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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Various sections of this report contain forward-looking statements that is, statements anticipating future events or conditions and not statements of historical fact.
However, the Trustee does not have the means to prudyoe 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 prudho holders of the Units, but which is not specifically required by the Conveyance, is supplied to the Trustee by the Company.
Trust corpus at end of year. The Trust has no directors or executive officers.
Forward-looking statements in this report are subject to a number of risks and uncertainties beyond the control of the Trustee. The Trust Agreement provides that the Unit holders are, to the full extent permitted by Delaware law, entitled prudheo the same limitation of personal liability extended to stockholders of private corporations for profit under Delaware law.
BP Prudhoe Bay Royalty Trust
Cushing has considerable capacity for storing crude at lower storage costs. All Trust income is Alaska source income to corporate Unit holders and should be reported accordingly. BP Alaska 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 the Working Interests in the exercise of its reasonable and prudent business judgment without liability to the Trust.
The Trustee has the power to borrow on behalf of the Trust or to sell Trust assets to pay liabilities of the Trust and to establish a reserve for the payment of liabilities without the consent of the Unit holders under the following circumstances:.
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.
Except in prudnoe circumstances, the Trustee is entitled to be indemnified out of the assets of the Trust for any liability, expense, pruhdoe, 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.
The Trust has no directors, officers or employees to whom it pays compensation. The Trustee has a limited power to borrow on behalf of the Trust on a secured or unsecured basis. The occurrence of major gas sales could accelerate the decline in net production, due to the consequent decline in reservoir pressure. Ethical standards applicable to the employees of the Trustee are set forth in the Code of Conduct which may be found at http: Net Proved Undeveloped Reserves attributable to the Trust were reduced by approximately 3.
Furthermore, the data and analyses on recovery factors and future production rates are sufficient to support the Proved Reserves estimates. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. The Trust Agreement also may be amended with the approval of holders of a majority of the outstanding Units.
BP Alaska also has the right to sell or assign all or any part of the Working Interests, so long as the sale or assignment is expressly made subject to the Royalty Interest and the terms and provisions of the Conveyance. The branch profits tax may be either reduced or eliminated by treaty. Each Unit represents an equal undivided share of beneficial interest in the Trust.
However, only corporate Unit holders will need to report their share of income to the State of Alaska. The Trustee undertakes no obligation to update forward-looking statements after the date of this report, except as required by law, and all such forward-looking statements in this report are qualified in their entirety by the preceding cautionary statements.
It has no foreign operations and holds no long-term debt instruments.
EDGAR ONLINE – BP PRUDHOE BAY ROYALTY TRUST – SEC FILINGS
The referendum was defeated. Our audit also included performing such other procedures as we considered necessary in the circumstances. In MayEnbridge, Inc.
Subsequent recalculation by BP Alaska of royalty payments due based on actual production data royaoty in the payment adjustments shown in the table below in thousands:.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Assigned staff members include licensed professional engineers with over 25 years of diversified experience, including at least 10 years of experience with the Trust.
The Trust unit holders are treated as the owners of Trust income and corpus, and the entire pruduoe income of the Trust will be reported by the Trust unit holders on their respective tax returns. BP Alaska is required to provide the Trust such information concerning the Royalty Interest as the Trustee may need and to which BP Alaska has access to permit the Trust to comply with any reporting or disclosure obligations of the Trust pursuant to applicable law and the requirements of any stock exchange on which the Units are issued.
Such borrowing may be effected if at any time the amount of cash on hand is not sufficient to pay liabilities of the Trust then due. Taxation of Unit Holders. The Trustee royapty also sell the Trust Estate, or a portion thereof, for cash if such sale is effected in order to provide for the payment of specific liabilities of the Trust then due, cash on hand is insufficient and the Trustee is unable to effect a borrowing by the Trust.
Within 30 days after BP receives notice from the Trustee that the royalty payable with respect to the Royalty Interest or any other amount payable by BP Alaska or Standard Oil has not been paid to the Trustee, Royalhy will cause BP Alaska and Standard Oil to satisfy their respective payment obligations to the Trust and the Trustee under the Trust Agreement and the Conveyance, including contributing to BP Alaska the funds necessary to make such payments.
Such amortization was charged directly to the Trust corpus, and did not affect cash earnings. BP Alaska believes that the equipment and facilities currently being used in its operations generally comply with the applicable legislation and regulations. Chargeable Costs for and subsequent years are shown in the following table:.
BP Prudhoe Bay Royalty Trust(BPT) Annual Report (10K) Quarterly Report (10Q)
The Trustee will give written notice of. Such revisions may often be substantial. Title of Each Class. Because of the short-term nature of these investments and limitations on bayy types of investments which may be held by the Trust, the Trust is not prdhoe to any material interest rate risk. Based on our limited independent tests 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.