A run ticket documents the amount of oil delivered to a purchaser. It is prepared at the point of delivery by the purchaser or the representative of a transport company. The key information on a run ticket includes the following:
- Unique identifying ticket number
- Lease number
- Well number
- Tank identification
- Beginning and ending depth measurements
- Number of barrels measured
- API gravity and temperature
- Proportion of basic sediments and water
- True gravity, which is calculated from the observed gravity of the oil and its temperature
- Calculated price to be paid, based on the preceding information
- Date and time
- Signatures of witnesses
The beginning and ending depth measurements for a tank are then netted and multiplied by the unique volume characteristics of the tank to arrive at the number of barrels of oil removed from it. The price stated on the run ticket may be based on a contract price, or the current market price for the region in which the oil was produced. In either case, the price is based on the measured quality level for the crude that has been delivered.
The information stated on the run ticket is the source document for the recordation of revenue by the producer.