BP PRUDHOE BAY ROYALTY TRUST 10K PDF

  • June 12, 2019

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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Royalty payments are received by the Trust and distributed to Trust Unit holders, net of Trust expenses, in the month succeeding the end of each calendar quarter. 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.

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. 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.

Includes prudboe undeveloped reserves of 6. The partial shutdown of the field reduced average daily production to approximately half of normal output. 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. Estimates and assumptions pudhoe required to be made regarding assets, liabilities and changes in Trust Corpus resulting from operations when financial statements are prepared.

Separate yet integrated reservoir management strategies have been developed for the areas affected by each of these recovery processes. Future production rates will be controlled by facilities limitations and upsets, well downtime, and the effectiveness of programs to optimize production and costs.

If BP Alaska 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 is chargeable with a pro rata portion of such costs and expenses and is subject to the enforcement against it of liens granted to the operators of the Prudhoe Bay Unit. In our judgment, the quantity and quality of currently available data on reservoir boundaries, original fluid contacts, and reservoir rock and fluid properties are sufficient to indicate that any future revisions to the estimates of total original in-place volumes should be minor.

Estimates of proved reserves are prudheo imprecise and subjective and are revised over time as additional data becomes available. The Trustee will draw funds from the cash reserve account during any quarter in which the quarterly distribution received by the Trust does not exceed the liabilities and expenses of the Trust, and will replenish the reserve from future quarterly distributions, if any.

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Energy Information Administration at http: The following table shows the net remaining proved reserves of oil and condensate allocated to the BP Working Interests, the net proved reserves allocated to the Trust, and the WTI Prices on the dates indicated:.

During the past few years, numerous environmental laws and regulations have taken effect at the 10, state and local levels. The Prudhoe Bay field has been in production since Such major oil company, petroleum broker and petroleum trading company will be designated by royaoty Company from time to time.

BP Prudhoe Bay Royalty Trust

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.

Subsequent decreases in BP. There are potential conflicts of interest between BP Alaska and the Trust that could affect the royalties paid to Unit holders. The interest conveyed to prudyoe Trust by the Truet is an overriding royalty interest consisting of the right to receive a Per Barrel Royalty for each Barrel of Royalty Production.

The stabilized crude is then sent from the separation facilities through two inch diameter transit lines, one from each half of the Prudhoe Bay Unit, to Pump Station 1, the starting point for TAPS. Moreover, it is increasingly likely that the Trust’s revenues ptudhoe future periods also will be affected by increases and decreases in production from the BP Working Interests. The Trust is a passive entity.

Estimates of ultimate and remaining reserves and production scheduling depend upon assumptions regarding expansion or implementation of alternative projects or development programs and upon strategies for production optimization.

Unit holders who acquired their Units on or after that date may be permitted to deduct an allowance for percentage depletion if ryalty deduction would otherwise exceed the allowable deduction for cost depletion. The standardized measure of discounted future net cash flow relating to proved reserves disclosure required by FASB 69 assigns monetary amounts to proved reserves based on current prices. The duties of the Trustee are specified in the Trust Agreement and the laws of the State of Delaware.

The Trustee may be removed royaltu or without cause by vote of holders of a majority of the Units at a meeting called and held as provided in the Trust Agreement. If a court were to hold that the Trust is an association taxable ttrust a corporation, the Trust would incur substantial income tax liabilities in addition to its other expenses.

The Letter Agreement explains that under the Tax BP Alaska is required to use estimates of Lease Expenditures for purposes of its monthly reporting to the State of Alaska, and that actual Lease Expenditures are determined and reconciled to monthly estimates up to three pruchoe after the close of each fiscal year.

Remo Reale, Corporate Trust Department; by telephone to: There may be additional risks of which the Trustee is unaware or which are currently deemed immaterial. The Trust has not adopted a code of ethics.

Future regulations could change allowable rates of rojalty or the manner in which oil and gas operations may be lawfully conducted. BP Exploration Alaska Inc.

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A meeting of the Unit holders may be called at any time to act with respect to any matter as to which the Trust Agreement authorizes the Unit holders to act.

Underlying the Sadlerochit Group are the oil-bearing Lisburne and Endicott formations. Production estimates included in this report are based on economic conditions and production forecasts as of the end ofand also depend on various assumptions, projections and estimates which are continually revised and updated by BP Alaska.

The Trust allocates income and deductions to Unit holders based on record ownership at Quarterly Record Dates. Ttrust Company is under no obligation to make investments in development projects which would add additional non-proved resources to proved reserves and cannot make such investments without the concurrence of the Prudhoe Bay Unit working interest owners.

The laws and regulations affecting these matters are complex, and are subject to change by future legislation or regulations or new interpretations by the Prurhoe Revenue Service, state taxing authorities or the courts.

The Trust evaluates impairment of the Oryalty Interest by comparing the undiscounted cash flows expected to be realized from the Royalty Interest to the carrying value, pursuant to Statement of Financial Accounting Standards No.

Amounts set aside for the cash reserve are invested by the Trustee in U.

BP Prudhoe Bay Royalty Trust(BPT) Annual Report (10K) Quarterly Report (10Q)

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.

Following the end of each quarter, the Trustee mails Unit holders a quarterly report showing the assets royxlty liabilities, receipts and disbursements and income and expenses of the Trust and the Royalty Production for such quarter. An audit also includes assessing the accounting principles used bbay significant estimates made by the trustee, and evaluating the overall financial statement presentation.

Rrust Trust Agreement imposes no restrictions on nationality or other status of the persons eligible to hold Units. While there is no assurance that the Prudhoe Bay Unit working interest owners will make any such investments they do regularly assess the technical and economic attractiveness of implementing further projects to increase Prudhoe Bay Unit proved reserves. Royalty Production from the Prudhoe Bay field is projected to decline and will eventually cease.

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. If a Foreign Taxpayer makes this election, it is entitled to claim all deductions with respect to such income, but a United States federal income tax return must be filed to claim such deductions.

Any sale of Trust properties must be for cash unless otherwise authorized by the Unit holders.