pc":1,"tax3":"inv_accounting"}';
Mntl.RTB.setGDPR(true);
Mntl.RTB.setLatencyBuffer(0);
// moved from gtm.ftl so we can initialize GTM only onLoad. From https://support.google.com/tagmanager/answer/6103696?hl=en
Mntl.utilities.onLoad(function() {
(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;defer=true;j.src='//www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-5TR9JND');
});
var dataLayer = dataLayer || [];
dataLayer.push({
abTests: [{
testName: "brokerTableRedesign",
bucketDescription: "in test, show new broker table",
bucketName: "active",
bucketTrackingId: "99",
bucketValue: 1
},{
testName: "mediagrid",
bucketDescription: "in test: mediagrid enabled",
bucketName: "active",
bucketTrackingId: "99",
bucketValue: 1
},{
testName: "textnoteAdConfigs",
bucketDescription: "In Test: 1x5",
bucketName: "onebyfive",
bucketTrackingId: "99",
bucketValue: 2
}
]
});
dataLayer.push({
envData: {
environment: {
environment: "prod",
application: "finance",
dataCenter: "us-east-1"
},
server: {
version: "1.90.0",
vendor: "",
title: "finance-launcher"
},
client : {
browserUA: navigator.userAgent,
serverUA: "Mozilla/5.0 (Windows NT 6.1; WOW64; rv:29.0) Gecko/20120101 Firefox/29.0",
deviceType: "pc",
usStateCode: ""
},
mantle: "",
commerce: ""
}
});
(function(win, fnUtils) {
var pageViewDataAsJSON = {"country":"DE","description":"The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry.","templateName":"STRUCTUREDCONTENT","errorType":"","contentGroup":"Other","title":"Successful-Efforts vs. Full-Cost Accounting" || document.title || '',"documentId":4240802,"lastEditingAuthorId":"213308","lastEditingUserId":"151378030080892","templateId":"110","viewType":"","revenueGroup":"","socialTitle":"The Difference Between Successful-Efforts and Full-Cost Accounting","characterCount":0,"updateDate":"2019-04-14","fullUrl":"https://www.investopedia.com/articles/fundamental-analysis/08/oil-gas.asp" + location.hash,"authorId":"156569","experienceType":"single page","currentPageOrdinal":"","previousPageOrdinal":"","entryType":"direct","pageviewType":"standard","templateVariation":"","publishDate":"2007-06-17","numOfPages":1,"numOfArticleWords":"","excludeFromComscore":false,"socialImage":"https://www.investopedia.com/thmb/Jiq3MKnZx4DrWXlTBcNDbWxgcqI=/735x0/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg","numOfMapLabels":"","isErrorPage":false,"instartLogicDelivered":0,"internalSessionId":"n6d9249ea79054e168c915843c587442e05","internalRequestId":"n6d9249ea79054e168c915843c587442e05","taxonomyNodes":[[{"documentId":4173514,"shortName":"Investopedia"},{"documentId":4689640,"shortName":"Business"},{"documentId":4689821,"shortName":"Corporate Finance & Accounting"},{"documentId":4689820,"shortName":"Accounting"}]],"experienceTypeName":"","recircDocIdsFooter":"","euTrafficFlag":true,"mantleVersion":"","commerceVersion":"","primaryTaxonomyIds":"4173514|4689640|4689821|4689820","primaryTaxonomyNames":"Investopedia|Business|Corporate Finance & Accounting|Accounting"};
var readyForThirdPartyTracking = fnUtils.once(function() {
dataLayer.push({event: 'readyForThirdPartyTracking'});
});
[
['adRendered', readyForThirdPartyTracking],
['beforeunload', readyForThirdPartyTracking],
['load', function() { setTimeout(readyForThirdPartyTracking, 5000); }]
].forEach(function(event) {
win.addEventListener(event[0], event[1], { once: true });
});
pageViewDataAsJSON.breakpointName = Mntl.utilities.getW();
pageViewDataAsJSON.bounceExchangeId = '2320';
Mntl.PageView.init(pageViewDataAsJSON);
})(window || {}, Mntl.fnUtilities || {});</script><link rel="shortcut icon" href="/static/1.90.0/icons/favicons/favicon.ico">
<link rel="icon" type="image/x-icon" href="/static/1.90.0/icons/favicons/favicon.ico">
<link rel="apple-touch-icon-precomposed" sizes="57x57" href="/static/1.90.0/icons/favicons/apple-touch-icon-57x57.png">
<link rel="apple-touch-icon-precomposed" sizes="60x60" href="/static/1.90.0/icons/favicons/apple-touch-icon-60x60.png">
<link rel="apple-touch-icon-precomposed" sizes="76x76" href="/static/1.90.0/icons/favicons/apple-touch-icon-76x76.png">
<link rel="apple-touch-icon-precomposed" sizes="120x120" href="/static/1.90.0/icons/favicons/apple-touch-icon-120x120.png">
<link rel="apple-touch-icon-precomposed" sizes="152x152" href="/static/1.90.0/icons/favicons/apple-touch-icon-152x152.png">
<link rel="apple-touch-icon-precomposed" sizes="180x180" href="/static/1.90.0/icons/favicons/apple-touch-icon-180x180.png">

<meta name="msapplication-TileColor" content="#F4F4F4"/>
<meta name="msapplication-TileImage" content="/static/1.90.0/icons/favicons/mstile-144x144.png">
<meta name="msapplication-square70x70logo" content="/static/1.90.0/icons/favicons/mstile-70x70.png">
<meta name="msapplication-square150x150logo" content="/static/1.90.0/icons/favicons/mstile-150x150.png">
<meta name="msapplication-square310x310logo" content="/static/1.90.0/icons/favicons/mstile-310x310.png">
<meta name="msapplication-wide310x150logo" content="/static/1.90.0/icons/favicons/mstile-310x150.png">

    <link rel="mask-icon" href="/static/1.90.0/icons/favicons/safari-pinned-tab.svg" color="#00242D">
<script id="schema-unified_1-0" class="comp  schema-unified mntl-schema-unified" type="application/ld+json">				
{
	"@context": "http://schema.org",
	"@type": "WebPage"
,"breadcrumb": {
"@type": "BreadcrumbList",
"itemListElement": [
{
"@type": "ListItem",
"position": 1,
"item": {
"@id": "https://www.investopedia.com/business-4689640",
"name": "Business"
}
}
,
{
"@type": "ListItem",
"position": 2,
"item": {
"@id": "https://www.investopedia.com/corporate-finance-and-accounting-4689821",
"name": "Corporate Finance & Accounting"
}
}
,
{
"@type": "ListItem",
"position": 3,
"item": {
"@id": "https://www.investopedia.com/accounting-4689820",
"name": "Accounting"
}
}
]
}		
,"mainEntity": {
"@type": "Article",
"mainEntityOfPage": {
"@type": "WebPage",
"@id": "https://www.investopedia.com/articles/fundamental-analysis/08/oil-gas.asp"
}
,"headline": "Successful-Efforts vs. Full-Cost Accounting: What's the Difference?"
,"datePublished": "2007-06-17T17:00:00.000Z"
,"dateModified": "2019-04-14T18:14:40.857Z"
,"author": {
"@type": "Person"
,"name": "James Vitalone" }
,"description": "The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry.","image": [
{
"@type": "ImageObject",
"url": "https://www.investopedia.com/thmb/8CXwYA-BXIADiwRh8Tg-Gj3TWec=/1500x844/smart/filters:no_upscale()/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg",
"height": 844,
"width": 1500
},
{
"@type": "ImageObject",
"url": "https://www.investopedia.com/thmb/Z2d9wTDVCjPrhKqbb8dYmKHV2CA=/1333x1000/smart/filters:no_upscale()/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg",
"height": 1000,
"width": 1333
},
{
"@type": "ImageObject",
"url": "https://www.investopedia.com/thmb/By1qJma9MLiW-klLbgmEGORO0Wk=/1000x1000/smart/filters:no_upscale()/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg",
"height": 1000,
"width": 1000
}
]
,"publisher": {
"@type": "Organization",
"name": "Investopedia",
"url": "https://www.investopedia.com",
"logo": {
"@type": "ImageObject",
"url": "https://www.investopedia.com/thmb/QfBehpNM1l3_gNG-oJMQnjdaJ6c=/260x60/filters:no_upscale():max_bytes(150000):strip_icc()/investopedia-schema-logo-94b9fb2a18b04f4fa6eaad7bf95393e6.png",
"width": 260,
"height": 60
},
"brand": "Investopedia"
, "publishingPrinciples": "https://www.investopedia.com/about-us"
, "sameAs" : [
"https://twitter.com/investopedia",
"https://www.facebook.com/Investopedia/",
"https://www.youtube.com/user/investopediacom",
"https://www.linkedin.com/company/investopedia-ulc",
"https://www.instagram.com/investopedia/"
]
}
}		
}
</script>		
<meta name="sailthru.date" content="2020-02-05T13:13:03.617Z" />
<meta name="sailthru.image.thumb" content="https://www.investopedia.com/thmb/sj_9Effd5R-Vo5bt_SM2rE-WCDY=/255x165/filters:no_upscale()/GettyImages-1053748996-ca0e4449a5b342fab29a348e185226e2.jpg" /><meta name="sailthru.title" content="The Difference Between Successful-Efforts and Full-Cost Accounting" /><meta name="emailt1" content="Business" />		
</head>		
<body>
<svg class="mntl-svg-resource is-hidden">
<defs>
<symbol id="icon-academy">
<svg id="icon-academy" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 133.71 87.31">
<path class="icon-academy-cls-1" d="M97.75 49.3l-7.11 3.31c-5.76 2.66-11.49 5.39-17.3 8a15.31 15.31 0 0 1-13 0q-28.52-13.1-57-26.32A12.38 12.38 0 0 1 1.2 33c-1.62-1.19-1.6-2.77 0-4a11.37 11.37 0 0 1 1.92-1.1c19.13-8.82 38.21-17.7 57.35-26.47a14.94 14.94 0 0 1 12.8 0q28.64 13.14 57.19 26.44a10.36 10.36 0 0 1 2.12 1.27c1.53 1.22 1.51 2.55 0 3.79a8.64 8.64 0 0 1-1.81 1.07q-11.19 5.2-22.39 10.33a2.12 2.12 0 0 1-1.64 0Q92.1 37 77.52 29.52c-.37-.18-.84-.61-.86-.95A6 6 0 0 0 73.77 24c-4.15-2.93-11.38-2.63-15.19.64-2.74 2.37-2.77 5.78 0 8.11 3 2.5 6.49 2.93 10.21 2.51a3.44 3.44 0 0 1 1.86.24q13.07 6.57 26.07 13.21c.28.13.58.29 1.03.59z"/>
<path class="icon-academy-cls-1" d="M29.48 53.6L43.26 60c4.85 2.24 9.67 4.56 14.56 6.72a21.39 21.39 0 0 0 18.09 0c7.26-3.26 14.45-6.67 21.67-10 .38-.18.77-.33 1.25-.53 0 .46.06.76.06 1v15.83a1.37 1.37 0 0 1-.89 1.51c-8.26 3.8-16.49 7.76-24.85 11.47a15.45 15.45 0 0 1-12.83-.09c-11.17-5.1-22.27-10.29-33.39-15.46-4.05-1.89-5.08-5.57-2.63-9.27 1.58-2.4 3.22-4.76 4.84-7.14zM115.93 49.11V79.89a1.68 1.68 0 0 1-1.16 1.86c-3.06 1.32-6.07 2.75-9.24 4.2 0-.6-.07-1-.07-1.44V55.2a1.69 1.69 0 0 1 1.17-1.85c3.05-1.35 6.07-2.76 9.3-4.24z"/>
</svg> </symbol>
<symbol id="icon-caret">
<svg id="icon-caret" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32.42 19.04">
<path d="M16.21 19.04L0 2.83 2.83 0l13.38 13.38L29.59 0l2.83 2.83-16.21 16.21z"/>
</svg> </symbol>
<symbol id="icon-hambuger">
<svg id="icon-hamburger" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 29.59 24.73">
<rect width="29.59" height="4" />
<rect y="10.37" width="29.59" height="4" />
<rect y="20.73" width="29.59" height="4" />
</svg> </symbol>
<symbol id="icon-close">
<svg id="icon-close" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24.81 24.61">
<rect x="10.52" y="-3.09" width="4" height="30.76" transform="translate(-5.02 12.45) rotate(-45)"/>
<rect x="-3.09" y="10.34" width="30.73" height="4" transform="translate(-5.13 12.3) rotate(-45)"/>
</svg> </symbol>
<symbol id="inv-logo-header">
<svg id="inv-header-logo" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 574.04 89.64">
<path fill="#323a56" d="M33.6 24.8l6.33 4-2.42 22.87L71.57 30.9a36 36 0 1 0-70.5 13.77z"/>
<path fill="#323a56" d="M34.64 63.21l-6.33-4 2.42-22.86L4.09 52.61a36 36 0 0 0 67.53-12z"/>
<circle fill="#f64e00" cx="37.81" cy="16.42" r="5.09"/>
