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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At the meeting the Unit holders may appoint a successor trustee meeting the requirements set forth in the Trust Agreement. Although allowances for unplanned upsets are also considered in the estimates, the studies do not provide for any impediments to crude oil production as a consequence of major disruptions. However, only corporate Unit holders will need to report their share of income to the State of Alaska. It takes the oil about seven days to make the trip from the Prudhoe Bay Unit to Valdez.
Separate yet integrated reservoir management strategies have been developed for the areas affected by each of these recovery processes. Name of Each Exchange on Which Registered.
Dollar amounts in the table have been rounded to two decimal places for presentation and do not reflect the precision of the actual calculations. Even if expected reservoir performance does not change, the estimated reserves, economic life, and future revenues attributable to the Trust may change significantly in the future.
The Trust periodically holds short-term investments acquired with funds held by the Trust pending distribution to Unit rotalty and funds held in reserve for the payment of Trust expenses and liabilities. Since the end ofthe oil transit lines in the Prudhoe Bay trst have been subject to federal supervision and inspection by the U.
Such amortization is charged directly to the Trust corpus, and does not affect cash earnings. The branch profits tax may be either reduced or eliminated by treaty. 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.
Except in certain circumstances, the Trustee is entitled to be indemnified out of the assets of the Trust for any liability, expense, claim, damage or other loss incurred by it in truwt performance of its duties unless such loss results from its negligence, bad faith or bl or from its expenses in carrying out such duties exceeding the compensation and reimbursement it is entitled to under the Trust Agreement.
The occurrence of major gas sales could accelerate trush decline in net production, due to the consequent decline in reservoir pressure. For example, there is no requirement for annual meetings of holders of Units or annual or other periodic reelection of the Trustee.
Since the Trust is not entitled to any royalty payments with royaltyy to natural gas production from the BP Working Interests, the Unit holders will not realize any offsetting benefit from natural gas production from the Prudhoe Bay field.
BP Prudhoe Bay Royalty Trust – Wikipedia
If a Foreign Taxpayer makes this election, it is entitled to claim all deductions with respect to. Production of oil and condensate from the field has. BP Alaska has no obligation to continue production from the BP Working Interests royalgy to maintain production at any level and may interrupt or discontinue production at any time.
BP Alaska has royaltj right to amend or terminate the Prudhoe Bay Unit Agreement, prushoe 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 sediments in the Ivishak are composed rohalty sandstone, conglomerate and shale which were deposited by a massive braided river and delta system that flowed from an ancient mountain system to the north.
Crude oil prices are subject to significant changes in response to fluctuations in the domestic and world supply and demand and other market conditions as well as the world political situation as it affects OPEC and other producing countries.
Based on our limited independent tests of the computations of reserves, production flowstreams, and future net revenues, such computations were performed in accordance with the methods and procedures described to us. 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.
The Omnibus Budget Reconciliation Act of repealed this rule for transfers occurring on or after October 12, Oil and natural gas.
Royalty payments to the Trust could be halted or reduced by a material amount as a result of interruption to production from the Prudhoe Bay Unit. It pays its dividend quarterly, unlike many of the royalty trusts, which pay monthly. Determination of Production Taxes.
Unit hrust are entitled to prudgoe one vote on all matters coming before a meeting, in person or by proxy, for each Unit held on royakty record date for the meeting. Since several oil companies besides BP Alaska hold acreage within the Prudhoe Bay field, as well prufhoe several contiguous oil fields, the Prudhoe Bay Unit was established to optimize field development.
Based on our limited independent tests of the computations of reserves, production flowstreams, and future net revenues, such computations were performed in accordance with the methods and procedures described to us.
Rather, reserve volumes attributable to the Trust at any given date are estimated by allocating to the Trust its share of estimated future production from the Field based on WTI Prices and other economic parameters in effect on the date of the evaluation. The operation of the Prudhoe Bay Unit is subject to normal operating hazards incident to the production and transportation of oil in Alaska. 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.
BP Prudhoe Bay Royalty Trust
The Trust has no employees. Information regarding estimates of proved reserves attributable to the combined interests of BP Alaska and the Trust were based pridhoe reserve estimates prepared by BP Alaska. 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.
The adjustments are of a normal recurring nature and are, in the opinion of the Trustee, necessary to fairly present the results of operations. Even if expected reservoir performance does not change, the estimated reserves, economic life, and trst revenues attributable to the BP Prudhoe Bay Royalty Trust may change significantly in hrust future. Additions to Proved Reserves.
Limited Liability of Unit Holders. The Trustee may cause the Trust to borrow any amount required to redeem the Units. The Trust Agreement imposes no restrictions on nationality or other status of the persons eligible to hold Units.