Once the investor has reached the ex-dividend date and is entitled to the dividend, the investor can exit the position. Realized gains and losses includes the following items: i settlements and accruals for settlements of non-designated derivatives related to current period production revenues, ii prior period settlements for option premiums and for early-terminated derivatives originally scheduled to settle against current period production revenues, and iii gains and losses related to de-designated cash flow hedges originally designated to settle against current period production revenues. Just as companies like Uber and Fresh Direct have harnessed connectivity to enhance fulfillment and customize choice, FinTech innovators have created a number of new platforms to connect consumers and capital more directly. The Oil Pollution Act of OPA establishes strict liability for owners and operators of facilities that release oil into waters of the United States. Special Reports. Portfolio Management Channel. Tompkins served as Vice President — Information Technology from to About Us. Selected Financial Data. States are largely preempted by federal law from regulating pipeline safety for interstate lines but most are certified by the DOT to assume responsibility for enforcing federal intrastate pipeline regulations and inspection of intrastate pipelines. A few more essential points on the two funds follow. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report what is stock option trading nyse top pot penny stocks information regarding our estimation and provision for potential losses related to litigation and regulatory proceedings. Highest dividend stock payouts my option strategy of their processes are automated by algorithms analyzing digitized documents on servers far away from expensive branch offices, meaning they can process loans faster and at lower cost than traditional banks. You take care of your investments. From Boring to Best, consumer staples have constituted one the greatest stealth rallies of all time. Cook is passing notes, pressing the flesh, and opening training facilities in Bangalore to seek out growth overseas as the U. Postal Service and state agency representatives and continues to respond to such subpoenas and demands. A succession of sedimentary beds arthur hayes bitmex blog transfer bitcoin from coinbase to poloniex were deposited under the same general geologic conditions. Our fence option strategy chesapeake stock dividend activities, along with our midstream gathering and compression operations, constitute a reportable segment under accounting guidance for disclosure about segments of an enterprise and related information. We attempt to enhance the value of oil and natural gas production by best trading strategy for small accounts je stock trade volume volumes to be sold to various intermediary markets, end markets and pipelines. Declines in oil, NGL and natural gas prices, or a prolonged period of low oil, NGL and natural gas prices, could eventually result in our failing to meet one or more of the financial covenants under our credit facility, which could require us to refinance or amend such obligations resulting in the payment of consent fees or higher interest rates, or require us to raise additional capital at an inopportune time or on terms not favorable to us. Private investors may as well be trying to understand the finer points of quantum physics…why exactly Kim Kardashian is famous…or the logic of how prices are set for train tickets in Britain. Or better than right? MF: The multiples are high to acquire things today. In addition, low prices may result in ceiling test write-downs of our oil and natural gas properties. Chesapeake's ownership interest used for calculating proved reserves and the associated estimated future net revenue assumes maximum participation by other parties to our farm-out and participation agreements.
I recommend you steer clear as. Moreover, incentives to conserve energy or use alternative energy sources as a means of addressing climate change could reduce demand for oil and natural gas. We expect our anticipated production increases in the second half and into will position us to balance capital expenditures and operating cash flow in and. Operating Divisions. Using both public filings and some excellent research from J. About Us. Unrealized gains and losses include the change in fair value of open derivatives scheduled to settle against future period production revenues including axitrader economic calendar what is the future of algo trading period settlements for option premiums and early-terminated derivatives offset by amounts reclassified as realized gains and losses during the period. Our substantial inventory of hydrocarbon resources, including our undeveloped acreage, provides a strong foundation to create future value. If a substantial amount of our production is interrupted at the same fence option strategy chesapeake stock dividend, it could materially adversely affect our cash flow. Competitive conditions may be affected by future legislation and regulations as the United States develops new energy and climate-related policies. Using options to supplement your income can be a fine strategy to make some extra cash; just make sure that you are using options according to your own risk profile. Any cash flow insufficiency would materially adversely impact our business, financial condition, results of operations, cash flows profits interest vs stock options i want to trade stocks on my own liquidity and our ability to repay or refinance our debt. An interest in an oil and natural gas property entitling the owner to a share of oil, natural gas or NGL production free of costs of production. Fortunately, not all the data bitcoin swing trading reddit news online bad. A committed and well-capitalized majority owner 3.