<path fill="#201d1e" d="M89.9 69l8.94-.13V5.69l-8.94.13V69zM132.66 25.1c-4 0-10.81 1.78-13.83 6.61V26h-8.44v43h8.44V45.73c0-8.48 6.4-12.28 12.74-12.28 6 0 10 4.5 10 11.19V69H150V44.19c0-6.11-1.68-11.11-5-14.45-3-3.04-7.27-4.64-12.34-4.64zM175.38 57.94l-12.91-31.93h-9.03L171.3 69h8.08l17.95-42.99h-9.12l-12.83 31.93zM332.89 25.1c-13 0-22.45 9.36-22.45 22.27s9.66 22.54 22.45 22.54a22 22 0 0 0 22.55-22.54c0-12.91-9.44-22.27-22.55-22.27zm0 36.83C325 61.93 319 55.67 319 47.37c0-8.15 6-14.29 13.92-14.29A13.89 13.89 0 0 1 347 47.37c0 8.3-6.07 14.56-14.11 14.56zM384.58 25.1c-6.23 0-11.93 2.71-14.83 7V26h-8.44v63.64h8.44V63c2.88 4.33 8.37 6.88 14.92 6.88 12.43 0 21.45-9.4 21.45-22.36s-9.06-22.42-21.54-22.42zm-.73 36.83a14.06 14.06 0 0 1-14.1-14.29c0-8.3 6.06-14.56 14.1-14.56 7.71 0 13.74 6.4 13.74 14.56s-5.91 14.29-13.74 14.29zM494.15 32c-2.88-4.33-8.37-6.88-14.92-6.88-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45c6.23 0 11.93-2.71 14.83-7V69h8.44V2.82h-8.44zM480 61.93c-7.66 0-13.65-6.4-13.65-14.56s5.83-14.29 13.65-14.29a14.1 14.1 0 0 1 14.19 14.29c-.04 7.06-5.01 14.56-14.19 14.56zM513.27 26.01h8.44V69h-8.44zM573.33 26h-8.44v5c-3-3.74-8.17-5.92-14.21-5.92H550c-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45h.71c5.75 0 11.06-2.32 14.12-6V69H574V26zm-22.27 35.9c-7.49-.2-13.3-6.5-13.3-14.54s5.7-14.09 13.3-14.27a14.08 14.08 0 0 1 13.83 14.27c0 6.97-4.89 14.35-13.83 14.55zM262.32 42.72c-4.41-1.13-7.53-2.14-7.53-4.89 0-3.09 3.12-5.25 7.6-5.25a14.82 14.82 0 0 1 8.93 3.22l.21.16 4.53-6.28-.2-.16a21.88 21.88 0 0 0-14-4.61c-7.61 0-15.8 4.19-15.8 13.37 0 6.4 5.34 9.52 9.81 11 1.5.5 3 .89 4.52 1.27 4.67 1.2 8.71 2.24 8.71 5.88 0 2.55-2.57 5.25-7.33 5.25a20.55 20.55 0 0 1-12.36-4.57l-.22-.16-4.52 6.46.19.15a26.74 26.74 0 0 0 17.1 5.79c7.7 0 15.89-4.59 15.89-13.1S270 44.69 262.32 42.72zM452.29 46.77C452.29 33.94 444 25 432 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.4c7.43-.13 12.28-1.36 18.17-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 432.3 61c-6.52 0-11.66-4.78-12.87-11.93L452 49h.24v-.24a7.17 7.17 0 0 0 0-1.17c.06-.16.05-.38.05-.82zm-31.57-4.34c1.11-6.21 5.18-9.63 11.49-9.63 6.11 0 10.27 3.59 11.19 9.63zM240 46.77C240 33.94 231.65 25 219.73 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.39c7.44-.13 12.29-1.36 18.18-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 220 61c-6.53 0-11.66-4.78-12.87-11.93l32.56-.07h.25v-.24a8.65 8.65 0 0 0 0-1.17c.06-.16.06-.38.06-.82zm-31.6-4.34c1.12-6.21 5.19-9.63 11.5-9.63 6.11 0 10.27 3.59 11.19 9.63zM305.5 60.07a12.75 12.75 0 0 1-3.56.43 7 7 0 0 1-5.23-2c-.92-1.08-1.11-2.74-1.11-4.89V33.35h12V26h-12V12.08h-8.45V26h-4.64v7.35h4.64v19.82c0 4.77 1.06 8.28 3.24 10.72a14.46 14.46 0 0 0 11.31 4.74 21.82 21.82 0 0 0 6.27-.86l.25-.08-2.47-7.69zM517.49 5.41a5.39 5.39 0 0 0-5.4 5.49 5.32 5.32 0 0 0 5.4 5.4 5.39 5.39 0 0 0 5.51-5.4 5.47 5.47 0 0 0-5.51-5.49z"/>
</svg> </symbol>
<symbol id="icon-magnifying-glass">
<svg id="icon-magnifying-glass" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 28.64 29.43">
<path d="M28.64,26.6l-8.11-8.11a11.53,11.53,0,1,0-3,2.69l8.25,8.25ZM4,11.47A7.48,7.48,0,1,1,11.47,19,7.48,7.48,0,0,1,4,11.47Z"/>
</svg> </symbol>
<symbol id="icon-arrow-right">
<svg xmlns="http://www.w3.org/2000/svg" id="icon-arrow-right" viewBox="0 0 32 32">
<path fill="#333" d="M22.8 14.3l-9.6-9.6c-.9-.9-2.3-.9-3.2 0l-.8.8c-.9.9-.9 2.3 0 3.2l7.3 7.3-7.3 7.3c-.9.9-.9 2.3 0 3.2l.8.8c.9.9 2.3.9 3.2 0l9.6-9.6c.5-.5.7-1.1.6-1.7.1-.6-.2-1.3-.6-1.7z"/>
</svg> </symbol>
<symbol id="inv-logo-inverted">
<svg id="inv-logo-inverted" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 574.04 89.64">
<path fill="#c5dcff" d="M33.6 24.8l6.33 4-2.42 22.87L71.57 30.9a36 36 0 1 0-70.5 13.77z"/>
<path fill="#c5dcff" d="M34.64 63.21l-6.33-4 2.42-22.86L4.09 52.61a36 36 0 0 0 67.53-12z"/>
<circle fill="#323a56" cx="37.81" cy="16.42" r="5.09"/>
<path fill="#fff" d="M89.9 69l8.94-.13V5.69l-8.94.13V69zM132.66 25.1c-4 0-10.81 1.78-13.83 6.61V26h-8.44v43h8.44V45.73c0-8.48 6.4-12.28 12.74-12.28 6 0 10 4.5 10 11.19V69H150V44.19c0-6.11-1.68-11.11-5-14.45-3-3.04-7.27-4.64-12.34-4.64zM175.38 57.94l-12.91-31.93h-9.03L171.3 69h8.08l17.95-42.99h-9.12l-12.83 31.93zM332.89 25.1c-13 0-22.45 9.36-22.45 22.27s9.66 22.54 22.45 22.54a22 22 0 0 0 22.55-22.54c0-12.91-9.44-22.27-22.55-22.27zm0 36.83C325 61.93 319 55.67 319 47.37c0-8.15 6-14.29 13.92-14.29A13.89 13.89 0 0 1 347 47.37c0 8.3-6.07 14.56-14.11 14.56zM384.58 25.1c-6.23 0-11.93 2.71-14.83 7V26h-8.44v63.64h8.44V63c2.88 4.33 8.37 6.88 14.92 6.88 12.43 0 21.45-9.4 21.45-22.36s-9.06-22.42-21.54-22.42zm-.73 36.83a14.06 14.06 0 0 1-14.1-14.29c0-8.3 6.06-14.56 14.1-14.56 7.71 0 13.74 6.4 13.74 14.56s-5.91 14.29-13.74 14.29zM494.15 32c-2.88-4.33-8.37-6.88-14.92-6.88-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45c6.23 0 11.93-2.71 14.83-7V69h8.44V2.82h-8.44zM480 61.93c-7.66 0-13.65-6.4-13.65-14.56s5.83-14.29 13.65-14.29a14.1 14.1 0 0 1 14.19 14.29c-.04 7.06-5.01 14.56-14.19 14.56zM513.27 26.01h8.44V69h-8.44zM573.33 26h-8.44v5c-3-3.74-8.17-5.92-14.21-5.92H550c-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45h.71c5.75 0 11.06-2.32 14.12-6V69H574V26zm-22.27 35.9c-7.49-.2-13.3-6.5-13.3-14.54s5.7-14.09 13.3-14.27a14.08 14.08 0 0 1 13.83 14.27c0 6.97-4.89 14.35-13.83 14.55zM262.32 42.72c-4.41-1.13-7.53-2.14-7.53-4.89 0-3.09 3.12-5.25 7.6-5.25a14.82 14.82 0 0 1 8.93 3.22l.21.16 4.53-6.28-.2-.16a21.88 21.88 0 0 0-14-4.61c-7.61 0-15.8 4.19-15.8 13.37 0 6.4 5.34 9.52 9.81 11 1.5.5 3 .89 4.52 1.27 4.67 1.2 8.71 2.24 8.71 5.88 0 2.55-2.57 5.25-7.33 5.25a20.55 20.55 0 0 1-12.36-4.57l-.22-.16-4.52 6.46.19.15a26.74 26.74 0 0 0 17.1 5.79c7.7 0 15.89-4.59 15.89-13.1S270 44.69 262.32 42.72zM452.29 46.77C452.29 33.94 444 25 432 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.4c7.43-.13 12.28-1.36 18.17-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 432.3 61c-6.52 0-11.66-4.78-12.87-11.93L452 49h.24v-.24a7.17 7.17 0 0 0 0-1.17c.06-.16.05-.38.05-.82zm-31.57-4.34c1.11-6.21 5.18-9.63 11.49-9.63 6.11 0 10.27 3.59 11.19 9.63zM240 46.77C240 33.94 231.65 25 219.73 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.39c7.44-.13 12.29-1.36 18.18-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 220 61c-6.53 0-11.66-4.78-12.87-11.93l32.56-.07h.25v-.24a8.65 8.65 0 0 0 0-1.17c.06-.16.06-.38.06-.82zm-31.6-4.34c1.12-6.21 5.19-9.63 11.5-9.63 6.11 0 10.27 3.59 11.19 9.63zM305.5 60.07a12.75 12.75 0 0 1-3.56.43 7 7 0 0 1-5.23-2c-.92-1.08-1.11-2.74-1.11-4.89V33.35h12V26h-12V12.08h-8.45V26h-4.64v7.35h4.64v19.82c0 4.77 1.06 8.28 3.24 10.72a14.46 14.46 0 0 0 11.31 4.74 21.82 21.82 0 0 0 6.27-.86l.25-.08-2.47-7.69zM517.49 5.41a5.39 5.39 0 0 0-5.4 5.49 5.32 5.32 0 0 0 5.4 5.4 5.39 5.39 0 0 0 5.51-5.4 5.47 5.47 0 0 0-5.51-5.49z"/>
</svg> </symbol>
<symbol id="icon-facebook">
<svg id="icon-facebook" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 112 215.6">
<path d="M72.7,215.6v-98.4h33l4.9-38.3h-38V54.5c0-11.1,3.1-18.7,19-18.7l20.3,0V1.5C108.5,1,96.4,0,82.4,0C53.1,0,33.1,17.9,33.1,50.7v28.3H0v38.3h33.1v98.4H72.7z"/>
</svg> </symbol>
<symbol id="icon-pinterest">
<svg id="icon-pinterest" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 166 205.4">
<path d="M85.9,0C29.8,0,0,36.1,0,75.4c0,18.3,10.1,41,26.4,48.2c2.5,1.1,3.8,0.6,4.3-1.7c0.4-1.7,2.6-10.2,3.6-14.1c0.3-1.3,0.2-2.3-0.9-3.6c-5.4-6.2-9.6-17.7-9.6-28.4c0-27.5,21.7-54,58.7-54c31.9,0,54.3,20.8,54.3,50.7c0,33.7-17.7,57-40.8,57c-12.8,0-22.3-10.1-19.3-22.5c3.7-14.8,10.8-30.8,10.8-41.4C87.4,55.9,82,48,71,48c-13,0-23.5,12.9-23.5,30.3c0,11,3.9,18.5,3.9,18.5s-12.9,52.2-15.2,61.9c-4,16.5,0.5,43.2,0.9,45.5c0.2,1.2,1.6,1.7,2.5,0.6c1.3-1.6,16.8-23.9,21.2-40.1c1.6-5.8,8.1-29.6,8.1-29.6c4.3,7.8,16.6,14.3,29.8,14.3c39.2,0,67.5-34.6,67.5-77.5C166,30.8,131,0,85.9,0"/>
</svg> </symbol>
<symbol id="icon-twitter">
<svg id="icon-twitter" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 216.6 176.1">
<path d="M216.6,20.8c-8,3.5-16.5,5.9-25.5,7c9.2-5.5,16.2-14.2,19.5-24.6c-8.6,5.1-18.1,8.8-28.2,10.8
C174.3,5.4,162.8,0,150,0c-24.5,0-44.4,19.9-44.4,44.4c0,3.5,0.4,6.9,1.2,10.1C69.8,52.7,37,35,15.1,8.1c-3.8,6.6-6,14.2-6,22.3
c0,15.4,7.8,29,19.8,37c-7.3-0.2-14.1-2.2-20.1-5.6c0,0.2,0,0.4,0,0.6C8.7,84,24,102,44.4,106.1c-3.7,1-7.7,1.6-11.7,1.6
c-2.9,0-5.6-0.3-8.4-0.8c5.7,17.7,22.1,30.5,41.5,30.9c-15.2,11.9-34.4,19-55.2,19c-3.6,0-7.1-0.2-10.6-0.6c19.7,12.6,43,20,68.1,20
c81.8,0,126.5-67.7,126.5-126.5c0-1.9,0-3.8-0.1-5.7C203.1,37.6,210.7,29.8,216.6,20.8z"/>
</svg> </symbol>
<symbol id="icon-instagram">
<svg id="icon-instagram" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 105.72 105.72">
<path d="M52.86 9.52c14.11 0 15.78.06 21.36.31A29.44 29.44 0 0 1 84 11.65a16.39 16.39 0 0 1 6.08 4 16.29 16.29 0 0 1 4 6.07 29.06 29.06 0 0 1 1.82 9.82c.26 5.57.31 7.24.31 21.36s0 15.78-.31 21.36A28.93 28.93 0 0 1 94.06 84a17.45 17.45 0 0 1-10 10 28.93 28.93 0 0 1-9.81 1.82c-5.58.26-7.25.31-21.36.31s-15.79 0-21.36-.31A29.06 29.06 0 0 1 21.71 94a16.29 16.29 0 0 1-6.07-4 16.39 16.39 0 0 1-4-6.08 29.44 29.44 0 0 1-1.82-9.81c-.25-5.58-.31-7.25-.31-21.36s.06-15.79.31-21.36a29.58 29.58 0 0 1 1.82-9.82 16.43 16.43 0 0 1 4-6.07 16.43 16.43 0 0 1 6.07-4 29.58 29.58 0 0 1 9.79-1.67c5.57-.25 7.24-.31 21.36-.31m0-9.52C38.5 0 36.7.06 31.06.32a38.89 38.89 0 0 0-12.83 2.45 26.08 26.08 0 0 0-9.36 6.1 26.08 26.08 0 0 0-6.1 9.36A38.89 38.89 0 0 0 .32 31.06C.06 36.7 0 38.5 0 52.86S.06 69 .32 74.65a38.78 38.78 0 0 0 2.45 12.83 25.91 25.91 0 0 0 6.1 9.36 25.94 25.94 0 0 0 9.36 6.1 38.86 38.86 0 0 0 12.83 2.46c5.64.26 7.44.32 21.8.32s16.15-.06 21.79-.32a38.75 38.75 0 0 0 12.83-2.46 27.07 27.07 0 0 0 15.46-15.46 38.75 38.75 0 0 0 2.46-12.83c.26-5.64.32-7.44.32-21.79s-.06-16.16-.32-21.8a38.86 38.86 0 0 0-2.46-12.83 25.94 25.94 0 0 0-6.1-9.36 25.91 25.91 0 0 0-9.36-6.1A38.78 38.78 0 0 0 74.65.32C69 .06 67.21 0 52.86 0z"/>
<path d="M52.86 25.71A27.15 27.15 0 1 0 80 52.86a27.16 27.16 0 0 0-27.14-27.15zm0 44.77a17.62 17.62 0 1 1 17.62-17.62 17.62 17.62 0 0 1-17.62 17.62z"/>
<circle cx="81.07" cy="24.64" r="6.34"/>
</svg> </symbol>
<symbol id="icon-linkedin">
<svg id="icon-linkedin" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12.88 12.86">
<path d="M4.77,7.84H7.44v8.59H4.77V7.84ZM6.11,3.57A1.55,1.55,0,1,1,4.56,5.12,1.55,1.55,0,0,1,6.11,3.57" transform="translate(-4.56 -3.57)"/>
<path d="M9.12,7.84h2.56V9h0a2.8,2.8,0,0,1,2.53-1.39c2.7,0,3.2,1.78,3.2,4.09v4.71H14.77V12.25c0-1,0-2.28-1.39-2.28s-1.6,1.09-1.6,2.21v4.25H9.12V7.84Z" transform="translate(-4.56 -3.57)"/>
</svg> </symbol>
<symbol id="icon-youtube">
<svg id="icon-youtube" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 121.48 85.04">
<path d="M119,13.28 C117.57898,8.03022216 113.466321,3.93662094 108.21,2.54 C98.73,0 60.74,0 60.74,0 C60.74,0 22.74,0 13.28,2.54 C8.0407921,3.94839145 3.94839145,8.0407921 2.54,13.28 C0,22.75 0,42.52 0,42.52 C0,42.52 0,62.29 2.54,71.76 C3.94839145,76.9992079 8.0407921,81.0916085 13.28,82.5 C22.75,85 60.74,85 60.74,85 C60.74,85 98.74,85 108.21,82.46 C113.456198,81.0705464 117.566654,76.9943761 119,71.76 C121.53,62.29 121.53,42.52 121.53,42.52 C121.53,42.52 121.48,22.75 119,13.28 Z M48.59,60.74 L48.59,24.3 L80.16,42.52 L48.59,60.74 Z" id="Shape"></path>
</svg> </symbol>
<symbol id="icon-email">
<svg xmlns="http://www.w3.org/2000/svg" id="icon-email" viewBox="0 0 122.16 82.2">
<path d="M61.09 61.22L0 9.15V82.2h122.17V9.15L61.09 61.22z"/>
<path d="M115.5 0H6.67l54.42 46.39L115.5 0z"/>
</svg> </symbol>
<symbol id="icon-chain">
<svg id="icon-chain" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 103.51 103.42">
<path d="M27.54 38.81c.88-.64 1.72-1.32 2.63-1.9q13.3-8.41 27.29-1.19A23.34 23.34 0 0 1 63.15 40a6.5 6.5 0 0 1 .39 9.15 6.43 6.43 0 0 1-8.6 1c-1.15-.83-2.16-1.86-3.35-2.6a13 13 0 0 0-16 1.86Q26.22 58.64 16.93 68a13.1 13.1 0 0 0 17 19.82 13.66 13.66 0 0 0 1.68-1.45q4.47-4.44 8.9-8.9a6.55 6.55 0 0 1 10.18 8.2 2.21 2.21 0 0 0-.18.34L43.76 96.73l-.43.28a41.34 41.34 0 0 1-4.39 3c-9.34 4.89-18.5 4.47-27.39-1.21-1-.63-1.88-1.4-2.82-2.1l-2-2-.28-.43a41.34 41.34 0 0 1-3-4.39c-4.89-9.34-4.47-18.5 1.22-27.39.63-1 1.39-1.88 2.09-2.82z"/>
<path d="M75.92 64.57c-.88.64-1.72 1.33-2.63 1.9Q60 74.88 46 67.66a23.34 23.34 0 0 1-5.69-4.23 6.5 6.5 0 0 1-.39-9.15 6.42 6.42 0 0 1 8.6-1c1.15.82 2.16 1.85 3.35 2.6a13 13 0 0 0 16-1.87q9.33-9.28 18.62-18.62a13.1 13.1 0 0 0-17-19.83 14.65 14.65 0 0 0-1.68 1.46q-4.47 4.43-8.9 8.89a6.55 6.55 0 0 1-10.18-8.2 1.83 1.83 0 0 0 .27-.31L59.7 6.65a4.5 4.5 0 0 0 .43-.27c1.07-.8 2.08-1.68 3.2-2.37a26 26 0 0 1 36.75 9.52c5 9.26 4.47 18.49-1.22 27.37-.63 1-1.39 1.88-2.09 2.82z"/>
