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O&G industry shorthand for $1,000

Posted on 8/13/18 at 8:31 am
Posted by LSUChamp06
Kansas City
Member since Nov 2007
2859 posts
Posted on 8/13/18 at 8:31 am
I worked in accounting/finance for about a decade for an upstream O&G company and it was commonplace to use $M for 1,000 and $MM for 1,000,000.
Now I work for a downstream gas company and they use $k for 1,000 and $m for a 1,000,000. I’ve even seen 3k MCF which I thought was atrocious.
Anyone else work in O&G and see $k and $m? It seems odd to me.
Posted by GEAUXT
Member since Nov 2007
29243 posts
Posted on 8/13/18 at 8:32 am to
wut?
Posted by celltech1981
Member since Jul 2014
8139 posts
Posted on 8/13/18 at 8:36 am to
i just see them dead presidents $$$$$$$$
Posted by GrammarKnotsi
Member since Feb 2013
9340 posts
Posted on 8/13/18 at 8:36 am to
quote:

$M for 1,000 and $MM for 1,000,000


This makes 0 sense, compared to this

quote:

$k for 1,000 and $m for a 1,000,000.


ETA: Congrats on padding their books
This post was edited on 8/13/18 at 8:37 am
Posted by SeabrookTiger
Seabrook, TX
Member since Dec 2007
1001 posts
Posted on 8/13/18 at 8:37 am to
We use K and M where I'm at. K for Kilo, M for Million. Bossman said it's back assward to use MM when theres only one M in Million. Gotta agree with him there
Posted by Hermit Crab
Under the Sea
Member since Nov 2008
7166 posts
Posted on 8/13/18 at 8:38 am to
Have always used m and mm in banking, but when i send an email to someone in a different industry I usually just type it all the way out so there isn’t any confusion.
Posted by ProjectP2294
South St. Louis city
Member since May 2007
70280 posts
Posted on 8/13/18 at 8:39 am to
quote:

Bossman said it's back assward to use MM when theres only one M in Million.


Congrats on working for a rube.
Posted by elprez00
Hammond, LA
Member since Sep 2011
29384 posts
Posted on 8/13/18 at 8:39 am to
I use shorthand $1K for $1,000 and $1M for $1,000,000 all the time.

Posted by LSUfan20005
Member since Sep 2012
8814 posts
Posted on 8/13/18 at 8:40 am to
Generally, $MM is the formal million, but it can result in confusion if you deal with anyone from Britain. In my experience, each company has their own way and it's best to go with the flow. It feels weird to type what is effectively "a thousand thousands" when all you want to do is abbreviate.
Posted by CrimsonTideMD
Member since Dec 2010
6925 posts
Posted on 8/13/18 at 8:46 am to
Always preferred 100000¢ and 100,000,000¢ so there’s no confusion
Posted by Breauxfessor
Ferriday
Member since Sep 2016
815 posts
Posted on 8/13/18 at 8:48 am to
I can tell you will go far in your career. If you're getting hung up on this sort of minutiae, you're focused on the wrong things.

In the financial profession, you should be focused on the bottom line and demonstrating how you have paid for yourself 3x on an annual basis, not nomenclature.

Also, last job syndrome is one of the most off putting traits of a new employee.
Posted by sean5340
Houma
Member since Aug 2011
466 posts
Posted on 8/13/18 at 8:49 am to
In the O&G service sector we report gas flow rates in standard cubic feet per day. We also use mm for milion.

Such as 20 million standard cubic feet would be 20 mmscf/day.
Posted by PCRammer
1725 Slough Avenue in Scranton, PA
Member since Jan 2014
1452 posts
Posted on 8/13/18 at 8:50 am to
When preparing informal bids for O&G clients we use K and MM.
Posted by elprez00
Hammond, LA
Member since Sep 2011
29384 posts
Posted on 8/13/18 at 8:50 am to
quote:

Generally, $MM is the formal million,

Well to be fair M is the Roman Numeral for 1,000 so MM is the technically correct abbreviation
Posted by TigerstuckinMS
Member since Nov 2005
33687 posts
Posted on 8/13/18 at 8:50 am to
I use $10e3 and $10e6.
Posted by sfdurst
New Iberia
Member since Dec 2009
195 posts
Posted on 8/13/18 at 8:52 am to
Before "K" was adopted as the colloquial way of writing a thousand (i.e. $35k to mean $35,000), it was common to use "M" instead; "M" being the Roman Numeral for 1,000. As a result, "M" simply became shorthand for adding three zeros and thus "MM" became the shorthand for adding six zeros.
Posted by slackster
Houston
Member since Mar 2009
84881 posts
Posted on 8/13/18 at 8:53 am to
quote:

We use K and M where I'm at. K for Kilo, M for Million. Bossman said it's back assward to use MM when theres only one M in Million. Gotta agree with him there



Can't use MM because there is only one M in million, but has no problem using K then there are zero Ks in thousand and a capital K stands for Kelvin.
Posted by slackster
Houston
Member since Mar 2009
84881 posts
Posted on 8/13/18 at 8:54 am to
quote:

"M" being the Roman Numeral for 1,000. As a result, "M" simply became shorthand for adding three zeros and thus "MM" became the shorthand for adding six zeros.



MM = one thousand thousands. Good explanation.
Posted by abitabrewed4LSU
Houston, TX
Member since Feb 2009
1078 posts
Posted on 8/13/18 at 8:55 am to
1000 is M. 1000000 is MM.
Posted by mylsuhat
Mandeville, LA
Member since Mar 2008
48939 posts
Posted on 8/13/18 at 8:56 am to
MM is common for Million in O&G


MMCF, MMBTU, MMBBL, etc
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