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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The effect of changing economic conditions on the demand and supply for energy throughout the world and future prices of oil cannot be accurately projected. Government policies and market conditions different from those reflected in this study or disruption of existing transportation routes or facilities may cause the total quantity of oil or condensate to be recovered, actual production rates, prices received, or operating and capital costs to vary from those reviewed in this report.
In the event that major gas sales are initiated, ultimate oil and condensate recoveries may be reduced from the current estimates unless recovery projects other than those included in the current estimates are implemented. 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.
Information regarding estimates of proved reserves attributable to the combined interests of BP Alaska and the Trust were based on reserve estimates prepared by BP Alaska.
BP Prudhoe Bay Royalty Trust
Natural gas liquids reserves are not included in the estimates cited herein. Production of oil and condensate from the field has. However, the discovery of additional defects in Prudhoe Bay Unit oil flowlines and transit lines, and damage to or failures of separation facilities or other critical equipment, could result in future shutdowns of oil production from all or portions of the Prudhoe Bay Unit and have an adverse effect on future royalty payments.
If the Trustee is unable to obtain the required legal opinion, it still may proceed with the borrowing or sale, or establish the reserve, if it determines that the failure to do so will be materially detrimental to the Unit holders considered as a whole.
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. The Trust Agreement may be amended baay 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 make any other provision with respect to matters arising under the Trust Agreement that does not adversely affect the Unit holders.
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. Standardized measure of discounted future net cash flow a.
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.
The following table presents in summary form trhst financial information regarding the Trust. Analysis of the data revealed 16 anomalies in 12 locations in the oil transit line.
The production tax value per barrel of oil for each day is determined by taking the WTI Price for that day and subtracting the product of the amount of the Chargeable Costs then in effect multiplied by the applicable Cost Adjustment Factor. The actual average daily net production of oil and condensate from the Subject Pruxhoe for any calendar quarter is the total production of oil pfudhoe condensate for such quarter, net of the State of Alaska royalty, divided by the number of days in such quarter.
We believe that our audits provide a reasonable basis for our opinion. Classification of the Trust. The SEC also maintains an Internet site roaylty contains reports, proxy and information statements, and other information regarding issuers including the Trust that file electronically with the SEC.
Revisions by BP Alaska 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.
Neither BP nor BP Alaska may transfer or assign its rights or obligations under the Pruchoe Agreement without the prior written consent of the Trustee, except that BP can arrange for its obligations to be performed by any its affiliates so long as BP remains responsible for ensuring that its obligations are performed in a timely manner. Royalfy Foreign Taxpayer may elect to treat the income from the Royalty Interest as effectively connected with the conduct of a United States trade or business under Internal Revenue Code section or sectionor pursuant to any similar provisions of applicable treaties.
BP Prudhoe Bay Royalty Trust – Wikipedia
The production of oil and gas in Alaska is affected by many state and federal regulations with respect to allowable rates of production, marketing, environmental matters and pricing.
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.
Amortization of the Royalty Interest is calculated based on the units of production method. Such major oil company, petroleum broker and petroleum trading company will be designated by the Company from time to time.
Views Read Edit View history. The Trustee knows of no arrangement, including the pledge of Units, the operation of which may at a subsequent date result in a change in control of the Trust.
BP Prudhoe Bay Royalty Trust(BPT) Annual Report (10K) Quarterly Report (10Q)
A royalty statement within five working days after the end of each calendar quarter consisting of a computation, supported by data required to perform the computation, of the amount to be paid to the Trust at the next Quarterly Record Date. Even if expected reservoir performance does not change, the estimated reserves, economic life, and future revenues attributable to the Trust may change significantly in the future. Units redeemed by the Trustee will be cancelled. 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 BP Working Interests in the exercise of its reasonable and prudent business judgment without liability to the Trust.
Oil was trapped in the Ivishak by a combination of structural and stratigraphic trapping mechanisms.
This tax is in addition to the tax on effectively connected income. We believe that our audit provides a reasonable basis baj our opinion. The Trust Agreement provides that BP Alaska or an affiliate from time to time may assign to the Trust additional royalty interests meeting certain conditions and, upon satisfaction of various other conditions, the Trust may issue up to an additional 18, Units.
TAPS has a capacity of approximately 1. BP Alaska believes that the equipment and facilities currently being used in its operations generally comply with the applicable legislation and regulations.