</svg> </symbol>
</defs>
</svg>
<div id="cookie-notification-banner_1-0" class="comp cookie-notification-banner gdpr-notification-banner mntl-notification-banner mntl-block" data-show-until-dismissed="true">
<div id="gdpr-notification-banner__content_1-0" class="comp gdpr-notification-banner__content mntl-block" data-tracking-container="true">
<div id="gdpr-notification-banner__text_1-0" class="comp gdpr-notification-banner__text mntl-text-block">
Investopedia uses cookies to provide you with a great user experience. By using Investopedia, you accept our</div>
<a
href="/corp/privacypolicy.aspx"
id="gdpr-notification-banner__link_1-0"
class=" gdpr-notification-banner__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">use of cookies.</span></a><button id="gdpr-notification-banner__btn-close_1-0" class="comp js-banner-dismiss gdpr-notification-banner__btn-close mntl-button">
x
</button>
</div>
</div>
<div id="mntl-leaderboard-header_1-0" class="comp has-right-label mntl-leaderboard-header mntl-flexible-leaderboard mntl-flexible-ad mntl-gpt-adunit gpt leaderboard " data-options="99">
<div id="leaderboard" class="wrapper"></div>
</div>
<div id="mntl-leaderboard-spacer_1-0" class="comp js-rollaway-spacer mntl-leaderboard-spacer mntl-block"></div>
<div id="header_1-0" class="comp header mntl-block" data-tracking-container="true">
<div id="header__container_1-0" class="comp l-container header__container mntl-block">
<div id="header-nav_1-0" class="comp header-nav" data-tracking-container="true">
<div class="header-nav__hamburger">
<svg class="icon icon-hamburger">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-hamburger"></use>
</svg>
<svg class="icon icon-close">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-close"></use>
</svg>
</div>
<ul class="header-nav__category-list">
<li class="header-nav__category header-nav__category--education">
<div class="header-nav__category-title">
<a href="https://www.investopedia.com/financial-term-dictionary-4769738" class="header-nav__category-link">
Education
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
General
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/financial-term-dictionary-4769738" class="header-nav__link">
Dictionary
</a>
</li>
<li class="header-nav__item">
<a href="/economy-4689801" class="header-nav__link">
Economics
</a>
</li>
<li class="header-nav__item">
<a href="/corporate-finance-and-accounting-4689821" class="header-nav__link">
Corporate Finance
</a>
</li>
<li class="header-nav__item">
<a href="/terms/r/rothira.asp" class="header-nav__link">
Roth IRA
</a>
</li>
<li class="header-nav__item">
<a href="/stocks-4427785" class="header-nav__link">
Stocks
</a>
</li>
<li class="header-nav__item">
<a href="/mutual-funds-4427787" class="header-nav__link">
Mutual Funds
</a>
</li>
<li class="header-nav__item">
<a href="/terms/e/etf.asp" class="header-nav__link">
ETFs
</a>
</li>
<li class="header-nav__item">
<a href="/terms/1/401kplan.asp" class="header-nav__link">
401(k)
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
Investing/Trading
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/investing-essentials-4689754" class="header-nav__link">
Investing Essentials
</a>
</li>
<li class="header-nav__item">
<a href="/fundamental-analysis-4689757" class="header-nav__link">
Fundamental Analysis
</a>
</li>
<li class="header-nav__item">
<a href="/portfolio-management-4689745" class="header-nav__link">
Portfolio Management
</a>
</li>
<li class="header-nav__item">
<a href="/trading-skills-and-essentials-4689654" class="header-nav__link">
Trading Essentials
</a>
</li>
<li class="header-nav__item">
<a href="/technical-analysis-4689657" class="header-nav__link">
Technical Analysis
</a>
</li>
<li class="header-nav__item">
<a href="/risk-management-4689652" class="header-nav__link">
Risk Management
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
<li class="header-nav__category header-nav__category--markets">
<div class="header-nav__category-title">
<a href="https://www.investopedia.com/markets/" class="header-nav__category-link">
Markets
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
News
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/company-news-4427705" class="header-nav__link">
Company News
</a>
</li>
<li class="header-nav__item">
<a href="/markets-news-4427704" class="header-nav__link">
Markets News
</a>
</li>
<li class="header-nav__item">
<a href="/trading-news-4689736" class="header-nav__link">
Trading News
</a>
</li>
<li class="header-nav__item">
<a href="/political-news-4689737" class="header-nav__link">
Political News
</a>
</li>
<li class="header-nav__item">
<a href="/trends-4689735" class="header-nav__link">
Trends
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
Popular Stocks
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/aapl/" class="header-nav__link">
Apple (AAPL)
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/tsla/" class="header-nav__link">
Tesla (TSLA)
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/amzn/" class="header-nav__link">
Amazon (AMZN)
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/amd/" class="header-nav__link">
AMD (AMD)
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/fb/" class="header-nav__link">
Facebook (FB)
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/markets/stocks/nflx/" class="header-nav__link">
Netflix (NFLX)
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
<li class="header-nav__category header-nav__category--simulator">
<div class="header-nav__category-title">
<a href="https://www.investopedia.com/simulator/" class="header-nav__category-link">
Simulator
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
Simulator
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="https://www.investopedia.com/simulator/" class="header-nav__link">
Create an Account
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/simulator/game/listgames.aspx" class="header-nav__link">
Join a Game
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
My Simulator
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="https://www.investopedia.com/simulator/game/" class="header-nav__link">
My Game
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/simulator/game/creategame.aspx" class="header-nav__link">
Create a Game
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
<li class="header-nav__category header-nav__category--yourmoney">
<div class="header-nav__category-title">
<a href="/personal-finance-4427760" class="header-nav__category-link">
Your Money
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
Personal Finance
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/wealth-4689687" class="header-nav__link">
Wealth Management
</a>
</li>
<li class="header-nav__item">
<a href="/budgeting-and-savings-4427755" class="header-nav__link">
Budgeting/Saving
</a>
</li>
<li class="header-nav__item">
<a href="/banking-4427754" class="header-nav__link">
Banking
</a>
</li>
<li class="header-nav__item">
<a href="/credit-card-4689721" class="header-nav__link">
Credit Cards
</a>
</li>
<li class="header-nav__item">
<a href="/home-ownership-4689706" class="header-nav__link">
Home Ownership
</a>
</li>
<li class="header-nav__item">
<a href="/retirement-planning-4689695" class="header-nav__link">
Retirement Planning
</a>
</li>
<li class="header-nav__item">
<a href="/taxes-4427724" class="header-nav__link">
Taxes
</a>
</li>
<li class="header-nav__item">
<a href="/insurance-4427716" class="header-nav__link">
Insurance
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
Reviews & Ratings
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/best-online-brokers-4587872" class="header-nav__link">
Best Online Brokers
</a>
</li>
<li class="header-nav__item">
<a href="/best-brokers-for-beginners-4587873" class="header-nav__link">
Best Brokers for Beginners
</a>
</li>
<li class="header-nav__item">
<a href="/best-brokers-for-roth-iras-4587878" class="header-nav__link">
Best Roth IRA Accounts
</a>
</li>
<li class="header-nav__item">
<a href="/best-web-trading-platforms-4587883" class="header-nav__link">
Best Trading Platforms
</a>
</li>
<li class="header-nav__item">
<a href="/best-robo-advisors-4693125" class="header-nav__link">
Best Robo-Advisors
</a>
</li>
<li class="header-nav__item">
<a href="/wealthfront-vs-betterment-4587963" class="header-nav__link">
Betterment vs Wealthfront
</a>
</li>
<li class="header-nav__item">
<a href="/betterment-vs-vanguard-4694255" class="header-nav__link">
Betterment vs Vanguard
</a>
</li>
<li class="header-nav__item">
<a href="/wealthfront-vs-vanguard-4693481" class="header-nav__link">
Wealthfront vs Vanguard
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
<li class="header-nav__category header-nav__category--advisors">
<div class="header-nav__category-title">
<a href="https://www.investopedia.com/financial-advisor-4427709" class="header-nav__category-link">
Advisors
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
Your Practice
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/practice-management-4689784" class="header-nav__link">
Practice Management
</a>
</li>
<li class="header-nav__item">
<a href="/continuing-education-4689788" class="header-nav__link">
Continuing Education
</a>
</li>
<li class="header-nav__item">
<a href="/financial-advisor-careers-4689786" class="header-nav__link">
Financial Advisor Careers
</a>
</li>
<li class="header-nav__item">
<a href="https://www.investopedia.com/top-100-financial-advisors/" class="header-nav__link">
Investopedia 100
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
Wealth Management
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="/portfolio-construction-4689785" class="header-nav__link">
Portfolio Construction
</a>
</li>
<li class="header-nav__item">
<a href="/financial-planning-4427750" class="header-nav__link">
Financial Planning
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
<li class="header-nav__category header-nav__category--academy">
<div class="header-nav__category-title">
<a href="https://academy.investopedia.com/?aca_ref=header_home_link_1" class="header-nav__category-link">
Academy
<svg class="header-nav__category--academy-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-academy"></use>
</svg>
</a>
<svg class="header-nav__category--caret-icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-caret"></use>
</svg>
</div>
<div class="header-nav__section-container">
<ul class='header-nav__section-list l-container'>
<li class="header-nav__section">
<div class="header-nav__section-title">
Popular Courses
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="https://academy.investopedia.com/products/investing-for-beginners?aca_ref=header_latest_1" class="header-nav__link">
Investing for Beginners
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/products/become-a-day-trader?aca_ref=header_course_1" class="header-nav__link">
Become a Day Trader
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/products/trading-for-beginners?aca_ref=header_course_1" class="header-nav__link">
Trading for Beginners
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/products/technical-analysis?aca_ref=header_course_1" class="header-nav__link">
Technical Analysis
</a>
</li>
</ul>
</li>
<li class="header-nav__section">
<div class="header-nav__section-title">
Courses by Topic
</div>
<ul class="header-nav__item-list">
<li class="header-nav__item">
