Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Bp Prudhoe Bay Royalty Trust (BPT) using our online tools to quickly find. BP Prudhoe Bay Royalty Trust (the “Trust”), a grantor trust, was created as a Delaware business trust pursuant to the BP Prudhoe Bay Royalty Trust Agreement. BP Prudhoe Bay Royalty Trust (the “Trust”) was created as a Delaware business trust by the BP Prudhoe Bay Royalty Trust Agreement dated February 28,
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Subsequent recalculation by BP Alaska of royalty payments due based on actual production data resulted in the payment adjustments shown in the table below:. The Units do not represent an interest in or an obligation of BP Alaska, Standard Oil or any of their respective affiliates. The Trust was formed for the sole purpose of owning and administering the Royalty Interest.
The Trust does not have an Internet web site from which information concerning the Trust may be obtained; however the Trust will make available free of charge upon request paper or electronic copies of its reports on Form K, Form Q and Form 8-K, and amendments to those reports, as soon as reasonably practicable after the Trust electronically files such material with the SEC.
Because the annual statement of cash earnings and distributions of the Trust is prepared on a modified cash basis, royalty revenues for the calendar year do not include the amounts of underpayments or overpayments affecting payments received during the fourth quarter of the year.
However, the Ryoalty does not have the means to evaluate the accuracy or completeness of the information and reports supplied by the Company, nor does it have the power to ensure that information concerning the Prudhoe Bay Unit and the Subject Leases that might be considered material by the holders of the Units, but which is not specifically required by the Conveyance, is supplied to the Trustee by the Company.
For example, there is no requirement for annual meetings of holders of Units or annual or other periodic vay of the Trustee. Because of the short-term nature of these investments and limitations on the types of investments which may be held by the Trust, the Trust is not subject to any material interest rate risk. However, it provides that if at any time the Trust or the Trustee is named royalyt party in any judicial or administrative proceeding seeking the cancellation or forfeiture of any property in which the Trust has an interest because of the nationality, or any other status, of any one or prudhpe Unit holders, the Trustee may require each holder whose nationality or other status is an issue in the proceeding to dispose of his Units to a party not of the nationality or other status at issue in the proceeding.
Prudhooe Trustee may cause the Trust to borrow any amount required to redeem the Units. The Trust Agreement trudt the Trustee only the rights and powers necessary to achieve the purposes of the Trust. Additional drilling, workovers, facilities modifications, new recovery projects, and programs for production enhancement and optimization are expected to mitigate but not eliminate the decline in gross oil and condensate production capacity. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act.
There is no precise method of forecasting the allocation of reserve volumes between BP Alaska and the Trust.
BP Prudhoe Bay Royalty Trust
The Trustee knows of no arrangement, including the pledge of Units, the operation of which may at a subsequent date result in a change in control of the Trust.
Standard Oil and the Company are indirect wholly owned subsidiaries of the BP p. This discounted future net cash flow should not be construed as the current market value of the Royalty.
Includes proved undeveloped reserves of 6. Unless the Trust already has a trustee that is a resident of or has a principal office in Delaware, any successor trustee must be a resident of Delaware or have a principal office in Delaware. BP Alaska and the Trust have not requested any rulings from the Internal Revenue Service with respect to the tax treatment of the Units, and no assurance can be given that the Internal Revenue Service would concur with the statements below.
The interests of the Unit holders are based upon oil produced from the oil rim and condensate produced from the gas cap, but not upon gas production which is currently uneconomic or natural gas liquids production stripped from gas produced. The shutdown only affected one dividend payment, which was subsequently made up for with the settlement.
The Trust does not engage in transactions in foreign currencies which could expose the Trust or Unit holders to any foreign currency related market risk or invest in derivative financial instruments.
The borrowing itself and the pledges or other encumbrances to secure borrowings are permitted without a vote of Unit holders. Even though WTI Prices have roaylty rising generally in recent years, they nevertheless remain subject to significant periodic fluctuations. The borrowing must be on terms which in the opinion of an investment banking firm or commercial banking firm selected by the Trustee are commercially reasonable when compared to other available alternatives. The Royalty Interest is prudgoe non-operational interest in minerals.
Prudhoe Bay Unit Operation and Ownership. There is no precise method of allocating estimates of physical quantities of reserve volumes between BP Alaska and the Trust, since the Royalty Interest is not a working interest and the Rojalty does not own prudhke is not entitled to receive any specific volume of reserves from the Field. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
In addition to production estimates and prices, reserve volumes attributable to the Trust are affected by the amount of Chargeable Costs that will be deducted in determining the Per Barrel Royalty. The estimated reserve volumes attributable to the Trust will vary if different estimates of production, prices and other factors are used.
The Trustee, to the extent possible, pays all expenses of the Trust for each quarter on the Quarterly Record Date on which the revenues for the quarter are received. The Trust will terminate upon the first to occur of the following events: Net changes in prices and production costs.
BP subsequently determined to shut down only the Eastern Operating Area of the field doyalty continue production from the Western Operating 1k0.
Such revisions may often be substantial.
Sales of Royalty Interest; Borrowings and Reserves. However, the discovery of additional defects in Prudhoe Bay Unit oil flowlines and transit lines, and damage to or failures of separation facilities or other critical equipment, could result in future shutdowns of oil production from all or portions of the Prudhoe Bay Unit and have an adverse effect on future royalty payments. The standards of conduct governing the Trustee are set forth in the Trust Agreement and Delaware law.
Our reviews do not constitute independent estimates of the reserves and annual production rate forecasts for the areas, pay zones, projects, and recovery processes examined. Under the provisions of FASB 69, no consideration can be given to reserves not considered proved at the present time.
The lowering of the reservoir pressure may accelerate the decline in production from the BP Working Interests and the time at which royalty payments to the Trust will cease. Information regarding estimates of proved reserves attributable to the combined interests of the Company and the Trust were based on Company-prepared reserve estimates. Units are evidenced by transferable certificates issued by the Trustee. Units redeemed by the Trustee will be cancelled.
Since that date, the Company has made the additions and deductions to its estimates of proved reserves allocated to the Subject Leases before taking into account any production from such additions as shown in the following table: A meeting of the holders of Units may be called at any time to act with respect to any matter which the holders of Units are authorized to act pursuant to the Trust Agreement.
BP Prudhoe Bay Royalty Trust(BPT) Annual Report (10K) Quarterly Report (10Q)
Changes in the economic The Tfust, subject to certain conditions, is obligated to establish cash reserves and borrow funds to pay liabilities of the Trust when they become due. Foreign holders owning more than five percent of the outstanding Units are subject to United States federal income tax on the gain on the disposition of their Units.
Based on our limited independent bat of the computations of reserves, production flowstreams, and future net revenues, such computations were performed in accordance with the methods and procedures described to us. The Royalty Interest is based upon oil produced from the oil rim and condensate produced from the gas cap, but not upon gas production which is currently uneconomic on a large scale or natural gas liquids production stripped from gas produced.
The methods and procedures employed to accumulate and evaluate the necessary information and to estimate, document, and reconcile reserves, annual production rate forecasts, and future net revenues are effective and are in accordance with generally accepted geological and engineering practice in the petroleum industry.
Crude oil prices are subject to significant changes in response to fluctuations in the domestic and world supply and demand and other market conditions as well as the world political situation as it affects OPEC and other producing countries. The actual average daily net production of oil and condensate from the BP Working Interests for any calendar quarter is the total production of oil and condensate for the quarter, net of trusy State of Alaska royalty, divided by the number of days in the foyalty.