13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
operating interest
Read a random definition: merestone
A quick definition of operating interest:
Operating interest is the same as working interest. It means the percentage of ownership that a person or company has in an oil or gas well or mining operation. This ownership gives them the right to make decisions about how the operation is run and to receive a share of the profits.
A more thorough explanation:
OPERATING INTEREST
Operating interest refers to the percentage of ownership in an oil or gas well that gives the owner the right to participate in the management and decision-making process of the well's operations. It is also known as working interest.
Example 1: John owns a 25% operating interest in an oil well. This means that he has the right to participate in the decision-making process of the well's operations, such as drilling, production, and maintenance. He is also responsible for paying 25% of the costs associated with these operations.
Example 2: Sarah has a 50% operating interest in a gas well. This means that she has the right to participate in the management of the well's operations, such as hiring contractors and making decisions about the well's production. She is also responsible for paying 50% of the costs associated with these operations.
Operating interest is the percentage of ownership in an oil or gas well that gives the owner the right to participate in the management and decision-making process of the well's operations. The examples illustrate how owning an operating interest in a well gives the owner the right to make decisions about the well's operations and share in the costs associated with those operations.