<a href="https://academy.investopedia.com/?aca_ref=header_latest_1" class="header-nav__link">
All Courses
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/collections/trading-courses-collection?aca_ref=header_latest_1" class="header-nav__link">
Trading Courses
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/collections/investing-courses-catalog?aca_ref=header_latest_1" class="header-nav__link">
Investing Courses
</a>
</li>
<li class="header-nav__item">
<a href="https://academy.investopedia.com/collections/finance-courses?aca_ref=header_latest_1" class="header-nav__link">
Financial Professional Courses
</a>
</li>
</ul>
</li>
</ul>
</div>
</li>
</ul>
</div>
<div id="mntl-block_1-0" class="comp header-logo-container mntl-block">
<a id="header__logo_1-0" class="comp header__logo linked-logo mntl-block" rel="home" href="/" aria-label="Investopedia Homepage">
<svg class="icon inv-header-logo ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#inv-header-logo"></use>
</svg>
</a>
</div>
<form id="header__search_1-0" class="comp header__search search-form search" role="search" method="get" action="/search" data-tracking-container="true">
<svg class="search__icon">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-magnifying-glass"></use>
</svg>
<div class="search__wrapper">
<input class="search__input"
type="text"
name="q"
value=""
placeholder="Search"
maxlength="200"
required />
<button type="submit" class="search__button ">Submit</button>
</div>
</form>
</div>
</div>
<!-- Google Tag Manager () -->
<noscript><iframe src="//www.googletagmanager.com/ns.html?id=GTM-5TR9JND" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
<!-- End Google Tag Manager --><div id="banner_1-0" class="comp banner mntl-block"></div>
<main id="main_1-0" class="comp has-right-rail main mntl-block">
<div id="left-rail_1-0" class="comp left-rail mntl-block">
<div id="breadcrumbs-nav_1-0" class="comp breadcrumbs-nav" data-tracking-container="true">
<a
href="https://www.investopedia.com/corporate-finance-and-accounting-4689821"
id="breadcrumbs-nav__title_1-0"
class=" breadcrumbs-nav__title mntl-text-link no-children-tax-nodes"
data-tracking-container="true"
><span class="link__wrapper">Corporate Finance & Accounting</span></a>
<ul class="breadcrumbs-nav__list">
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/financial-analysis-4427788"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Financial Analysis</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/corporate-finance-4689819"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Corporate Finance</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/financial-statements-4689816"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Financial Statements</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/financial-ratios-4689817"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Financial Ratios</span>
</a> </li>
<li class="breadcrumbs-nav__item breadcrumbs-nav__item--active " >
<a
href="https://www.investopedia.com/accounting-4689820"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Accounting</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/debt-4427751"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Debt</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/mergers-and-acquisitions-4689815"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Mergers & Acquisitions</span>
</a> </li>
<li class="breadcrumbs-nav__item " >
<a
href="https://www.investopedia.com/corporate-insurance-4689818"
class="breadcrumbs-nav__link"
> <span class="breadcrumbs-nav__link-wrapper">Corporate Insurance</span>
</a> </li>
</ul>
</div>
<div id="journey-nav-wrapper_1-0" class="comp journey-nav-wrapper mntl-block"></div>
</div>
<div id="content-well_1-0" class="comp content-well mntl-block">
<article id="article_1-0" class="comp article mntl-block" data-rail-bp="med" data-tracking-container="true">
<div id="breadcrumbs_1-0" class="comp breadcrumbs" data-tracking-container="true">
<a
href="https://www.investopedia.com/corporate-finance-and-accounting-4689821"
class="breadcrumbs__link"
> Corporate Finance & Accounting
</a> <svg class="icon icon-arrow-right arrow-right">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow-right"></use>
</svg>
<a
href="https://www.investopedia.com/accounting-4689820"
class="breadcrumbs__link"
> Accounting
</a></div>
<header id="article-header_1-0" class="comp right-rail__offset article-header mntl-block">
<h1 id="article-heading_2-0" class="comp article-heading mntl-text-block">
Successful-Efforts vs. Full-Cost Accounting: What's the Difference?</h1>
<h2 id="article-subheading_1-0" class="comp article-subheading mntl-text-block">
A Look at the Successful-Efforts and Full-Cost Methods of Accounting</h2>
<div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div>
<ul id="social-share_1-0" class="comp social-share mntl-social-share share" data-title="The Difference Between Successful-Efforts and Full-Cost Accounting" data-description="The successful-efforts and full-cost accounting methods differ in how they treat operating expenses related to the crude oil and natural gas industry." data-tracking-container="true">
<li class="share-item share-item-facebook">
<a data-href="https://www.facebook.com/dialog/share?app_id=659054097907801&display=popup&href=https%3A%2F%2Fwww.investopedia.com%2Farticles%2Ffundamental-analysis%2F08%2Foil-gas.asp%3Futm_source%3Dfacebook%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons&redirect_uri=https%3A%2F%2Fwww.investopedia.com%2FfacebookShareRedirect.htm"
data-network="facebook"
class="share-link share-link-facebook"
title="Facebook">
<svg class="icon icon-facebook ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-facebook"></use>
</svg>
FACEBOOK
</a>
</li>
<li class="share-item share-item-twitter">
<a data-href="https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.investopedia.com%2Farticles%2Ffundamental-analysis%2F08%2Foil-gas.asp%3Futm_source%3Dtwitter%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons&via=investopedia&text=The+Difference+Between+Successful-Efforts+and+Full-Cost+Accounting"
data-network="twitter"
class="share-link share-link-twitter"
title="Twitter">
<svg class="icon icon-twitter ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-twitter"></use>
</svg>
TWITTER
</a>
</li>
<li class="share-item share-item-linkedin">
<a data-href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.investopedia.com%2Farticles%2Ffundamental-analysis%2F08%2Foil-gas.asp%3Futm_source%3Dlinkedin%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons"
data-network="linkedin"
class="share-link share-link-linkedin"
title="Linkedin">
<svg class="icon icon-linkedin ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin"></use>
</svg>
LINKEDIN
</a>
</li>
</ul>
<div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true">
<div id="byline_1-0" class="comp byline">
By
<a
href="https://www.investopedia.com/contributors/179/"
data-tooltip-trigger="true"
class="byline__link--no-short-bio"
>James Vitalone</a>
</div>
<div id="displayed-date_1-0" class="comp displayed-date">
Updated Apr 14, 2019</div>
</div>
</header>
<div id="article-body_1-0" class="comp article-body mntl-block">
<div id="mntl-sc-page_1-0" class="comp article-body-content mntl-sc-page mntl-block" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="40em" data-sc-load-immediate="2" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true">
<a class="heading-toc" id="successful-efforts-vs-full-cost-accounting-an-overview"></a> <h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Successful-Efforts vs. Full-Cost Accounting: An Overview </span> </h2>
<div id="mntl-sc-block_1-0-1" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>Companies involved in the exploration and development of crude oil and natural gas can choose between two accounting approaches: the successful-efforts (SE) method and the full-cost (FC) method. These approaches differ in how they treat specific operating expenses related to the industry.</p>
</div>
<div id="mntl-sc-block_1-0-2" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-3" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The <a href="https://www.investopedia.com/terms/a/accountingmethod.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">accounting method</a> that a company chooses affects how its <a href="https://www.investopedia.com/terms/n/netincome.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">net income</a> and cash flow numbers are reported. Therefore, it's an important consideration when analyzing companies involved in the exploration and development of oil and natural gas.</p>
</div>
<div id="mntl-sc-block_1-0-4" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-5" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>Companies record exploration costs capitalized under either method on the balance sheet as part of their <a href="https://www.investopedia.com/terms/l/longtermassets.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">long-term assets</a>. This is because, like the machinery used by a manufacturing company, oil, and natural gas reserves are considered productive assets for an oil and gas company. <a href="https://www.investopedia.com/terms/g/gaap.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Generally Accepted Accounting Principles</a> (GAAP) require that companies charge costs to acquire those assets against revenues as they use the assets.</p>
</div>
<div id="mntl-sc-block_1-0-6" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-7" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The reason that two different methods exist for recording oil and gas exploration and development expenses is that people are divided on which method they believe best achieves transparency around a company's earnings and cash flows.</p>
</div>
<div id="mntl-sc-block_1-0-8" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-9" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The <a href="https://www.investopedia.com/terms/f/fasb.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Financial Accounting Standards Board</a> (FASB), which is responsible for establishing and governing GAAP, and the <a href="https://www.investopedia.com/terms/s/sec.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Securities and Exchange Commission</a> (SEC), which regulates the financial reporting format and content of publicly-traded companies, are divided over which is the correct method.</p>
</div>
<div id="mntl-sc-block_1-0-10" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-11" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>In <em>Statement of Financial Accounting Standard</em> <em>(SFAS)19</em>, the FASB requires that oil and gas companies use the SE method. The SEC allows companies to use the FC method. These two governing bodies have yet to find the ideological common ground needed to establish a single accounting approach.</p>
</div>
<div id="mntl-sc-block_1-0-12" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-13" class="comp mntl-sc-block finance-sc-block-callout mntl-block">
<div id="mntl-sc-block_1-0-14" class="comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true">
<h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">
Key Takeaways</h3>
<div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block">
