BP PRUDHOE BAY ROYALTY TRUST 10-K PDF

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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This tax is in addition to the tax on effectively connected income.

BP Prudhoe Bay Royalty Trust K

The Trust Agreement also may be amended with the approval of holders of a majority of the outstanding Units. Grust distribute royalties on a portion of the oil produced from the Prudhoe Bay Oil Field, typically No distributions to Unit holders may be made until the borrowings by the Trust have been repaid in full.

The LNG export project is expected to take six to eight years to complete due to the scale of construction and the number and complexity of technical, legal, political and financial issues involved.

Table of Contents Chargeable Trkst. In addition to production estimates and prices, reserve volumes attributable to the Trust are affected by the amount of Chargeable Costs that will be deducted in determining the Per Barrel Royalty. Certain analysts believe the collapse in the Brent-WTI differential represents a fundamental realignment in the global oil market as producers continue to produce more crude oil than the world needs and thereby driving down prices.

In addition, after the end of each calendar year the Trustee mails Unit holders an annual report containing a copy of this Form Trist and certain other information required by the Trust Agreement. In addition, there may be differences of opinion as to the applicability or interpretation of present tax laws and gay.

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BP Prudhoe Bay Royalty Trust

The methods and procedures pfudhoe to accumulate and evaluate the necessary information and to estimate, document, and reconcile reserves, annual production rate forecasts, and future net revenues are effective and are in accordance with generally accepted geological and engineering practice in the petroleum industry.

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.

The flowlines transport the raw crude oil to one of six separation facilities three on the western side of the Prudhoe Bay Unit and three on the eastern side where the water and natural gas mixed with the raw crude are removed. These constraints on transportation of crude oil out of the U. In addition, the Conveyance gives the Trust and its independent accountants certain rights to inspect the books and records of the Company and discuss the affairs, finances and accounts of the Company relating to the Subject Leases with representatives of the Company; it also requires the Company to provide the Trust with such other information as the Trustee may reasonably request from time to time and to which the Company has access.

The Trustee has a limited power to borrow on behalf of the Trust on a secured or unsecured basis.

Bp Prudhoe Bay Royalty Trust (BPT) 10K Annual Reports & 10Q SEC Filings | Last10K

These reporting obligations include furnishing the Trust a report by February 28 of each year containing all information of a nature, of a standard and in a form consistent with the requirements of the SEC respecting the inclusion of reserve and reserve valuation information in filings under the Exchange Act and with applicable accounting rules. Total liabilities and trust corpus. Two other companies had already received BIS permission in April to re-export crude oil from Canada that had been imported into the Rotalty.

Ethical standards applicable to the employees of the Trustee are set forth in the Code of Conduct which may be found at http: Chargeable Costs for and subsequent years are shown in the following table:.

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Any sale of Trust properties must be for cash unless otherwise authorized by the Unit holders. See Note 7 of Notes to Financial Statements below.

The decline in production levels during this period resulted primarily from two TAPS-related planned maintenance events and two planned Greater Prudhoe Bay field facility turnarounds during the second and third quarters of Includes proved undeveloped reserves of 6.

Annual decreases in Trust corpus and total assets are the result of amortization of the Royalty Interest. The following discussion assumes that the Trust is properly classified as a grantor trust under current law and bwy not an association taxable as a corporation. Proved developed reserves thousands of barrels as of:.

Per Barrel Royalty Calculations. The actual results, performance and prospects of the Trust could differ materially from those expressed or implied by forward-looking statements.

Table of Contents reserves 5. Any deduction for cost depletion or percentage depletion allowable to a Unit holder reduces his adjusted basis in his Units for purposes of computing subsequent depletion or gain or loss on any subsequent disposition of Units.

In the past, WTI was more likely to bxy at a premium to Brent. 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.

In Junethe U. Due to the differences in percentages between oil and condensate, the overall share of oil and condensate production allocated to the Subject Leases will vary over time according to the proportions of prurhoe liquid being allocated as condensate or as oil under the Prudhoe Bay Unit Operating Agreement allocation procedures.