Mine Safety Disclosures. While some of these variables can be complicated to calculate, investors should pay the most attention to price, time to expiration, and volatility when assessing whether to buy or sell an option. Our ability to generate operating cash flow is subject to a number of risks and variables, such as the level of production from existing wells, prices of oil, natural gas and NGL, our success in developing and producing new reserves and the other risk factors discussed herein. Unless we replace the reserves we produce through successful development, exploration or acquisition activities, our proved reserves and production will decline over time. To change or withdraw your consent, click the "EU Privacy" link at the bottom of every page or click here. While rating agencies debate the staying power of Sprint, I say simply look to the parent. No matter if the stock goes up or down or at least not down a lot , you will capture the dividend either way. Even if new financing were then available, it may not be on terms that are acceptable to us. The amount it curves also varies at different points that'll be gamma. The full cost pool consists of all costs associated with property acquisition, exploration and development activities for a company using the full cost method of accounting. The laws and regulations applicable to our exploration and production operations include requirements for permits or approvals to drill and to conduct other operations and for provision of financial assurances such as bonds covering drilling and well operations.
Our insurance coverage may not be sufficient to cover every claim made against us or may not be commercially available for purchase in the future. If we incur significant expense in acquiring or developing properties that do not produce as expected or at profitable levels, it could have a material adverse effect on our results of operations and financial condition. Okay, it still is. Save for college. The EPA recently finalized new standards of performance limiting methane emissions from oil and gas sources. Nearly two-thirds of the companies we examined still had at least half of their credit lines available as of April 1, In June , we completed the spin-off of our oilfield services business into Seventy Seven Energy Inc. Selected Financial Data. Chesapeake owns an office complex in Oklahoma City and owns or leases various field offices in cities or towns in the areas where we conduct our operations. News Are Bank Dividends Safe? The U.
Selling deep ITM calls for an options-based dividend capture strategy might seem just about perfect. It also increases your change of capturing the dividend. When you sell a call option, you receive the premium. A stock option is one type of derivative that derives its value from the price of an underlying stock. The dividend capture strategy is an income-focused stock trading strategy popular with day traders. As a result, we may be required to undertake various alternative financing plans, which may include:. Each of our Corporate Reserves Advisors has more than 30 years of engineering experience in reserve estimation. Redemption of Notes. By now you should be starting to get the picture. We apply financial discipline to fx forward trading strategies ninjatrader indicator open line aspects of when will cme launch bitcoin futures coinigy held balance business with goals of increasing financial and operational flexibility. Developed Acreage. Gross Acres or Gross Wells. Under a longstanding legal framework, certain of these wastes are not subject to federal regulations governing hazardous wastes, although they are regulated under other federal and state waste laws. Proved undeveloped. The underlying stock could sometimes be held for only a single day. Dividend capture strategies provide an alternative-investment metatrader 4 candle time indicator amibroker long or short based in trigger to income-seeking investors. Some of our competitors may have larger financial and other resources than. With so many traders betting on a negative outcome, short interest on Sterling futures has soared to new highs in recent weeks. Sprint is less about operating growth and equity appreciation, more about viability and cash flow. In addition, we cannot be certain that our cash flow will be sufficient to allow us to pay the principal and interest on our debt and meet our fence option strategy chesapeake stock dividend obligations. Personal Finance. Additional proposals and proceedings that affect the oil and natural gas industry are regularly considered by Congress, the states, local governments, the courts and federal agencies, such as the U. Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating intraday trading strategy forum what is otc stock trading or delays. Oklahoma City, Oklahoma.
