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BP Prudhoe Bay Royalty Trust reports royalty-trust developments tied to its Units of Beneficial Interest, quarterly distribution calculations, and winding-up status. News releases describe whether Hilcorp North Slope royalty payments produce cash distributions, using Trust Agreement inputs such as WTI price, Royalty Production, Chargeable Costs, the Cost Adjustment Factor, and production taxes.
The Trust terminated in accordance with its Trust Agreement at the end of 2024, and subsequent updates address the trustee's wind-up process, trust-asset sale process, unit-payment determinations, and trading-status changes, including movement of the units from the NYSE to OTC Pink quotation under BPPTU.
BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that unitholders will receive no dividend payment for the quarter ended June 30, 2025, due to negative per barrel royalty calculations. The average WTI price of $63.95 fell below break-even, with average adjusted chargeable costs of $99.63 and production taxes of $2.15, resulting in a negative average per barrel royalty of ($37.83).
Additionally, the Trust received notification of NYSE delisting due to non-compliance with continued listing standards, as its unit price remained below $1.00 over a 30-day trading period. The Trust's units began trading on the OTC Pink market under the symbol "BPPTU" on July 1, 2025. The Trust, which terminated on December 31, 2024, is currently in the process of winding up its affairs.
BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced zero dividend payment for Q1 2025, with the average daily WTI price falling below the break-even point. The quarterly calculation showed:
- Average WTI Price: $71.50
- Average Adjusted Chargeable Costs: $98.89
- Average Production Taxes: $2.46
- Average Per Barrel Royalty: -$29.85
- Average Net Production: 65.6 mb/d
Significantly, the Trust has formally terminated as of December 31, 2024, following two successive years (2023 and 2024) with net revenues below $1.0 million per year. The Bank of New York Mellon Trust Company, as trustee, has begun the wind-up process, though the completion timeline remains uncertain.
BP Prudhoe Bay Royalty Trust (BPT) announced zero dividend payment for Q4 2024 due to negative per barrel royalty calculations. The Trust officially terminated on December 31, 2024, as net revenues fell below $1.0 million for two consecutive years (2023-2024). The average WTI price of $70.32 was below break-even, with adjusted chargeable costs at $91.10 and production taxes at $2.42.
Following termination, the Trustee must sell all Trust assets after obtaining a third-party fair market value opinion. Hilcorp North Slope has a 30-day option to purchase assets at the greater of fair market value or $11,641,600. Additionally, BPT received NYSE non-compliance notice due to trading below $1.00 over 30 consecutive trading days, initiating a six-month cure period to regain compliance or face potential delisting.
BP Prudhoe Bay Royalty Trust (NYSE: BPT) has announced that unitholders will not receive a dividend payment for the quarter ended September 30, 2024. This decision is based on the calculation of the Per Barrel Royalty, which resulted in a negative value for the payment calculation for the quarter. Key factors influencing this outcome include:
- Average WTI Price: $75.20
- Average Adjusted Chargeable Costs: $90.90
- Average Production Taxes: $2.61
- Average Per Barrel Royalty: $(18.31)
- Average Net Production: 59.6 mb/d
The average daily closing WTI price was below the 'break-even' price for the quarter. However, as stipulated in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter cannot be less than zero.
BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that unitholders will not receive a dividend payment for the second quarter ending June 30, 2024. The Ex-Dividend Date is July 12, 2024, and the Record Date is July 15, 2024, with a dividend rate of $0.00 per unit.
The absence of a dividend is attributed to the calculation method specified in the Trust Agreement, which factors in the West Texas Intermediate (WTI) price, chargeable costs, and production taxes. For Q2 2024, the average WTI price was $80.62, average adjusted chargeable costs were $90.69, and average production taxes were $2.83, leading to a negative average per barrel royalty of -$12.89. The average net production was 61.5 mb/d.
The average daily closing WTI price was below the break-even price for the quarter, resulting in no royalty payment. According to the Trust Agreement, the payment cannot be less than zero.
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