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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Commission File Number Exact name of registrant as specified in its charter. State or other jurisdiction. Title of Each Class. Name of Each Exchange on Which Registered. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act. Indicate by check mark whether the registrant: Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
As of March 4,21, Units of Beneficial Interest were outstanding. The Trust Company accepted its appointment and assumed all rights, titles, duties, powers and authority formerly held and exercised by BNYM under the Trust Agreement.
Bp Prudhoe Bay Royalty Trust (BPT) 10K Annual Reports & 10Q SEC Filings | Last10K
The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers including the Trust that file electronically with the SEC. The Trust does not maintain an Internet website, but certain information concerning the Trust and the Trust Units may be obtained from the BusinessWire website at the following page location: Requests for copies of reports may be made by mail to: The information in this report relating to the Prudhoe Bay Unit, the calculation of royalty payments and certain other matters has been furnished to the Trustee by BP Alaska.
Various sections of this report contain forward-looking statements that is, statements anticipating future events or conditions and not statements of historical fact.
Forward-looking statements in this report are subject to a number of risks and uncertainties beyond the control of the Trustee. These risks and uncertainties include such matters as. Table of Contents future changes in oil prices, oil production levels, economic activity, domestic and international political events and developments, legislation and regulation, and certain changes in expenses of the Trust.
The actual results, performance and prospects of the Trust could differ materially from those expressed or implied by forward-looking statements. There may be additional risks of which the Trustee is unaware or which are currently deemed immaterial.
In the light of these risks, uncertainties and assumptions, you should not rely unduly on any forward-looking statements. Forward-looking events and outcomes discussed in this report may not occur or may turn out differently. 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 Royalty Interest entitles the Trust to a royalty on The Royalty Interest is a non-operational interest in minerals. BP Alaska is not obligated to continue to operate any well or maintain or attempt to maintain in force any portion of its working interest when, in its reasonable and prudent business judgment, the well or interest ceases to produce or is not capable of producing oil or gas in paying quantities. The Trust has no employees. All administrative functions of the Trust are performed by the Trustee.
Duties and Powers of the Trustee. The royxlty of the Trustee are specified in the Trust Agreement and the laws of the State of Delaware. Table of Contents of business in, Delaware. The Trust Agreement grants the Trustee only the rights and powers necessary to achieve the purposes of the Trust. 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 rkyalty any oil and gas prushoe, royalty or other mineral interest.
The Trustee is entitled to be indemnified out of the assets of the Trust for any liability or loss incurred by it in the performance of its duties unless the loss results from its negligence, bad faith or fraud or from expenses incurred in carrying out its duties that exceed the compensation and reimbursement to which it is entitled under the Trust Agreement.
Sales of Royalty Interest; Borrowings and Reserves. However, if the sale is made in order to pay specific liabilities of the Trust then due and involves a part, but not all or substantially all, of the Trust properties, the sale only needs to be approved by the vote of holders of a majority of the Units. Any sale of Trust properties must be for cash unless otherwise authorized by the Unit holders.
The Trustee is obligated to distribute the available net proceeds of any such sale to the Unit holders after establishing reserves for liabilities of the Trust. The Trustee has the power to borrow royaltyy behalf of the Trust or to sell Trust assets to pay liabilities of the Trust and to establish a reserve for the payment of liabilities without the consent of the Unit holders under the following circumstances:. 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.
The borrowing must be on terms which in the opinion of an investment banking firm or commercial banking firm selected by the Trustee are commercially reasonable when compared to other available alternatives. No distributions to Unit holders may be made until the borrowings by the Trust have been repaid in full.
If the Trustee is unable to borrow to pay Trust liabilities, the Trustee may sell Trust assets if it determines that the failure to pay the liabilities at a later date will be contrary to the best interest of the Unit holders and that it is not practicable to submit the sale to a vote rkyalty the Unit holders. The sale must be made for cash at a price which in the opinion of an investment banking firm or commercial banking firm selected by the Trustee is at least equal to the fair market value of the interest sold and is made truust commercially reasonable terms when compared to other available alternatives.
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 ba 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 pfudhoe value or the Trustee is subject to the risk of personal liability for such liabilities.
10- 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.
Irrevocability; Amendment of the Trust Agreement. The Trust Agreement and the Trust are irrevocable. The Trust Agreement may be amended without a vote of the Unit holders to cure an ambiguity, to correct pruhdoe supplement any provision of prudjoe Trust Agreement that may be inconsistent with any other provision or to make any other provision with respect to matters arising under the Trust Rogalty that does not adversely affect the Unit holders.
The Trust Agreement also may be amended with the approval of holders of a majority prudoe the outstanding Units.