Apple is not about value. Proved developed. Sherwin-Williams SHW. Popular Courses. Back in the '90s that was a lot. PART I. Perhaps the most well known formula for pricing a stock option is the Black-Scholes formula. IRA Guide. Disintermediation works when process is simplified and cost is lowered, not when a new layer is inserted. Record date The record date is the date at which a company will look at its list of shareholders and determine who will get the dividend. Remember, I'm not doing this for fun. While estimated future net revenue and the present value thereof are based on prices, costs and discount factors which are consistent from company to company, the standardized measure of discounted future net cash flows is dependent on the unique tax situation of each individual company. Buy Apple. Unrealized gains and losses include the change in fair value of open derivatives scheduled to settle against future period production revenues including current period settlements for option premiums and early-terminated derivatives offset by amounts reclassified as realized gains and losses during the period. Dividend Capture Strategy Using Options Traders can use a dividend capture strategy with options through the use of the covered call structure. We are in the process of remediating the identified material weakness in our internal controls, but we are unable at this time to estimate when the remediation effort will be completed.
Because some states have become concerned that the disposal of produced water could under certain circumstances contribute to seismicity, they have adopted or are considering adopting additional regulations governing such disposal. Mine Safety Disclosures. One billion British thermal units. Plaintiffs have varying royalty provisions in their respective leases. You should be aware that the estimated development costs may not equal our actual costs, development may not occur as scheduled and results may not be as estimated. Our ability to produce oil, natural gas and NGL economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in an environmentally safe manner. Related Articles. Drip fees etrade good for day market order robinhood reports Q2 earnings on June We actively monitor regulatory developments applicable to our industry in order to anticipate, design and implement required compliance fence option strategy chesapeake stock dividend and systems. By contrast, Apple operates buy bitcoin fees comparison best way to buy bitcoin credit car in the U. Nine of companies met my criteria.
Proved Developed Reserves. Most of our leases have a three- to five-year primary term, and we manage lease expirations to ensure that we do not experience unintended material expirations. Staples and momentum all rolled into one. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for a description of trading systems price etf canada metastock 10.1 litigation regarding our redemption in May of our 6. Private investors may as well be trying to understand the finer points of quantum physics…why exactly Kim Kardashian is famous…or the logic of how prices are set for train tickets in Britain. Furthermore, you can download the results in an editable fence option strategy chesapeake stock dividend for conducting your own independent analysis. Jim joined the company back in the s, fresh out of business school. The cost of drilling, completing and operating a well is often uncertain, and many factors can adversely affect the economics of a well pairs trading systems parabolic sar color alert mq4 property. We monitor developments at the federal, state and local levels to inform our actions pertaining to future regulatory requirements that might be imposed to mitigate the costs of compliance with any such requirements. Getting Started. Further, if for any reason we are unable to meet our debt service and repayment obligations, we would be in default under the terms of the agreements governing our debt, which would allow our creditors under those agreements to declare all outstanding indebtedness thereunder to be due and payable which would in turn trigger cross-acceleration or cross-default rights between the relevant agreementsthe lenders under our credit facility could terminate their commitments to extend credit, and the lenders could foreclose against our assets securing their borrowings and we could be forced into bankruptcy or liquidation. One million btus. However, we cannot assure you that we would be able to implement alternative fence option strategy chesapeake stock dividend plans, if necessary, on commercially reasonable terms or at all, robinhood what is a limit order percentage above trade in value dealer profit that undertaking alternative financing plans, if necessary, would allow us to meet our debt obligations and capital requirements or that these actions would be permitted under the terms of our various debt instruments.
Yet the fundamental story is very solid. I admit this one gives me slight pause, trading A covered call strategy is the lowest-risk way to use options, because the only risk you are taking is having to sell your stock at a lower price than you'd like. If the stock goes up, then you risk early assignment. The classification and regulation of our gathering and intrastate transportation facilities are subject to change based on future determinations by the FERC, the courts and Congress. Mentors open doors, run blocker, mend fences and in some cases mentors help make ends meet. Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly. Unemployment has fallen to 4. Welcome to the world of online lending. How the Strategy Works. Item 3. Even if new financing were then available, it may not be on terms that are acceptable to us. Look for more information about this approach in a future piece.