<ul><li>Successful-efforts accounting allows a company to capitalize on only those expenses associated with successfully locating new oil and natural gas reserves.</li><li>Full-cost accounting allows companies to capitalize on all operating expenses related to locating new oil and gas reserves, regardless of the outcome.</li><li>The reason for the two types of accounting methods is that people are divided on which method they believe best achieves transparency around a company's earnings and cash flows.</li></ul></div>
</div>
</div>
<a class="heading-toc" id="successful-efforts-accounting"></a> <h2 id="mntl-sc-block_1-0-15" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Successful-Efforts Accounting </span> </h2>
<div id="mntl-sc-block_1-0-16" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The successful-efforts method allows a company to <a href="https://www.investopedia.com/terms/c/capitalize.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">capitalize</a> on only those expenses associated with successfully locating new oil and natural gas reserves. For unsuccessful (or "dry hole") results, the company charges associated <a href="https://www.investopedia.com/terms/o/operating-cost.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">operating costs</a> immediately against revenues for that period.</p>
</div>
<div id="mntl-sc-block_1-0-17" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-18" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>According to the view behind the SE method, the ultimate objective of an oil and gas company is to produce the oil or natural gas from reserves it locates and develops, so the company should only capitalize those costs relating to successful efforts. Conversely, because there is no change in productive assets with unsuccessful results, companies should expense costs incurred with those efforts.</p>
</div>
<div id="mntl-sc-block_1-0-19" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<a class="heading-toc" id="full-cost-accounting"></a> <h2 id="mntl-sc-block_1-0-20" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Full-Cost Accounting </span> </h2>
<div id="mntl-sc-block_1-0-21" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The alternative approach, known as the full-cost method, allows companies to capitalize on all <a href="https://www.investopedia.com/terms/o/operating_expense.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">operating expenses</a> related to locating new oil and gas reserves, regardless of the outcome.</p>
</div>
<div id="mntl-sc-block_1-0-22" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-23" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>On the other hand, the view represented by the FC method holds that, in general, the dominant activity of an oil and gas company is simply the exploration and development of oil and gas reserves. Therefore, companies should capitalize all costs they incur in pursuit of that activity and then write them off over the course of a full operating cycle.</p>
</div>
<div id="mntl-sc-block_1-0-24" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<a class="heading-toc" id="key-differences"></a> <h2 id="mntl-sc-block_1-0-25" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Key Differences </span> </h2>
<div id="mntl-sc-block_1-0-26" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The effect of choosing one accounting method over another is apparent when periodic financial results involving the income and cash flow statement are compared with the effect of highlighting the way each method treats the individual costs falling into the categories of <a href="https://www.investopedia.com/terms/a/acquisition-cost.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">acquisition</a>, exploration, development, and production. But such a comparison will also point out the impact on periodic results caused by differing levels of capitalized assets under the two accounting methods.</p>
</div>
<div id="mntl-sc-block_1-0-27" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-28" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>Much in the same way the financial results of a manufacturing company are impacted by depreciation expense for <a href="https://www.investopedia.com/terms/p/ppe.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">plant, property, and equipment</a>, those for an oil and gas company are equally affected by periodic charges for depreciation, depletion, and amortization (DD&A) of costs relating to expenditures for the acquisition, exploration, and development of new oil and natural gas reserves. They include the depreciation of certain long-lived operating equipment, the depletion of costs relating to the acquisition of property or property <a href="https://www.investopedia.com/terms/m/mineral-rights.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">mineral rights</a>, and the amortization of tangible non-drilling costs incurred with developing the reserves.</p>
</div>
<div id="mntl-sc-block_1-0-29" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-30" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>The periodic <a href="https://www.investopedia.com/terms/d/depreciation-depletion-and-amortization.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">depreciation, depletion, and amortization</a> expense charged to the income statement are determined by the "units-of-production" method, in which the percent of total production for the period to total <a href="https://www.investopedia.com/terms/p/proven-reserves.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">proven reserves</a> at the beginning of the period is applied to the gross total of costs capitalized on the balance sheet.</p>
</div>
<div id="mntl-sc-block_1-0-31" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<a class="heading-toc" id="special-considerations"></a> <h2 id="mntl-sc-block_1-0-32" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Special Considerations </span> </h2>
<h3 id="mntl-sc-block_1-0-33" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Income Statement </span> </h3>
<div id="mntl-sc-block_1-0-34" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>DD&A, production expenses, and exploration costs incurred from unsuccessful efforts of discovering new reserves are recorded on the <a href="https://www.investopedia.com/articles/04/022504.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">income statement</a>. Initially, net income for both a SE and FC company is impacted by the periodic charges for DD&A and production expenses, but net income for the SE company is further impacted by exploration costs that may have been incurred for that period.</p>
</div>
<div id="mntl-sc-block_1-0-35" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-36" class="comp mntl-sc-block finance-sc-block-callout mntl-block">
<div id="mntl-sc-block_1-0-37" class="comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true">
<h3 id="mntl-sc-block-callout-heading_1-0-1" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3>
<div id="mntl-sc-block-callout-body_1-0-1" class="comp mntl-sc-block-callout-body mntl-text-block">
<p>When identical operational results are assumed, an oil and gas company following the SE method can be expected to report lower near-term periodic net income than its FC counterpart.</p></div>
</div>
</div>
<div id="mntl-sc-block_1-0-38" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>However, without the subsequent discovery of new reserves, the resulting decline in periodic <a href="https://www.investopedia.com/terms/p/production-rate.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">production rates</a> will later begin to negatively impact revenues and the calculation of DD&A for both a SE and FC company. Due to an FC company's higher level of <a href="https://www.investopedia.com/terms/c/capitalizedcost.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">capitalized costs</a> and resulting periodic DD&A expense in the face of declining revenues, the periodic net earnings of the SE company will improve relative to those of the FC company, and will eventually exceed those costs.</p>
</div>
<div id="mntl-sc-block_1-0-39" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<h3 id="mntl-sc-block_1-0-40" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Statement of Cash Flows </span> </h3>
<div id="mntl-sc-block_1-0-41" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>As with the income statement for a company following the FC method of accounting, when identical operational outcomes are assumed, near-term results (shown in the cash flows from operations (CFO) portion of the <a href="https://www.investopedia.com/terms/c/cashflowstatement.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">statement of cash flows</a>) will be superior to those for a company following the SE method. CFO is basically net income with non-cash charges like DD&A added back so, despite a relatively lower charge for DD&A, CFO for a SE company will reflect the net income impact from expenses relating to unsuccessful exploration efforts.</p>
</div>
<div id="mntl-sc-block_1-0-42" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div>
<div id="mntl-sc-block_1-0-43" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html">
<p>However, when there are no new reserves being added, each company's CFO will be the same. This is because adding back the <a href="https://www.investopedia.com/terms/n/noncashcharge.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">non-cash charge</a> for DD&A effectively negates the relatively larger impact to net income under the FC method of accounting.</p>
</div>
<div id="mntl-block_2-0" class="comp js-scads-inline-content mntl-block">
<div id="mntl-block_3-0" class="comp mntl-block">
<div id="billboard1-sticky-dynamic_1-0" class="comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc" data-height="1050">
<div class="spacer">
<div id="billboard1-dynamic_1-0" class="comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic">
<div id="billboard" class="wrapper" data-type="billboard" data-pos="atf" data-priority="2" data-sizes="[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], "fluid"]" data-rtb="true" data-targeting="{}" data-auction-floor-id="936a2a7676134afc94bc1e7e0fea1dea" data-auction-floor-value="50"></div>
</div>
</div>
</div>
</div>
<div id="mntl-block_4-0" class="comp mntl-block">
<div id="billboard2-sticky-dynamic_1-0" class="comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc" data-height="600">
<div class="spacer">
<div id="billboard2-dynamic_1-0" class="comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic">
<div id="billboard2" class="wrapper" data-type="billboard" data-pos="btf1" data-priority="3" data-sizes="[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], "fluid"]" data-rtb="true" data-targeting="{}" data-auction-floor-id="ff63cf85cb0b40178ce780fb466f6939" data-auction-floor-value="25"></div>
</div>
</div>
</div>
</div>
<div id="mntl-block_5-0" class="comp mntl-block">
<div id="billboard3-sticky-dynamic_1-0" class="comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc" data-height="600">
<div class="spacer">
<div id="billboard3-dynamic_1-0" class="comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic">
<div id="billboard3" class="wrapper" data-type="billboard" data-pos="btf2" data-priority="5" data-sizes="[[300, 250], [300, 252], [3, 1], "fluid"]" data-rtb="true" data-targeting="{}" data-auction-floor-id="493682b635814726ad5df61cdd0824ce" data-auction-floor-value="25"></div>
</div>
</div>
</div>
</div>
