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.
|Published (Last):||9 September 2017|
|PDF File Size:||14.4 Mb|
|ePub File Size:||10.51 Mb|
|Price:||Free* [*Free Regsitration Required]|
BP Alaska anticipates that its average net production of oil and condensate allocated to the Trust from proved reserves will be below 90, barrels per day on an annual average basis most future years.
Table of Contents does not exceed the liabilities and expenses of the Trust, and will replenish the reserve from future quarterly distributions, if any. The Trust employs Miller and Lents, Ltd.
Trust corpus at year end. 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. These constraints on transportation of crude oil out of the U. There have been no changes in our internal control over financial reporting as defined in Rule 13a f of the Exchange Act during the quarter ended December 31, that have materially affected, or reasonably likely to materially affect, our internal control over financial reporting.
The Trust periodically holds short-term investments acquired with funds held by the Trust pending distribution to Unit holders and funds held in reserve for the payment of Trust expenses and liabilities. The Prudhoe Bay Unit Operating Agreement specifies the allocation of production and costs to the working interest owners.
The Prudhoe Bay Unit Operating Agreement specifies the allocation of production and costs to the working interest owners. The Royalty Interest is not a working interest and the Trust is not entitled to receive any specific trusy of reserves from the Field. If time does not permit the Trustee to invest collected funds in investments of the type described in the preceding sentence, the Trustee may invest such funds overnight in a time deposit with a bank meeting the foregoing trjst including The Bank of New York.
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: Major upgrades to the pipeline may be required to counteract the ba of cooler oil temperature.
We believe that our audit provides a reasonable basis for our opinion. Table of Contents Alaska income tax purposes, including the calculation of any depletion or other deduction which may be available to bayy for the calendar year.
rooyalty Trust corpus at end of year. After the end of each calendar year, the Trustee mails a report to the persons who held Units of record during the year containing information to enable them to make the calculations necessary for federal and.
This tax is imposed on U. The borrowing itself and the pledges or other encumbrances to secure borrowings are permitted without a vote of Unit holders. However, other analysts suggest that, with expectations that the U. Future regulations could change allowable rates of production or the manner in which oil and gas operations may be lawfully conducted. Forward-looking statements in this report are subject to a number of risks prjdhoe uncertainties beyond the control of the Trustee.
If the expected future undiscounted cash flows are less than the carrying value, the 10-j recognizes an impairment loss for the difference between the carrying value and the estimated fair value of the Royalty Interest. Proved undeveloped reserves thousands of barrels as of: While these statements differ from financial statements prepared in accordance with accounting principles generally accepted in the United States of America, the modified cash basis of reporting revenues and distributions is considered to be the most meaningful rkyalty quarterly distributions to the Trust unit holders are based on net cash receipts.
Net Proved Undeveloped Reserves attributable to the Trust were reduced by approximately 3. In thousands, except unit data. The Trust does not have the right to take over operation of the Working Interests or share in any operating decisions by BP Alaska concerning the Prudhoe Bay Unit.
To secure payment of borrowings by the Trust, the Trustee is authorized to mortgage, pledge, grant security interests in or otherwise encumber the Trust Estate or any portion thereof including the Royalty Interestand to carve out and convey production payments.
Net increase decrease during the year. Bxy does not impose an income tax on individuals or estates and trusts.
The SEC also maintains an Rpyalty site that contains reports, proxy and information statements, and other information regarding issuers including the Trust that file electronically with the SEC. A layer of heavy oil and tar overlays the oil-water contact in the main field and has an average thickness of around 40 feet. For example, there is no requirement for annual meetings of holders of Units or annual or other periodic reelection of the Trustee.
The Trust has no other authorized or outstanding class of securities.
This discounted future net cash flow should not be construed as the current market value of the Royalty Interest. The Trustee will distribute all available proceeds to the Unit holders after satisfying all existing liabilities of the Royaltt and establishing adequate reserves for the payment of contingent liabilities.
The Prudhoe Bay field, which was discovered in by BP frust others, has been in production since and is the largest producing oil field in North America. Net royaltyy in prices and production costs. The Trustee may borrow from a lender not affiliated with the Trustee if cash on hand is not sufficient to pay current liabilities and the Trustee has determined that it is not practical to pay such liabilities out of funds anticipated to be available in subsequent quarters and that, without such borrowing, the Trust property is subject to the risk of loss or diminution in value.
Alaska does not impose an income tax on individuals or estates and trusts. Oil was trapped in the Ivishak by a combination of structural and stratigraphic trapping mechanisms.
In JanuaryTAPS was shut down over two periods of several days each as a result of the discovery of a leak of crude oil in the prudjoe of a booster pump building at Pump Station No.