Information regarding our properties is included in Item 1 and in the Supplementary Fence option strategy chesapeake stock dividend included in Item 8 of Part II of this report. Back in the '90s that was a lot. Often, borrowers get approved the same day they apply, and funds are wired within the week. Unproved properties. The payment date, also called the pay date or payable date, is when shareholders actually receive the dividend. Securities Registered Pursuant to Section 12 b of the Act:. While they sound like distinct entities and potential competitors, they are not. Cook is passing notes, pressing the flesh, and opening training facilities in Bangalore to seek out growth overseas as the U. Exiting the Investment. If you buy or sell options through your broker, who do you think the counterparty is? These companies are extremely cheap, trading at an average of 0. If the price of that particular stock collapses, you could be on the hook to buy shares at a much higher price than you'd like. Hedging Risk in a Captured Dividend Strategy. The thing is, as a quantconnect c files mt4 non repainting cycle indicator price moves up and down along a straight line, an unexpired option price follows a curve the angle of the curve is delta. You have to monitor your portfolio much more closely and trade a lot more often which adds cost - in both time and money. Commission File No. An interruption in operations at our headquarters could adversely affect our business. We maintain a continuous education program for our best small cap stock screener vanguard total stock mkt idx adm vtsax and technicians on new technologies and industry advancements as well as refresher training on basic skills and analytical techniques. Natural gas liquids primarily include ethane, propane, butane, isobutene, pentane, hexane and natural gasoline. Real-World Example.
Buffett buys uniquely positioned. Dividend Data. Estimated future net revenue b. Partner Links. Repeal or modifications of this exemption by administrative, legislative or judicial process, or through changes in applicable state statutes, would increase the volume of hazardous waste we are required to manage and dispose and would cause us, as well as our competitors, to incur significantly increased operating expenses. If we are unable to service our indebtedness and other obligations, we may be required to restructure or refinance all or part of our existing debt, sell assets, reduce capital expenditures, borrow more money or raise equity. If things really got bad, Sprint could certainly turn to SoftBank. The regulations under these statutes can have the effect of imposing restrictions on our ability as an owner of gathering facilities to decide with whom we contract to gather natural gas. In addition, in light of concerns about seismic activity being triggered by the injection of produced waters into underground wells and hydraulic fracturing, certain regulators are also considering additional requirements related to seismic safety for hydraulic fracturing activities. Select the one that best describes you.
There are several important points here: 1. Search on Dividend. Reserves that can be produced economically through application of improved recovery techniques including, but not limited to, fluid injection are included in the proved classification when i successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based and ii the project has been approved for development by all necessary parties and entities, including governmental entities. In fact, best day trading app canada intraday price action are the four countries Apple Needs to Invade: 1. Dividend Options. But, in the end, most private investors that trade stock options will turn out to be losers. Welcome to the world of online lending. Dividend capture strategies provide an alternative-investment approach to income-seeking investors. Our capital program is focused on investments that why i cant send all my bitcoin coinbase in korea improve our cash flow generating ability regardless of the commodity price environment. So far so good. My example is also what's fence option strategy chesapeake stock dividend as an "out of the money" option. You could also sell put options -- the opposite of selling calls -- which also brings in a cash premium. FORM K. In addition, third parties, such as neighboring landowners, may file claims alleging property damage, nuisance or personal injury arising from our operations or from the release of hazardous substances, hydrocarbons or other waste products into the environment. Alternatively, if all of alternative to coinbase europe how to fund coinbase set up ach transfer was a breeze then you should be working for a hedge fund. I too approached Sprint skeptically at the onset, but pivoted from Doubter to Buyer once I recognized three compelling pillars which uphold Sprint as a dynamic and viable long-term enterprise:.
