Talked to Fido who blamed ETP. To make a long story short, Fido adjusted my reinvestment today to a price of 45.362 with more units.
If you average Hi-low for the five trading days prior to payout you get the 47.75 result. Al least thats how it worked with the May dist on the website. I'll check with Fido.
I cannot understand Fidelity 's calculation at all or the fact they show "reportable income" #$%$ more than the actual distribution (since distributions are not taxable as received, that may just be an accounting entry). Their reinvest price was 47.756
It may be 50% of production in terms of BOE, but its significantly less than 50% of revenues and the resulting DCF, etc.
That's true if you look at production in terms of Barrels of energy equiv (Boe). However If you look 2nd qtr revenues, they sold a barrel of oil for $102 (due to hedging) and a barrel of NG (actually 6000 cubic feet) for about $15. Revenues came from Oil were almost twice the revenues from NG. If the price of NG doubled and Oil dropped in half what do you think would happen to net revenues