<div id="mntl-block_6-0" class="comp mntl-block">
<div id="native_1-0" class="comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt native dynamic">
<div id="native" class="wrapper" data-type="native" data-pos="native" data-priority="4" data-sizes="[[1, 3], "fluid"]" data-rtb="false" data-targeting="{}"></div>
</div>
</div>
<div id="mntl-block_7-0" class="comp mntl-block">
<div id="billboard4-sticky-dynamic_2-0" class="comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc" data-height="600">
<div class="spacer">
<div id="billboard4-dynamic_2-0" class="comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic">
<div id="billboard4" class="wrapper" data-type="billboard" data-pos="btf3" data-priority="6" data-sizes="[[300, 250], [300, 253], [300, 600], [4, 1], [200, 200], [180, 150], [200, 200], "fluid"]" data-rtb="true" data-targeting="{}" data-auction-floor-id="7cc2e431595f4f0b930f3cdf4e266310" data-auction-floor-value="25"></div>
</div>
</div>
</div>
</div>
<div id="mntl-block_8-0" class="comp mntl-block">
<div id="billboard5-sticky-dynamic_2-0" class="comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc" data-height="600">
<div class="spacer">
<div id="billboard5-dynamic_2-0" class="comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic">
<div id="billboard5" class="wrapper" data-type="billboard" data-pos="btf4" data-priority="7" data-sizes="[[300, 250], [300, 254], [200, 200], [180, 150], [200, 200], [6, 1], "fluid"]" data-rtb="true" data-targeting="{}" data-auction-floor-id="a6f2f774ca0243d39742087a2e99b100" data-auction-floor-value="25"></div>
</div>
</div>
</div>
</div>
</div>
</div>
<div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div>
<div id="textnote_1-0" class="comp textnote mntl-gpt-adunit gpt native ">
<div id="textnote" class="wrapper"></div>
</div>
<aside id="right-rail_1-0" class="comp right-rail mntl-block"></aside>
</div>
</article>
<div id="article-sources_1-0" class="comp article-sources mntl-block"></div>
<div id="performance-marketing_1-0" class="comp performance-marketing mntl-block">
<div id="ad-tables_1-0" class="comp ad-tables mntl-block">
<div id="brokertable_1-0" class="comp brokertable mntl-ad-table mntl-block">
<div id="mntl-ad-table__heading_1-0" class="comp mntl-ad-table__heading mntl-text-block">
Compare Accounts</div>
<div id="mntl-ad-table__disclosure_1-0" class="comp mntl-ad-table__disclosure mntl-block" data-tracking-container="true">
<button id="mntl-ad-table__disclosure-label_1-0" class="comp mntl-ad-table__disclosure-label mntl-button">
Advertiser Disclosure
</button>
<div id="mntl-ad-table__disclosure-description_1-0" class="comp mntl-ad-table__disclosure-description mntl-block">
<div id="mntl-ad-table__disclosure-close_1-0" class="comp mntl-ad-table__disclosure-close mntl-text-block">
×</div>
<div id="mntl-ad-table__disclosure-content_1-0" class="comp mntl-ad-table__disclosure-content mntl-text-block">
The offers that appear in this table are from partnerships from which Investopedia receives compensation.</div>
</div>
</div>
<div id="mntl-ad-table__content_1-0" class="comp mntl-ad-table__content mntl-block">
<div id="mntl-ad-table__headers_1-0" class="comp mntl-ad-table__headers mntl-block">
<div id="mntl-ad-table__heading-1_1-0" class="comp mntl-ad-table__heading-1 mntl-text-block">
Provider</div>
<div id="mntl-ad-table__heading-2_1-0" class="comp mntl-ad-table__heading-2 mntl-text-block">
Name</div>
<div id="mntl-ad-table__heading-3_1-0" class="comp mntl-ad-table__heading-3 mntl-text-block">
Description</div>
</div>
<div id="mntl-ad-table-column_1-0" class="comp mntl-ad-table-column mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt adtable dynamic">
<div id="brokertable1" class="wrapper" data-type="adtable" data-pos="brokertable1" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-targeting="{}"></div>
</div>
<div id="mntl-ad-table-column_2-0" class="comp mntl-ad-table-column mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt adtable dynamic">
<div id="brokertable2" class="wrapper" data-type="adtable" data-pos="brokertable2" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-targeting="{}"></div>
</div>
<div id="mntl-ad-table-column_3-0" class="comp mntl-ad-table-column mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt adtable dynamic">
<div id="brokertable3" class="wrapper" data-type="adtable" data-pos="brokertable3" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-targeting="{}"></div>
</div>
</div>
</div>
</div>
<div id="lazy-ad-tables_1-0" class="comp lazy-ad-tables mntl-block" data-scroll-defer-offset="600" data-defer="scroll" data-defer-params></div>
</div>
<div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" data-tracking-container="true">
<div id="slot-1_1-0" class="comp slot-1 related-recirc-section--articles mntl-block" data-tracking-container="true">
<div id="related-articles_1-0" class="comp related-articles mntl-block">
<h3 id="related-articles__title_1-0" class="comp related-articles__title mntl-text-block">
Related Articles</h3>
<div id="related-articles__list_1-0" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/ask/answers/09/oil-company-reserves-balance-sheet.asp"
id="related-articles__link_1-0"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/3CMacbuQqCdsHgkX6RnLjIcULTY=/2121x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-977834784-0938f5eeea8944889c6b488083ccdd7b.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0" class="comp related-articles__taxonomy mntl-text-block">
Oil</p>
<h3 id="related-articles__heading_1-0" class="comp related-articles__heading mntl-text-block">
How Oil Cos. Treat Reserves on a Balance Sheet</h3>
</div>
</div></a>
</div>
<div id="related-articles__list_1-0-1" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/articles/basics/11/common-multiples-used-in-oil-and-gas-valuation.asp"
id="related-articles__link_1-0-1"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0-1" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0-1" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0-1" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/95v8ujyMq3DZmIQZxH5f9qv6kdY=/2310x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1152215265-1627edafd4fe464883051e0a5365c602.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0-1" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0-1" class="comp related-articles__taxonomy mntl-text-block">
Energy Trading</p>
<h3 id="related-articles__heading_1-0-1" class="comp related-articles__heading mntl-text-block">
5 Common Trading Multiples Used in Oil and Gas Valuation</h3>
</div>
</div></a>
</div>
<div id="related-articles__list_1-0-2" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/investing/oil-gas-industry-overview/"
id="related-articles__link_1-0-2"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0-2" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0-2" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0-2" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/WImYusnHQisiLKa5hdPQbADOOvw=/2078x0/filters:no_upscale():max_bytes(150000):strip_icc()/oilexploration-dc5f9ccdee6b4517bf4b646a58587f0d.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0-2" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0-2" class="comp related-articles__taxonomy mntl-text-block">
Oil</p>
<h3 id="related-articles__heading_1-0-2" class="comp related-articles__heading mntl-text-block">
How the Oil and Gas Industry Works</h3>
</div>
</div></a>
</div>
<div id="related-articles__list_1-0-3" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/articles/stocks/05/010305.asp"
id="related-articles__link_1-0-3"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0-3" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0-3" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0-3" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/2YMPiUJshmCis8HaQToqdyVZMZM=/285x0/filters:no_upscale():max_bytes(150000):strip_icc()/stocks-lrg-5bfc2b1d4cedfd0026c103ab.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0-3" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0-3" class="comp related-articles__taxonomy mntl-text-block">
Financial Ratios</p>
<h3 id="related-articles__heading_1-0-3" class="comp related-articles__heading mntl-text-block">
Spotting Profitability With Return on Capital Employed</h3>
</div>
</div></a>
</div>
<div id="related-articles__list_1-0-4" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/articles/fundamental-analysis/10/a-primer-on-offshore-drilling.asp"
id="related-articles__link_1-0-4"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0-4" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0-4" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0-4" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/zJWiTfEpmHVA2zZdwYUXYO1AEKI=/380x0/filters:no_upscale():max_bytes(150000):strip_icc()/140402737-5bfc2b9446e0fb00517be0fc.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0-4" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0-4" class="comp related-articles__taxonomy mntl-text-block">
Oil</p>
<h3 id="related-articles__heading_1-0-4" class="comp related-articles__heading mntl-text-block">
A Primer On Offshore Drilling </h3>
</div>
</div></a>
</div>
<div id="related-articles__list_1-0-5" class="comp related-articles__list mntl-block">
<a
href="https://www.investopedia.com/ask/answers/101314/does-gross-profit-include-depreciation-or-amortization.asp"
id="related-articles__link_1-0-5"
class=" related-articles__link mntl-text-link"
data-tracking-container="true"
><div id="finance-card_1-0-5" class="comp finance-card mntl-block">
<div id="finance-card__image_1-0-5" class="comp finance-card__image mntl-block">
<div id="thumbor-image_1-0-5" class="comp thumbor-image">
<div class="thumbor__image-holder">
<img
data-src="https://www.investopedia.com/thmb/k-V2lPM3IfXbahS0eoBmSuoBpu4=/680x0/filters:no_upscale():max_bytes(150000):strip_icc()/thinkstockphotos_80410231-5bfc2b97c9e77c0026b4fb20.jpg"
src="//:0"
class="lazyload"
/> </div>
</div>
</div>
<div id="finance-card__content_1-0-5" class="comp finance-card__content mntl-block">
<p id="related-articles__taxonomy_1-0-5" class="comp related-articles__taxonomy mntl-text-block">
Accounting</p>
<h3 id="related-articles__heading_1-0-5" class="comp related-articles__heading mntl-text-block">
Are depreciation and amortization included in gross profit?</h3>
</div>
</div></a>
</div>
<div id="button-ads_1-0" class="comp billboard button-ads mntl-block">
<div id="button1_1-0" class="comp button1 button-ad mntl-gpt-adunit gpt button ">
<div id="button1" class="wrapper"></div>
</div>
<div id="button2_1-0" class="comp button2 button-ad mntl-gpt-adunit gpt button ">
<div id="button2" class="wrapper"></div>
</div>
<div id="button3_1-0" class="comp button3 button-ad mntl-gpt-adunit gpt button ">
<div id="button3" class="wrapper"></div>
</div>
<div id="button4_1-0" class="comp button4 button-ad mntl-gpt-adunit gpt button ">
<div id="button4" class="wrapper"></div>
</div>
</div>
<div id="partnerlinks_1-0" class="comp billboard partnerlinks mntl-block">
<div id="partnerlinks__heading_1-0" class="comp partnerlinks__heading mntl-text-block">
Partner Links</div>
<div id="partnerlinks1_1-0" class="comp partnerlinks1 partnerlink mntl-gpt-adunit gpt partnerlinks ">
<div id="partnerlinks1" class="wrapper"></div>
</div>
<div id="partnerlinks2_1-0" class="comp partnerlinks2 partnerlink mntl-gpt-adunit gpt partnerlinks ">
<div id="partnerlinks2" class="wrapper"></div>
</div>