Negative public perception could cause the permits we need to conduct our operations to be withheld, delayed or burdened by requirements that restrict our ability to profitably conduct our business. If I sound negative, please forgive me. Per the joint press release:. We maintain internal controls such as the following to ensure the reliability of reserves estimations:. Furthermore, the estimated future net revenue from proved reserves and the associated present value are based upon certain assumptions, including prices, future production levels and costs that may not prove correct. Chesapeake owns an office complex in Oklahoma City and owns or leases various field offices in cities or towns in the areas where we conduct our operations. The price of the underlying stock is along the horizontal, profit or loss is on the vertical, and the inflection point on the "hockey stick" is the strike price. Under the full cost method of accounting for costs related to our oil and natural gas properties, we are required to write down the carrying value of our oil and natural gas assets if capitalized costs exceed the quarterly ceiling limit, which is based on the average of commodity prices on the first day of the month over the trailing month period. Accordingly, reserve estimates often differ from the actual quantities of oil, natural gas and NGL that are ultimately recovered. If markets operated with perfect logic, then the dividend amount would be exactly reflected in the share price until the ex-dividend date, when the stock price would fall by exactly the dividend amount. During periods of declining commodity prices, such as the period beginning in the fourth quarter of and continuing into the first half of , the value of our commodity derivative asset positions increase, which increases our counterparty exposure. Using both public filings and some excellent research from J. In and , we sold a significant portion of our midstream business, including most of our gathering assets. As a result, the impact on our business of compliance with the laws and regulations described below has decreased significantly since the fourth quarter of
The potential increase in our operating costs could include new or increased costs to i obtain permits, ii operate and maintain our equipment and facilities through the reduction or elimination of venting and flaring of methane , iii install new emission controls on our equipment and facilities, iv acquire allowances authorizing our greenhouse gas emissions, v pay taxes related to our greenhouse gas emissions and vi administer and manage a greenhouse gas emissions program. Further and continued determinations that there are material weaknesses in the effectiveness of our internal controls could reduce our ability to obtain financing or could increase the cost of any financing we obtain and require additional expenditures of resources to comply with applicable requirements. We simply cannot argue in favor of high teen multiples when growth is virtually non-existent. Bill had lost all this money trading stock options. Exploratory costs. Any failure to make scheduled payments of interest and principal on our outstanding indebtedness would likely result in a reduction of our credit rating, which could significantly harm our ability to incur additional indebtedness on acceptable terms. Staples and momentum all rolled into one. It also means beaming signals directly versus random scanning, and creating micro cells in tight urban environments. To the contrary, they are excellent short candidates.. I want no part of this action. As Warren Buffett once said: "If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy. Risk Factors - Potential legislative and regulatory actions addressing climate change could significantly impact our industry and the Company, causing increased costs and reduced demand for oil and natural gas. As of December 31, , we sold substantially all of our remaining assets associated with our natural gas gathering business.
Our revenues, operating results, profitability, liquidity and ability to grow depend primarily upon the prices we receive for the oil, natural gas and NGL we sell. Factors that may cause us to generate cash flow that is insufficient to meet our debt obligations include the events and risks related to our business, many of which are beyond our control. Any of the above risks could materially adversely affect our business, financial condition, cash flows and results of operations. Price, Dividend and Recommendation Alerts. Oil, natural gas and NGL production. How to calculate macd in google sheets kucoin trading pairs underlying demographics suggest the U. This has the function of capping your upside on the stock. Total proved a. Not only that, but shares of Apple have continued to appreciate even in the new year, as analysts continue to upgrade the stock. Choosing call options that covered call option strategy explained today share market intraday tips free slightly OTM or right around ATM will provide a quality combination of hedge value while mitigating options assignment risk. Our ability to pay our expenses and fund our working capital needs and debt obligations will depend on our future performance, which will be affected by financial, business, economic, regulatory and other factors. Introduction to Dividend Investing.
Dividends by Sector. Expensive Middleman Lending Tree proudly highlights it lending partners in the company presentation. Of our 1. Average Sales Price including realized gains losses on derivatives how to open a forex trading account in malaysia open a binary option account. Chesapeake has engaged in discussions with the DOJ, U. MidCon operates wellhead and system compressors, with approximatelyhorsepower of compression, to facilitate the transportation of natural gas primarily produced from Chesapeake-operated wells. You can also have "in the money" options, where the call put strike is below above the current stock price. A dividend-capture strategy can also be pursued using calls, though that is outside fence option strategy chesapeake stock dividend scope of this article. We expect places like Google to attract accolades —with free gourmet lunches, onsite laundry service and lego play rooms— but a place where you buy life insurance and fund a k? Natural gas bcf. Although we seek to actively manage our undeveloped properties, our drilling plans for these areas are subject to change based upon various factors, including drilling results, oil and natural gas prices, the availability and cost of capital, drilling and production costs, availability of drilling services and equipment, gathering system and pipeline transportation constraints and regulatory approvals. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for a description of pending litigation regarding our redemption in May of our 6. So Ai etf canada futures trading after hours needs to do what it does well and sell more iPhones. According to the IRSin forex trading ceo does screen resolution matter for a day trading monitor to be qualified for the special tax rates, "you must have held the stock for more than 60 days during the day period that begins 60 days before the ex-dividend date.
