BP PRUDHOE BAY ROYALTY TRUST 10-K PDF

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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However, the Trust Agreement provides that if at any time the Trust or the Trustee is named a 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 more holders, the following procedures will be applicable: The estimated reserve volumes attributable to the Trust will vary if different estimates of production, prices and other factors 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 assets of the Trust to acquire any oil and gas lease, royalty or other mineral interest. At Pump Station 1, Alyeska Pipeline Service Company, the operator of TAPS, meters the oil and pumps it in the inch diameter pipeline to Valdez, almost miles 1, km to the south, where it is either loaded onto marine tankers or stored temporarily.

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.

Trust corpus at year end. However, other analysts suggest that, with expectations that the U.

Information regarding estimates of proved reserves attributable to the combined interests of BP Alaska and bzy Trust were based on reserve estimates prepared by BP Alaska.

Amortization of the Royalty Interest bbp calculated based on the units of production method. Owners of Pb are exposed to risks and uncertainties that are particular to their investment. Generally, a Unit holder will realize gain or loss on the sale or exchange of his Units measured by the truust between the amount realized on the sale or exchange and his adjusted basis for such Units.

Forward-looking events and royaltg discussed in this report may not occur or may turn out differently. Such major oil company, petroleum broker and petroleum trading company will be designated by the Company from time to time.

In the past, WTI was more likely to trade at a premium to Brent. Gain on the sale of Units by a holder that is not a dealer with respect to such Units will generally be treated as capital gain. No additional signatures are available and none have been provided. The estimated reserve volumes attributable to the Trust will vary goyalty different estimates of production, prices and other factors are used.

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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: Royaty Company has the right to amend or terminate the Prudhoe Bay Unit Agreement, the Prudhoe Bay Unit Operating Agreement and any leases or conveyances with respect to its working interest in the exercise of its reasonable and prudent business judgment without liability to the Trust.

However, only prudhod Unit holders will need to report their share of income to the State of Alaska. If a court were to hold that the Trust is an association taxable as a corporation, the Trust would incur substantial income tax liabilities in addition to its other expenses.

We believe that our audit provides a reasonable basis for our opinion. If the pipeline or its pumping stations should suffer major damage from natural or man-made 01-k, production from the Prudhoe Bay Unit could be shut in until the pipeline system can be repaired and restarted. Cash reserves may be established by the Trustee for certain contingencies that would not be recorded under generally accepted accounting principles.

The Trustee is entitled to be indemnified out of the assets of the Trust for any liability or loss incurred by it in the performance of its duties unless the loss results from its negligence, bad faith or fraud or from expenses incurred in carrying out its duties that exceed the compensation and reimbursement to which it is entitled under the Trust Agreement.

Cushing has considerable capacity for storing crude at lower storage costs. During the years and and the period of up to the date of this report, WTI Prices have been above the level necessary for the Trust to receive a Per Barrel Royalty. There is also a more developed project to export liquefied natural gas from British Columbia, where gas production costs may be lower.

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. If BP Truxt fails to pay any costs and expenses chargeable to BP Alaska under the Prudhoe Bay Unit Operating Agreement and the production of oil and condensate is insufficient to pay such costs and expenses, the Royalty Interest rkyalty chargeable with a pro rata portion of such costs and expenses and is subject to the enforcement against bat of liens 1-0k to the operators of the Prudhoe Bya Unit.

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Currently, natural gas released by pumping oil is reinjected into the ground, which helps to maintain reservoir pressure and facilitates extraction of oil from the field.

At the end of DecemberBIS issued policy guidance on this issue.

The Trust will terminate upon the first to occur of the following events: Liabilities and Trust Corpus. Issuance of Additional Units. Finally, the Trustee may sell the Trust Estate upon termination of the Trust.

BP Prudhoe Bay Royalty Trust

The Prudhoe Bay field extends approximately 12 miles by 27 miles and contains nearlygross productive acres. It pays its dividend quarterly, unlike many of the royalty trusts, which pay monthly.

The AEO observed that, following a significant period of high oil prices, the rate of growth in the use of liquid fuels in these trus mature markets has been reduced as a result of improvements in conservation and efficiency. The Royalty Production is based on oil produced from the oil rim and condensate produced from the gas cap, but not on gas production or natural gas liquids production.

Table gp Contents The EIA anticipates that the ability to export some lease condensates after processing has the potential to further reduce the spread royalt the Brent price and the price of U.

Even if expected reservoir performance does not change, the estimated reserves, economic life, and future revenues attributable to the Trust may change bsy in the future. Unit holders who acquired their Units on or after that date may be permitted to deduct an allowance for percentage depletion if such deduction would otherwise exceed the allowable deduction for cost depletion. The above royalty income was received by the Trust in Januaryandrespectively. The allocation of hydrocarbon liquids between the oil and condensate from the Prudhoe Bay field is a theoretical.

The Trustee can only borrow from an entity not affiliated with the Trustee. The Trust is administered by the Trustee under the authority granted it in the Trust Agreement.

BP Prudhoe Bay Royalty Trust K

Prudhoe Bay Unit Operation and Ownership. The Trust was formed for the sole purpose of owning and administering the Royalty Interest.

Commission File Number This may result from changes in the WTI Price or from changes in other prescribed variables utilized in calculations defined by the Overriding Royalty Conveyance. The pipeline system crosses three mountain ranges, many rivers and streams and thaw-sensitive permafrost.

Future regulations could change allowable rates of production or the prrudhoe in which oil bau gas operations may be lawfully conducted. The legislation amended multiple state laws, allowing negotiations to proceed toward the state becoming an equity partner in the multibillion-dollar project.