4.16 Normalized Market Prices

Because of significant volatility in commodity prices, a registrant may believe that investors would benefit from disclosure of a non-GAAP financial measure that adjusts its results of operations by eliminating the effect of significant changes in commodity prices. At the 2015 AICPA Conference, the SEC staff stated that it objects to the presentation of such a non-GAAP measure because ever-changing market conditions and volatility in commodity prices present a challenge for registrants to ascertain a “normal” market price.