One thousand cubic feet. Regulators strung out the debate over for-profit college loan abuse for several years. Example dividend distribution timeline An example timeline of this process could go as follows: Declaration date: March 6 Ex-dividend date: March 13 Record date: March 15 Payment date: March 31 Traders using a dividend capture strategy will want to buy in before the ex-dividend date. The ultimate outcome of pending legal and governmental proceedings is uncertain, and there are significant costs associated with these matters. The total acres or wells, as the case may be, in which a working interest is owned. Dividend Selection Tools. Properties with no proved reserves. Lighter Side. Our leasehold management efforts include scheduling our drilling to establish production in paying quantities in order to hold leases by production, timely exercising our contractual rights to pay delay rentals to extend the terms of leases we value, planning noncore divestitures to high-grade our lease inventory and letting some leases expire that are no longer part of our development plans. The Trade 1. Finally, at the expiry date, the price curve turns into a hockey stick shape.
The hedge value is the highest and your risk is low. Selected Financial Data. The federal Occupational Safety and Health Administration has established workplace safety standards that provide guidelines for maintaining a safe workplace in light of potential hazards, such as employee exposure to hazardous substances. So put it on the radar and buy on down days. For certain risks, such as political risk, business interruption, war, terrorism and ally forex trading demo review epex spot trading fees, we have limited or no insurance coverage. Stock Market. This would be the day when the dividend capture investor would purchase the KO shares. Executive Officers. Next forex chart overlay tickmill account have to think about "the Greeks" - a complicated bunch at the best of times. Related Articles. Next we get to pricing. The purpose of the two trades is simply to fence option strategy chesapeake stock dividend the dividend, as opposed to investing for the longer term. The number of acres which are allocated or assignable to producing wells or wells capable of production. Are you beginning to see the opportunity here? Our performance depends largely on the talents and efforts of highly skilled individuals and on our ability to attract new employees and to retain and motivate our existing employees. In our upside down world of negative interest rates, where the IMF lowers its global growth forecasts every six months and U.
Rule Britannia Eight U. For one, it was far too cheap to begin with at the start of the year , when the U. The team at Strategas Research first alerted us to this notion of stocks acting like bonds, and we agree with their thesis of focusing on steady income at this point in the cycle. Bloomberg News reported Mr. Directors, Executive Officers and Corporate Governance. But then the market suddenly spiked back up again in the afternoon. Postal Service and state agency representatives and continues to respond to such subpoenas and demands. Apple opened a corporate office in , but it has no branded retail presence. In addition, such regulations may have an adverse impact on our ability to develop and produce our reserves. Date of Record: What's the Difference? Depending on how you structure the trade, you have three main buckets in terms of how you can characterize the risks relative to reward:. The reserve data represent only estimates. The states in which we operate typically have adopted a complaint-based regulation of natural gas gathering activities, which allows natural gas producers and shippers to file complaints with state regulators in an effort to resolve grievances relating to gathering access and rate discrimination. If the declared dividend is 50 cents, the stock price might retract by 40 cents.
The taxation of independent producers is subject to change, and federal and state proposals being considered could increase our cost of doing business. So, yes, the owner is most likely going to be choosing early assignment. Back in the '90s that was a lot. In addition, results of drilling, testing and production subsequent to the date of an estimate may justify revision of these estimates, and these revisions may be material. From time to time, we also post announcements, updates, events, investor information and presentations on our website in addition to copies of all recent news releases. Related Articles. The price is the average price during the month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within the period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. When mega-bank Wells Fargo recently cut its dividend, bank investors were certainly put Michael A. Unfortunately, this type of scenario is not consistent in the equity markets. Our title to properties is subject to royalty, overriding royalty, carried, net profits, working and other similar interests and contractual arrangements customary in the oil and natural gas industry, to liens for current taxes not yet due and to other encumbrances.