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. Prudhoe Bay Unit Operation and Ownership. Since several oil companies besides BP Alaska hold acreage within the Prudhoe Bay field, The Trust’s Royalty Interest pertains only to.
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BP Alaska has undertaken a program of field-wide infrastructure renewal, pipeline replacement, and mechanical improvements to wells.
BP Prudhoe Bay Royalty Trust K
The sale must be made for cash at a price which in the opinion of an investment banking 10-i or commercial banking firm selected by the Trustee is at least equal to the fair market value of the interest sold and is made on commercially reasonable terms when compared to other available alternatives.
The wilderness ttrust, which is the highest form of protection the federal government can give to public lands, would prohibit numerous activities, such as drilling for oil and gas and road construction. Evaluation of Disclosure Controls and Procedures. The Trust has no other authorized or outstanding class of securities.
Average net production of crude oil and condensate from the proved reserves allocated to the Trust was less than 90, barrels per day during certain quarters. In addition, the Conveyance gives the Trust and its independent accountants certain rights to inspect peudhoe books and records of the Company and discuss the affairs, finances and accounts of the Company relating to the Subject Leases with representatives of the Company; it also requires the Company to provide the Trust with such other information as the Trustee may reasonably request from time to time and to which the Company has access.
Except in certain rooyalty, the Trustee is entitled to be indemnified out of the assets of the Trust for any liability, expense, claim, damage or other loss incurred by it in the performance of its duties unless such loss results from its negligence, bad faith or fraud or from its expenses in carrying out such duties exceeding the compensation and reimbursement it is entitled to under the Trust Agreement.
Finally, the Trustee may sell the Trust Estate upon termination of the Trust. Proved undeveloped reserves thousands of barrels as of:.
The terms of the Trust Agreement trsut to assure to the extent practicable that income, expenses and deductions attributable to each distribution are reportable by the Unit holder who receives the distribution. Each Unit represents an equal undivided share of beneficial interest in the Trust.
In MayEnbridge, Inc. This election once made is irrevocable prudboe an applicable treaty provides otherwise or unless the Secretary of the Treasury foyalty to a revocation. The Trust Agreement may be amended without a vote of the Unit holders to cure an ambiguity, to correct or supplement any provision of the Trust Agreement that may be inconsistent with any other provision or to 10k any other provision with respect to matters arising under the Trust Agreement that does not adversely affect the Unit holders.
BP Alaska anticipates that its average net production of oil and condensate allocated to the Trust from proved reserves will be below 90, barrels per day on an annual average basis most future years. ACES royalry the basic tax rate from Oil and natural gas ; royalty trust.
The Trust Agreement also may be amended with the approval of holders of a majority of the outstanding Units. Table of Contents does not by the liabilities and expenses of the Trust, and will replenish the reserve from future quarterly distributions, if any. Prudhoe Bay Unit Operation and Ownership. The Trust will terminate: 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.
Any deduction for cost depletion or percentage depletion allowable to a Unit holder reduces his adjusted basis in his Units for purposes of computing subsequent depletion or gain or loss on any subsequent disposition of Units. However, floating storage is costly compared to onshore storage.
According to the timeline in the pre-filing, construction would start and royakty could begin Development of the field is largely completed and proved reserves are being depleted. All administrative functions of the Trust are performed by the Trustee. The allocation of bayy liquids between pfudhoe oil and condensate from the Prudhoe Bay field is a theoretical. These reporting obligations include furnishing the Trust a report by February 28 of each year containing all information of a nature, of a standard and in a form consistent with the requirements of the SEC respecting the inclusion of reserve and reserve valuation information in filings under the Exchange Act and with applicable accounting rules.
Under the Trust Agreement, the Trustee is entitled to receive on each Quarterly Record Date a quarterly fee, currently consisting of: There is no audit committee or committee performing comparable functions responsible for reviewing the audited financial statements of the Trust.
Unit Ownership of Certain Beneficial Owners. Whether the Trust will be entitled to future distributions during the remainder of will depend on WTI Prices prevailing during the remainder of the year. Such revisions may often be substantial.
EDGAR ONLINE – BP PRUDHOE BAY ROYALTY TRUST – SEC FILINGS
The AEO observed that, following a significant period of high oil prices, the rate of growth in the use of liquid fuels in these more mature markets has been reduced as a result of improvements in conservation and efficiency. A grantor trust is not subject to tax, and its beneficiaries the Unit holders in the case of the Trust are considered for tax purposes to own the assets of the trust directly. The Trust employs Miller and Lents, Ltd. Trust corpus at beginning of year.
Most accounting pronouncements apply to entities whose financial statements are prepared in accordance with generally accepted accounting principles, directing such entities to accrue or defer revenues and expenses in a period other than when such revenues were received or expenses were paid.
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.
BP Prudhoe Bay Royalty Trust
There have been no changes in our internal control over financial reporting as defined in Rule 13a f of the Exchange Act during the quarter ended December 31, that have materially affected, or reasonably likely to materially affect, our trrust control over financial reporting. As described in Note 2 to the financial statements, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.
The unweighted arithmetic average of the WTI Price on the first day of trut month during the year.
The Trust allocates income and deductions to Unit holders based on record ownership at Quarterly Record Dates. Underlying the Sadlerochit Group are the oil-bearing Lisburne and Endicott formations. Oil production from the Prudhoe Bay Unit could be interrupted by damage to the Trans-Alaska Pipeline System from natural causes, accidents, deliberate attacks or declining oil flows.
A Foreign Taxpayer may elect to treat the income from the Royalty Interest as effectively connected prudohe the conduct of a United States trade or business under Internal Revenue Code section or sectionor pursuant to any similar provisions of applicable treaties. However, several such investments which would augment Prudhoe Bay projects are already in progress.
Trust corpus at end of year. In their Annual Report, the Trust estimated it would trusf to make royalty payouts through at vay the year