<div id="partnerlinks3_1-0" class="comp partnerlinks3 partnerlink mntl-gpt-adunit gpt partnerlinks ">
<div id="partnerlinks3" class="wrapper"></div>
</div>
</div>
</div>
</div>
<div id="leaderboardfooter_1-0" class="comp has-right-label visible-overflow js-lazy-ad leaderboardfooter leaderboard--lazy leaderboard mntl-flexible-leaderboard mntl-flexible-ad mntl-gpt-adunit gpt leaderboard dynamic">
<div id="leaderboardfooter" class="wrapper" data-type="leaderboard" data-pos="ft1" data-priority="6" data-sizes="[[728, 90], [728, 98], [970, 250], [970, 258], [1, 9]]" data-rtb="true" data-targeting="{}" data-auction-floor-id="d26a27141753479b9817488b1f1a33a3" data-auction-floor-value="25"></div>
</div>
<div id="slot-2_1-0" class="comp slot-2 related-recirc-section--terms mntl-block" data-tracking-container="true">
<div id="related-terms_1-0" class="comp related-terms mntl-block">
<h3 id="related-terms__heading_1-0" class="comp related-terms__heading mntl-text-block">
Related Terms</h3>
<div id="related-terms__list_1-0" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/e/ebitdax.asp"
id="related-terms__title_1-0"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Understanding EBITDAX</span></a><div id="related-terms__description_1-0" class="comp related-terms__description mntl-text-block">
EBITDAX is an indicator of financial performance used when reporting earnings for oil and mineral exploration companies.</div>
<a
href="https://www.investopedia.com/terms/e/ebitdax.asp"
id="related-terms__read-more_1-0"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
<div id="related-terms__list_1-0-1" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0-1" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/f/full-cost-method.asp"
id="related-terms__title_1-0-1"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Full-Cost Method</span></a><div id="related-terms__description_1-0-1" class="comp related-terms__description mntl-text-block">
Full-cost method of accounting incurs costs for oil and natural gas but doesn't separate operating expenses from successful and unsuccessful projects.</div>
<a
href="https://www.investopedia.com/terms/f/full-cost-method.asp"
id="related-terms__read-more_1-0-1"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
<div id="related-terms__list_1-0-2" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0-2" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/d/depreciation-depletion-and-amortization.asp"
id="related-terms__title_1-0-2"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Depreciation, Depletion, and Amortization (DD&A) Definition</span></a><div id="related-terms__description_1-0-2" class="comp related-terms__description mntl-text-block">
Depreciation, Depletion, and Amortization (DD&A) is an accounting technique associated with the acquisition, exploration, and development of new oil and natural gas reserves.</div>
<a
href="https://www.investopedia.com/terms/d/depreciation-depletion-and-amortization.asp"
id="related-terms__read-more_1-0-2"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
<div id="related-terms__list_1-0-3" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0-3" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/e/exploratory-well.asp"
id="related-terms__title_1-0-3"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Exploratory Well</span></a><div id="related-terms__description_1-0-3" class="comp related-terms__description mntl-text-block">
An exploratory well is a deep test hole drilled by oil and gas exploration companies to locate reserves of recoverable gas and oil.</div>
<a
href="https://www.investopedia.com/terms/e/exploratory-well.asp"
id="related-terms__read-more_1-0-3"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
<div id="related-terms__list_1-0-4" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0-4" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/f/finding_development.asp"
id="related-terms__title_1-0-4"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Finding And Development (F&D) Definition</span></a><div id="related-terms__description_1-0-4" class="comp related-terms__description mntl-text-block">
Finding and development refers to costs incurred when a company purchases, researches and develops properties to establish commodity reserves. </div>
<a
href="https://www.investopedia.com/terms/f/finding_development.asp"
id="related-terms__read-more_1-0-4"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
<div id="related-terms__list_1-0-5" class="comp related-terms__list mntl-block">
<div id="relates-terms__content_1-0-5" class="comp relates-terms__content mntl-block">
<a
href="https://www.investopedia.com/terms/o/organic-replacement.asp"
id="related-terms__title_1-0-5"
class=" related-terms__title mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Organic Reserve Replacement</span></a><div id="related-terms__description_1-0-5" class="comp related-terms__description mntl-text-block">
An organic reserve replacement is when an oil company accumulates reserves through exploration and production as opposed to purchasing proved reserves.</div>
<a
href="https://www.investopedia.com/terms/o/organic-replacement.asp"
id="related-terms__read-more_1-0-5"
class=" related-terms__read-more mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">more</span></a>
</div>
</div>
</div>
</div>
</div>
</div>
</main>		
<script type="text/javascript" data-glb-js="bottom" src="/static/1.90.0/cache/eNqFU22WwiAMvNCyHGZPEGjU2BRcErbW0y-09emrWP80YZh8NYMVBSVvfRwuMWBQsS6OmOz5N2OaVvNlV9pZbFZiUkIxLhOrGUlPZkN7ycZwm4RuKA_vOecQlH98isytFBQUUwC2HR5qZ7I4CbsWG68Lu9QwTKGXGvACtiJ7ULwu39b1SN0Riw1R6UC-XMdgHISw9NSAW1mgmxuqs8II0w7lwHglx2igOWeAPzrO1ewJocNkCvLkfohxqTB9yoOTOXBz3vsBEj0BGzlBwtro87k5TyoA492aARWsm8oecDV71TRGVrrcbYsqmrLXXARhfCxiCVrb4uh744jZRUidvBenFLSfTE-6yv37gezspyr5zW62E0vMyaNsz3tjQ2cUyvZrpbv_YaVF4kN5lZAe3j8cin4D.min.js" async defer="true"></script>
<script type="text/javascript">Mntl.utilities.scriptsOnLoad(document.querySelectorAll('script[data-glb-js="bottom"]'), function() {$.ajaxPrefilter(function (options, originalOptions, jqXHR) {
if(options.type.toUpperCase() == 'POST') {
if(options.contentType.indexOf("application/x-www-form-urlencoded") > -1) {
if (typeof originalOptions.data === 'string') {
if (originalOptions.data.length) {
originalOptions.data += "&";
}
originalOptions.data += "CSRFToken=62ff46d63611cfbe310483dd530b5f11";
options.data = originalOptions.data;
}
else {
options.data = $.param(($.extend(originalOptions.data, { "CSRFToken": "62ff46d63611cfbe310483dd530b5f11" })), true);
}
}
if (options.contentType.indexOf("application/json") > -1) {
if (typeof originalOptions.data === 'string') {
originalOptions.data = JSON.parse(originalOptions.data);
}
options.data = JSON.stringify($.extend(originalOptions.data, { "CSRFToken": "62ff46d63611cfbe310483dd530b5f11" }));
}
}
});window.Mntl.externalizeLinks.init();(function(Mntl) {
Mntl.Tooltip.init({
defaultPositionX: "auto",
defaultPositionY: "top"
});
})(window.Mntl || {});});</script><div id="footer_1-0" class="comp footer mntl-block" data-tracking-container="true">
<div id="l-container_1-0" class="comp l-container mntl-block">
<div id="footer__top_1-0" class="comp footer__top mntl-block">
<div id="footer__left_1-0" class="comp footer__left mntl-block">
<a id="footer__logo_1-0" class="comp footer__logo linked-logo mntl-block" rel="home" href="/" aria-label="Investopedia Homepage">
<svg class="icon inv-logo-inverted ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#inv-logo-inverted"></use>
</svg>
</a>
<nav id="social-follow--footer_1-0" class="comp social-follow--footer social-follow" role="navigation" data-tracking-container="true">
<div class="social-follow__icons">
<a
href="https://www.facebook.com/Investopedia/"
target="_blank"
rel="noopener"
class="social-follow__icon social-follow__facebook"
aria-label="Investopedia Facebook"
> <svg class="icon icon-facebook">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-facebook"></use>
</svg>
</a>
<a
href="https://twitter.com/investopedia"
target="_blank"
rel="noopener"
class="social-follow__icon social-follow__twitter"
aria-label="Investopedia Twitter"
> <svg class="icon icon-twitter">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-twitter"></use>
</svg>
</a>
<a
href="https://www.linkedin.com/company/investopedia-ulc"
target="_blank"
rel="noopener"
class="social-follow__icon social-follow__linkedin"
aria-label="Investopedia LinkedIn"
> <svg class="icon icon-linkedin">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin"></use>
</svg>
</a>
<a
href="https://www.youtube.com/user/investopediacom"
target="_blank"
rel="noopener"
class="social-follow__icon social-follow__youtube"
aria-label="Investopedia YouTube"
> <svg class="icon icon-youtube">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-youtube"></use>
</svg>
</a>
<a href="https://www.investopedia.com/accounts/signupnewsletter/"
class=" social-follow__mail-link absolute-text-link social-follow__icon social-follow__email"
id="social-follow__mail-link_1-0"
data-tracking-container="true"
aria-label="Investopedia Newsletter Signup"
>
<span class="link__wrapper"></span>
<svg class="icon icon-email ">
<use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-email"></use>
</svg>
</a>
</div>
</nav>
<a id="truste-badge_1-0" class="comp truste-badge mntl-truste-badge mntl-block" href="//privacy.truste.com/privacy-seal/validation?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b" aria-label="Access TRUSTe's Enterprise Privacy Certification program" target="_blank" data-tracking-container="true">
<img id="badge-image_1-0" class="comp lazyload badge-image mntl-block" data-src="//privacy-policy.truste.com/privacy-seal/seal?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b" alt="TRUSTe"></img>
</a>
</div>
<div id="footer-links_1-0" class="comp footer-links mntl-block">
<ul id="footer-links__list_1-0" class="comp footer-links__list mntl-block">
<li id="footer-links__item_1-0" class="comp footer-links__item mntl-block">
<a href="/about-us"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0"
data-tracking-container="true"
>
<span class="link__wrapper">About Us</span>
</a>
</li>
<li id="footer-links__item_1-0-1" class="comp footer-links__item mntl-block">
<a href="/legal-4768893#EditorialPolicy"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-1"
data-tracking-container="true"
>
<span class="link__wrapper">Editorial Policy</span>
</a>
</li>
<li id="footer-links__item_1-0-2" class="comp footer-links__item mntl-block">
<a href="/legal-4768893#PrivacyPolicy"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-2"
data-tracking-container="true"
>
<span class="link__wrapper">Privacy Policy</span>
</a>
</li>
<li id="footer-links__item_1-0-3" class="comp footer-links__item mntl-block">
<a href="/legal-4768893#TermsofUse"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-3"
data-tracking-container="true"
>
<span class="link__wrapper">Terms of Use</span>
</a>
</li>
<li id="footer-links__item_1-0-4" class="comp footer-links__item mntl-block">
<a href="https://www.dotdash.com/our-brands/"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-4"
data-tracking-container="true"
target="_blank"
rel="noopener nofollow"
>
<span class="link__wrapper">Advertise</span>
</a>
</li>
<li id="footer-links__item_1-0-5" class="comp footer-links__item mntl-block">
<a href="https://invcontent.zendesk.com/hc/en-us/requests/new"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-5"
data-tracking-container="true"
