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 Prudhoe Bay Royalty Trust
Proved developed reserves thousands of barrels as of:. 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. This tax gay withheld by the Trustee and remitted directly to the United States Treasury.
Oil and condensate are physically produced in a commingled stream of hydrocarbon liquids. The Registrant is a trust and has no officers, directors, or persons performing similar functions. A large body of basic data and detailed analyses are available and were used in making the estimates.
In AugustBP Alaska shut down the eastern side of the Prudhoe Bay Unit following the discovery of unexpectedly severe corrosion and a small spill from the oil transit line on that side of the Unit. Table of Contents The Trustee has the right to establish a cash reserve for the payment of material liabilities of the Trust which may become due if it determines that it is not practical to pay such liabilities out of funds anticipated to be available in subsequent quarters and that, in the absence of a reserve, the Trust property is subject to the risk of loss or diminution in value or the Trustee is subject to the risk of personal liability for such liabilities.
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.
Trust Corpus 40, units of beneficial interest authorized, 21, units issued and outstanding. This discounted future net cash flow should not be construed as the current market value of the Royalty Interest. The pipeline system also is vulnerable to failures of pipeline segments and pumping equipment, accidental damage and deliberate attacks. Trust corpus at end of year. The Company has not conveyed any additional royalty interests to the Trust, and the Trust has not issued any additional Units, since the inception of the Trust.
Under such circumstances, average daily production attributable to the BP Prudhoe Bay Royalty Trust will have no value and therefore will not contribute to the reserves regardless of BP Exploration Alaska Inc. These revisions could result in material changes to the projected declines in production.
Statements of Cash Earnings and Distributions. There is no precise method of forecasting the allocation of reserve volumes to the Trust. BP has a historical record of completing comparable projects. 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. Oil and gas operations are subject to extensive federal and state regulation and to interruption or termination by governmental authorities due to ecological and prudhod considerations and in certain circumstances impose absolute liability upon lessees for the cost of cleaning up pollutants and for pollution damages resulting from their operations.
The interests of the Unit holders are based upon oil produced from the oil rim and condensate produced from the gas cap, but not upon gas production which is currently uneconomic or natural gas liquids production stripped from gas produced. The discussion of the terms of the Conveyance herein is qualified in its entirety by reference to the relevant provisions of the Overriding Royalty Conveyance and the Trust Conveyance which are filed with the SEC as exhibits to this report.
The application also requests that the commission issue an authorization for the project no later than July The Trust unit holders are treated as the owners of Trust income and corpus, and the entire taxable income of the Trust will be reported by the Trust unit holders on their respective tax returns.
Such amortization is charged directly to the Trust Corpus, and does not affect cash earnings. The original oil column is bounded on the top by a gas-oil contact, originally at 8, feet below sea level across the main field, and on the bottom by an oil-water contact at approximately 9, feet below sea level.
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Bp Prudhoe Bay Royalty Trust (BPT) 10K Annual Reports & 10Q SEC Filings | Last10K
Prudhke distributions to Unit holders may be made until the borrowings by the Trust have been repaid in full. We believe that our audits provide a reasonable basis for our opinion.
Net to Working Interests. The owner of an economic interest in producing oil and gas properties bo entitled to deduct an allowance for the greater of cost depletion or if otherwise allowable percentage depletion on each such property. Those standards require that we plan and perform the audit to obtain reasonable The Trust was formed for the sole purpose of owning and administering the Royalty Interest.
This project would also include natural gas processing facilities and a natural-gas export terminal. Forward-looking events and outcomes discussed in this report may not occur rpyalty may turn out differently. The Trust will terminate: However, only corporate Unit holders will need to report their share of income to the State of Alaska. The increase in administrative expenses reflects certain increases in the overall costs of supplies and services and timing differences in accruals of expenses.
The Trust Agreement grants the Trustee only the rights and powers necessary to achieve the purposes of the Trust. The Trustee ptudhoe a limited power to borrow on behalf of the Trust on a secured or unsecured basis.