Termination of the Trust. The Trustee will distribute all available proceeds to the Unit holders after satisfying all existing liabilities of the Trust and establishing adequate reserves for the payment of contingent liabilities. 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 winding up.
Resignation or Pruudhoe of Trustee. The Trustee may resign at any time or be removed with or without cause by vote of the holders of a majority of the outstanding Units at a meeting called and held in accordance with the Trust Agreement.
A successor trustee may be appointed by BP Alaska or, if the Trustee has been removed at a meeting of the Unit holders, the successor trustee may be appointed by the Unit holders at the meeting. Unless the Trust already has a trustee that is a resident of or has a principal office in Delaware, any successor trustee must be a resident of Delaware or have a principal office royzlty Delaware.
No resignation or removal of the Trustee will become effective until a successor trustee has accepted appointment. Voting Rights of Unit Holders. Unit holders possess certain voting rights, royalfy their voting rights are not comparable to those of shareholders of a corporation. For example, there is no requirement for royyalty meetings of Unit holders or for periodic reelection of the Trustee. 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 Trustee will give written notice of. Table of Contents any meeting stating the time and place of the meeting and the matters to be acted on not more than 60 days nor fewer than 10 days trusf the meeting to all Unit holders of record on a date not more than 60 days before the meeting at their addresses shown on the records of the Trust. Unit holders are entitled to cast one vote on all matters coming before a meeting, in person or by proxy, for each Unit held on the record date for the meeting.
The Royalty Interest is a property right under Alaska law which burdens production, but there is no other security interest in the reserves or production revenues assigned to it. The royalty truat to the Trust for each calendar quarter bau the sum of the amounts obtained by multiplying Royalty Production for each day royalt the calendar quarter by the Per Barrel Royalty for that day. The Royalty Production is based on oil produced from the oil royaalty and condensate produced from the gas cap, but not on gas production or natural gas liquids production.
The actual average daily net production of oil lrudhoe condensate from the 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. Table of Contents Chargeable Costs. Chargeable Costs for and subsequent years are shown in prhdhoe following table:.
Chargeable Costs per barrel. Consumer Price Index, all items and all urban consumers, U. The progressivity portion of the Amendments was equal to 0.
ACES changed the basic tax rate from The referendum was defeated. Per Barrel Royalty Calculations. The following table shows how the above-described factors interacted during the past five years to produce the average Per Barrel Royalty paid during the calendar years indicated.
Royalty revenues are generally received on the fifteenth day of the month following the end of the calendar quarter in which the related Royalty Production occurred.
Dollar amounts in the table have been rounded to two decimal places for presentation and do not reflect the precision of the actual calculations. Each Unit represents an equal undivided share of beneficial interest in the Trust. The Units do not represent an interest in or an obligation of BP Alaska, Standard Oil or any of their respective affiliates. Units are evidenced by transferable certificates issued by the Trustee.
Each Unit entitles its holder to the same rights as the holder of any other Unit. The Trust has no other authorized or outstanding class of securities. Rogalty time does not permit the Trustee to invest collected funds in Government Obligations or repurchase agreements, the Trustee may invest funds overnight in a time deposit with a bank meeting the foregoing capital requirement including The Bank of New York Mellon. Reports to Unit Holders. After the end of each calendar year, the Trustee mails a report to the persons who held Units rlyalty record during the year containing information to enable them to make the calculations necessary for federal and.
Table of Contents Alaska income tax purposes, including the calculation tryst any depletion or other deduction which may be available to them for the calendar year. In addition, after the end of each calendar year the Trustee mails Unit holders an annual report containing a copy of this Form K and certain other information required by the Trust Agreement.
BP Prudhoe Bay Royalty Trust
Limited Liability of Unit Holders. The Trust Agreement provides that the Unit holders are, to the full extent permitted by Delaware law, entitled to the same limitation of personal liability extended to stockholders of private corporations for profit under Delaware law. Possible Divestiture of Units. The Trust Agreement imposes no restrictions on nationality or other status of the persons eligible to hold Units. However, it 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 royaltg more Unit holders, the Trustee may require each holder whose nationality or other status is an issue in the proceeding to dispose of his Units to a party not of the nationality or other status at issue in the proceeding.
If any holder fails prudjoe dispose of his Units within 30 days after receipt of notice from the Trustee to do so, the Trustee will redeem any Units not so transferred within 90 days after the end of the day period specified in the notice for a cash price equal to the fair market value of the Units.
Units redeemed by the Trustee will be cancelled. The Trustee may cause the Trust to borrow any amount required to redeem the Units. Issuance of Additional Units.