What are Commodity Meter Tickets?

By Levridge staff | Published: Mar 24, 2023 | Accounting | read

Commodity meter tickets are documents that record the quantity and quality of a commodity that is transferred from one party to another. They are commonly used in the oil and gas industry, where they serve as evidence of ownership and delivery of crude oil, natural gas, or refined products.

Commodity meter tickets typically contain information such as the date and time of the transfer, the location and identification of the meter, the name and signature of the operator, the name and address of the buyer and seller, the product name and grade, the volume and temperature of the product, the density and gravity of the product, and any adjustments or corrections made to the measurement.

Commodity meter tickets are important for several reasons. They help to ensure the accuracy and reliability of the measurement process, which affects the payment and taxation of the commodity. They also help to prevent disputes and fraud, as they provide a traceable record of the transaction. Additionally, they help to comply with the regulatory and contractual requirements of the industry, as they document the quality and quantity of the product that is transferred.