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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Our responsibility is to express an opinion on these financial statements based on our audits.
Subsequent recalculation by BP Alaska of royalty payments due based on actual production data resulted in the payment adjustments shown in the table below: Unless the Trust already has a trustee that is a resident of or has a principal office in the State of Delaware, then any successor trustee will be such a resident or have such a principal office. 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.
World oil prices and WTI Prices receded during the fourth quarter of and first quarter of from the highs reached during truzt second and third quarters of The Tax, in addition to increasing the basic oil production tax rate and the progressivity factor, also eliminates or reduce many deductions and credits. Such major oil company, petroleum broker and petroleum trading company will be designated by the Company from time to time.
Although allowances for unplanned upsets are also considered in the estimates, the studies do not provide for any impediments to crude oil production as a consequence of major disruptions.
Bp Prudhoe Bay Royalty Trust (BPT) 10K Annual Reports & 10Q SEC Filings | Last10K
Furthermore, the data and analyses on recovery factors and future production rates are sufficient to support the Proved Reserves estimates. All administrative functions of the Trust are performed by the Trustee.
After the end of each calendar year, the Trustee mails a report to the persons who held Units of record during the year containing information to enable them to make the calculations necessary for federal and Alaska income tax purposes, including the calculation of any depletion or other deduction which may be available to them for the calendar year.
The estimated reserve volumes attributable to the Trust will vary if different estimates of production, prices and other factors are used. These revisions could result in material changes to the projected declines in production. Estimated Future Net Revenues and Present Value of Estimated Future Net Revenues are not intended and should not be interpreted to represent fair market values for the estimated reserves.
Annual decreases in Trust corpus and total assets are the result of amortization of the Royalty Interest.
Statements of Cash Earnings and Distributions Prepared on a modified basis of cash receipts and disbursements. Trust corpus 40, units of beneficial interest authorized, 21, units issued and outstanding. Development of the field is largely completed and proved reserves are being depleted. Therefore, the estimated reserve volumes attributable to the Trust will vary if different production estimates and prices are used.
The Trust Agreement prohibits the Trust from engaging in any business or commercial activity or, with certain exceptions, any investment activity and from using any truts of the Trust to acquire any oil and gas lease, royalty or other mineral interest. Royalty payments to the Trust could be halted or reduced by a material amount as a result of interruption to production from the Prudhoe Bay Unit.
The investigations included reviews of the estimates of Proved Reserves and production rate forecasts of oil and condensate made by BP Exploration Alaska Inc. This comprehensive basis of accounting other than generally royaltu accounting principles corresponds to the accounting permitted for royalty trusts by the U.
Trust Unit holders will remain subject at all times to the risk that production will be interrupted or discontinued or fall, on average, below 90, barrels per day in any quarter.
If time does not permit the Trustee to invest collected funds in investments of the type described in the preceding sentence, the Trustee may invest such funds overnight in a time deposit with a bank meeting the foregoing requirement including The Bank of New York. These tryst and procedures include but are not limited to controls and procedures designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to the responsible trust officers of the Trustee to allow timely decisions regarding required disclosure.
Because the annual statement of cash earnings and distributions of the Trust is prepared on a modified cash basis, royalty revenues for the by year do not include the amounts of underpayments or overpayments affecting payments received during the fourth quarter of the year.
If time does not permit the Trustee to invest collected prudhow in Government Obligations or repurchase agreements, the Trustee may invest funds overnight in a time deposit with a bank meeting the foregoing capital requirement including The Bank of New York.
The duties of the Trustee are specified in the Trust Agreement and the laws of the State of Delaware. In thousands, except unit data.
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 the State of Alaska royalty, divided by the number of days in the quarter. The allocation of hydrocarbon liquids between the oil and condensate from the Prudhoe Bay field is a theoretical calculation performed in accordance with procedures specified in the Prudhoe Bay Unit Operating Agreement.
For example, there is no requirement for annual meetings of holders of Units or annual or other periodic reelection of the Trustee.
BP PRUDHOE BAY ROYALTY TRUST K/A
The Company has not conveyed any additional royalty interests to the Trust, and the Trust has not issued any additional Units, since the inception of the Trust. In addition, the Conveyance gives the Trust and its independent accountants certain rights to inspect the books and records of BP Alaska and discuss the affairs, finances and accounts of BP Alaska ptudhoe to the BP Working Interests with representatives of BP Alaska; it also requires BP Alaska to rkyalty the Trust with such other information as the Trustee may reasonably request from time to time and to which BP Alaska has access.
No distributions to Unit holders may be made until the borrowings by the Trust have been repaid in full. The Rtust is obligated to distribute the available net proceeds of any such sale to the Unit holders after establishing reserves for liabilities of the Trust. Production from the Prudhoe Bay field reached a peak in and has declined steadily since then.
BP Prudhoe Bay Royalty Trust
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. If a natural gas pipeline is constructed, it will make it economical to extract natural gas from the Prudhoe Bay field and transport it to the lower 48 states for sale. The Omnibus Budget Reconciliation Act of repealed this rule for transfers occurring on or after October 12, Revisions by BP Prurhoe of its Royalty Production calculations may result in quarterly royalty payments by BP Alaska which reflect adjustments for overpayments or underpayments of royalties with respect to prior quarters.