First Purchaser | The initial party to purchase crude oil or natural gas from a producer. Ultimately responsible for taxes and revenue / royalty distribution. |
Flash Vapors | Gas vapors released from a stream of natural gas liquids as a result of an increase in temperature or a decrease in pressure. |
Fractionation | The process of separating a steam of natural gas liquids into its separate components. |
FT3 | A standard abbreviation for Cubic Foot. |