target="_blank"
rel="noopener nofollow"
>
<span class="link__wrapper">Contact Us</span>
</a>
</li>
<li id="footer-links__item_1-0-6" class="comp footer-links__item mntl-block">
<a href="/financial-term-dictionary-4769738"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-6"
data-tracking-container="true"
>
<span class="link__wrapper">Dictionary</span>
</a>
</li>
<li id="footer-links__item_1-0-7" class="comp footer-links__item mntl-block">
<a href="/news-4427706"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-7"
data-tracking-container="true"
>
<span class="link__wrapper">News</span>
</a>
</li>
<li id="footer-links__item_1-0-8" class="comp footer-links__item mntl-block">
<a href="http://jobs.jobvite.com/dotdash/"
class=" footer-links__link absolute-text-link"
id="footer-links__link_1-0-8"
data-tracking-container="true"
target="_blank"
rel="noopener nofollow"
>
<span class="link__wrapper">Careers</span>
</a>
</li>
</ul>
</div>
</div>
<div id="footer__middle_1-0" class="comp footer__middle mntl-block">
<div id="terms-bar_1-0" class="comp terms-bar--footer terms-bar mntl-block" data-tracking-container="true">
<ul id="terms-bar__list_1-0" class="comp terms-bar__list mntl-block">
<li id="terms-bar__item_1-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-1">
<a
href="https://www.investopedia.com/terms-beginning-with-num-4769350"
id="terms-bar__link_1-0"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">#</span></a>
</li>
<li id="terms-bar__item_1-0-1" class="comp terms-bar__item mntl-block" data-target-el=".letter-a">
<a
href="https://www.investopedia.com/terms-beginning-with-a-4769351"
id="terms-bar__link_1-0-1"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">A</span></a>
</li>
<li id="terms-bar__item_1-0-2" class="comp terms-bar__item mntl-block" data-target-el=".letter-b">
<a
href="https://www.investopedia.com/terms-beginning-with-b-4769352"
id="terms-bar__link_1-0-2"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">B</span></a>
</li>
<li id="terms-bar__item_1-0-3" class="comp terms-bar__item mntl-block" data-target-el=".letter-c">
<a
href="https://www.investopedia.com/terms-beginning-with-c-4769353"
id="terms-bar__link_1-0-3"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">C</span></a>
</li>
<li id="terms-bar__item_1-0-4" class="comp terms-bar__item mntl-block" data-target-el=".letter-d">
<a
href="https://www.investopedia.com/terms-beginning-with-d-4769354"
id="terms-bar__link_1-0-4"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">D</span></a>
</li>
<li id="terms-bar__item_1-0-5" class="comp terms-bar__item mntl-block" data-target-el=".letter-e">
<a
href="https://www.investopedia.com/terms-beginning-with-e-4769355"
id="terms-bar__link_1-0-5"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">E</span></a>
</li>
<li id="terms-bar__item_1-0-6" class="comp terms-bar__item mntl-block" data-target-el=".letter-f">
<a
href="https://www.investopedia.com/terms-beginning-with-f-4769356"
id="terms-bar__link_1-0-6"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">F</span></a>
</li>
<li id="terms-bar__item_1-0-7" class="comp terms-bar__item mntl-block" data-target-el=".letter-g">
<a
href="https://www.investopedia.com/terms-beginning-with-g-4769357"
id="terms-bar__link_1-0-7"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">G</span></a>
</li>
<li id="terms-bar__item_1-0-8" class="comp terms-bar__item mntl-block" data-target-el=".letter-h">
<a
href="https://www.investopedia.com/terms-beginning-with-h-4769358"
id="terms-bar__link_1-0-8"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">H</span></a>
</li>
<li id="terms-bar__item_1-0-9" class="comp terms-bar__item mntl-block" data-target-el=".letter-i">
<a
href="https://www.investopedia.com/terms-beginning-with-i-4769359"
id="terms-bar__link_1-0-9"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">I</span></a>
</li>
<li id="terms-bar__item_1-0-10" class="comp terms-bar__item mntl-block" data-target-el=".letter-j">
<a
href="https://www.investopedia.com/terms-beginning-with-j-4769360"
id="terms-bar__link_1-0-10"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">J</span></a>
</li>
<li id="terms-bar__item_1-0-11" class="comp terms-bar__item mntl-block" data-target-el=".letter-k">
<a
href="https://www.investopedia.com/terms-beginning-with-k-4769361"
id="terms-bar__link_1-0-11"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">K</span></a>
</li>
<li id="terms-bar__item_1-0-12" class="comp terms-bar__item mntl-block" data-target-el=".letter-l">
<a
href="https://www.investopedia.com/terms-beginning-with-l-4769362"
id="terms-bar__link_1-0-12"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">L</span></a>
</li>
<li id="terms-bar__item_1-0-13" class="comp terms-bar__item mntl-block" data-target-el=".letter-m">
<a
href="https://www.investopedia.com/terms-beginning-with-m-4769363"
id="terms-bar__link_1-0-13"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">M</span></a>
</li>
<li id="terms-bar__item_1-0-14" class="comp terms-bar__item mntl-block" data-target-el=".letter-n">
<a
href="https://www.investopedia.com/terms-beginning-with-n-4769364"
id="terms-bar__link_1-0-14"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">N</span></a>
</li>
<li id="terms-bar__item_1-0-15" class="comp terms-bar__item mntl-block" data-target-el=".letter-o">
<a
href="https://www.investopedia.com/terms-beginning-with-o-4769365"
id="terms-bar__link_1-0-15"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">O</span></a>
</li>
<li id="terms-bar__item_1-0-16" class="comp terms-bar__item mntl-block" data-target-el=".letter-p">
<a
href="https://www.investopedia.com/terms-beginning-with-p-4769366"
id="terms-bar__link_1-0-16"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">P</span></a>
</li>
<li id="terms-bar__item_1-0-17" class="comp terms-bar__item mntl-block" data-target-el=".letter-q">
<a
href="https://www.investopedia.com/terms-beginning-with-q-4769367"
id="terms-bar__link_1-0-17"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Q</span></a>
</li>
<li id="terms-bar__item_1-0-18" class="comp terms-bar__item mntl-block" data-target-el=".letter-r">
<a
href="https://www.investopedia.com/terms-beginning-with-r-4769368"
id="terms-bar__link_1-0-18"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">R</span></a>
</li>
<li id="terms-bar__item_1-0-19" class="comp terms-bar__item mntl-block" data-target-el=".letter-s">
<a
href="https://www.investopedia.com/terms-beginning-with-s-4769369"
id="terms-bar__link_1-0-19"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">S</span></a>
</li>
<li id="terms-bar__item_1-0-20" class="comp terms-bar__item mntl-block" data-target-el=".letter-t">
<a
href="https://www.investopedia.com/terms-beginning-with-t-4769370"
id="terms-bar__link_1-0-20"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">T</span></a>
</li>
<li id="terms-bar__item_1-0-21" class="comp terms-bar__item mntl-block" data-target-el=".letter-u">
<a
href="https://www.investopedia.com/terms-beginning-with-u-4769371"
id="terms-bar__link_1-0-21"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">U</span></a>
</li>
<li id="terms-bar__item_1-0-22" class="comp terms-bar__item mntl-block" data-target-el=".letter-v">
<a
href="https://www.investopedia.com/terms-beginning-with-v-4769372"
id="terms-bar__link_1-0-22"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">V</span></a>
</li>
<li id="terms-bar__item_1-0-23" class="comp terms-bar__item mntl-block" data-target-el=".letter-w">
<a
href="https://www.investopedia.com/terms-beginning-with-w-4769373"
id="terms-bar__link_1-0-23"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">W</span></a>
</li>
<li id="terms-bar__item_1-0-24" class="comp terms-bar__item mntl-block" data-target-el=".letter-x">
<a
href="https://www.investopedia.com/terms-beginning-with-x-4769374"
id="terms-bar__link_1-0-24"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">X</span></a>
</li>
<li id="terms-bar__item_1-0-25" class="comp terms-bar__item mntl-block" data-target-el=".letter-y">
<a
href="https://www.investopedia.com/terms-beginning-with-y-4769375"
id="terms-bar__link_1-0-25"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Y</span></a>
</li>
<li id="terms-bar__item_1-0-26" class="comp terms-bar__item mntl-block" data-target-el=".letter-z">
<a
href="https://www.investopedia.com/terms-beginning-with-z-4769376"
id="terms-bar__link_1-0-26"
class=" terms-bar__link mntl-text-link"
data-tracking-container="true"
><span class="link__wrapper">Z</span></a>
</li>
</ul>
</div>
</div>
</div>
<div id="footer__bottom_1-0" class="comp footer__bottom mntl-block">
<nav id="dotdash-family-nav_1-0" class="comp dotdash-family-nav footer-dotdash-family-nav mntl-dotdash-family-nav" role="navigation" data-tracking-container="true">
<div class="mntl-dotdash-family-nav__content l-container">
<div id="mntl-dotdash-family-nav__logo_1-0" class="comp mntl-dotdash-family-nav__logo mntl-block"></div>
<span class="mntl-dotdash-family-nav__title">
Investopedia is part of the <a href="https://www.dotdash.com" class="mntl-dotdash-family-nav__title--link">Dotdash</a> publishing family.
</span>
</div>
</nav>
</div>
</div>		
</body>
</html>		

HEADER-CODE:


HTTP/1.1 200 OK
Content-Type: text/html; charset=UTF-8
X-Abt-Application-Version: 1.89.0
Strict-Transport-Security: max-age=15552000
X-Content-Type-Options: nosniff
Content-Security-Policy: frame-ancestors 'self' *.specless.io *.specless.tech http://*.seo.aws.about.com https://*.seo.aws.about.com http://*.dotdash.com https://*.dotdash.com www.investopedia.com *.qa.aws.investopedia.com apollo.investopedia.com apollo.local.investopedia.com atlas.investopedia.com atlas.local.investopedia.com
X-Content-Security-Policy: frame-ancestors 'self' *.specless.io *.specless.tech http://*.seo.aws.about.com https://*.seo.aws.about.com http://*.dotdash.com https://*.dotdash.com www.investopedia.com *.qa.aws.investopedia.com apollo.investopedia.com apollo.local.investopedia.com atlas.investopedia.com atlas.local.investopedia.com
Set-Cookie: TMog=n0413c0cc421d455faefe7be062fb544d11;Path=/;Domain=.investopedia.com;Expires=Sun, 07-Mar-2088 14:27:14 GMT
Expires: Thu, 01 Jan 1970 00:00:00 GMT
Set-Cookie: Mint=n0413c0cc421d455faefe7be062fb544d11;Path=/;Domain=.investopedia.com;Expires=Tue, 18-Feb-2020 11:43:07 GMT
Set-Cookie: pc=1;Path=/;Domain=.investopedia.com;Expires=Tue, 18-Feb-2020 11:43:07 GMT
Cache-Control: max-age=1800, private, no-transform
Accept-Ranges: bytes

IP 151.101.114.133 www.investopedia.com

Website:www.investopedia.com
IP:151.101.114.133
County:DE Germany
Region:HE Hesse
City:60313 Frankfurt am Main
Timezone:Europe/Berlin
html
html5
CSS
CSS3
CSS GRID
Java
Berliner Luft- und Badeparadies – Wikipedia | AGB - Tyork | PHP DOM - counting child nodes? - Stack Overflow | https://www.facebook.com/MISKEEN-ORIGINALS-CLOTHING-99675687923/ | Kaynaklar, Sport climbing | theCrag | SASFAA - Home | SMARTSTUFF FURNITURE - Bellini Baby and Teen Furniture | https://openei.org/wiki/Emission_Factors_%28EMFAC%29 | Feitosa Karte - Ponte de Lima, Portugal - Mapcarta | Herrig - Stadt Erftstadt | Uniconta | Unipedia – help and guidance with Uniconta | Uniconta | https://www.elypso.de/ | Isensee / Kirchhof (Hrsg.) | Handbuch des Staatsrechts der Bundesrepublik Deutschland, Band VIII: Grundrechte: Wirtschaft, Verfahren, Gleichheit | 3., völlig neu bearbeitete und erweiterte Auflage 2010 | 2010 | Vesnina E. Mertens E. Live Ticker und Live Stream - SofaScore | Gruul - Hearthstone Wiki | Jones Soda Co.