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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From Wikipedia, the free encyclopedia. Even though WTI Prices have been rising generally in recent years, they nevertheless remain subject to significant periodic fluctuations.
Their evaluation considered, among other things, that the Trust Agreement and the Conveyance impose enforceable legal obligations on BP Alaska, and that BP Alaska has provided the information required by those agreements and other information requested by the Trustee from time to time on a timely basis.
The Royalty Interest entitles the Trust to a royalty on As described in Note orudhoe 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.
If the Units are neither listed nor traded in the over-the-counter market, the price will be the fair market value of the Units as determined by trusst recognized firm of investment bankers or other competent advisor or expert.
Estimates of proved reserves are inherently imprecise and subjective and are revised over time as additional data become available. The estimated reserve volumes attributable to the Trust will vary bpp different estimates of production, prices and other factors are used. Disclosure Controls and Procedures. Such major oil company, royalhy broker and petroleum trading company will be designated by the Company from time to time.
However, because several complementary and alternative projects are being considered for recovery of the remaining oil in the reservoir, a decision not to implement a currently planned project may allow frust expansion or implementation of another project, thereby increasing the overall likelihood of recovering the reserves.
It also defines operator responsibilities and voting requirements and is unusual in its establishment of separate participating areas for the gas cap and oil rim. These adjustments could riyalty unfair benefits for certain Unit holders and unfair detriment to others.
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. Alaska does not impose an income tax on individuals or estates and trusts.
It has no foreign operations and holds no long-term debt instruments. 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. The investigations included reviews of the estimates of Proved Reserves and production rate forecasts of oil and condensate made by BP Exploration Alaska Inc. The 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.
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. 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.
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.
The Trust allocates income and deductions to Unit holders based on record ownership at Quarterly Record Dates. This tax is withheld by the Trustee and remitted directly to the United States Treasury.
Name of Each Exchange on Which Registered. 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.
No resignation or removal of the Trustee will become effective until a successor trustee has accepted appointment. 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.
There is no precise method of allocating estimates of physical quantities of reserve volumes between the Company and the Trust, since the Royalty Interest is not a working interest and the Trust does not own and is not entitled to receive any specific volume of reserves from the Field. The Prudhoe Bay field is a complex, combination-drive reservoir, with widely varying reservoir properties.
BP Prudhoe Bay Royalty Trust
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial rotalty are free of material misstatement. The Company 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 its working interest in the exercise of its reasonable and prudent business judgment without liability to the Trust.
Our responsibility is to express an opinion on these financial statements based on our audits. Includes proved undeveloped reserves of The Trust has no other authorized or outstanding class of securities. An audit also includes assessing the accounting principles used and significant estimates made by the trustee, and evaluating the overall financial statement presentation.
There is no precise method of allocating estimates of physical quantities of reserve volumes between BP Alaska and the Trust, since the Royalty Interest is not a working interest and the Trust does not own and is not entitled to receive any specific volume of reserves from the Field.
The lowering of the reservoir pressure may accelerate the decline in production from the BP Working Interests and the time at which royalty payments to the Trust will cease. This discounted future net cash flow should not be construed as the current market value of the Ryoalty. The pipeline system crosses three mountain ranges, many rivers and streams and thaw-sensitive permafrost. Unit holders do not have the right under the Trust Agreement to seek or secure any partition or distribution of the Royalty Interest or any other asset of the Trust or any accounting during the term of the Trust or during any period of liquidation and prudnoe up.
The Trust makes quarterly distributions to the persons who held Units of record on each Quarterly Record Date.
Taxation of Unit Holders. Gross reservoir thickness is feet, with a maximum oil column thickness of feet.
BP Prudhoe Bay Royalty Trust – Wikipedia
No additional signatures are available and none have been provided. However, in the Conveyance the Company agreed to pay timely all costs and expenses chargeable to it and to ensure that no such costs and expenses will be chargeable against the Royalty Interest. All administrative functions of the Trust are performed by the Trustee.
The Royalty Production is based on oil produced from the oil rim and condensate produced from the gas cap, but not on gas production or natural gas liquids production.