Welcome to our dedicated page for Pacific Coast news (Ticker: ROYTL), a resource for investors and traders seeking the latest updates and insights on Pacific Coast stock.
Pacific Coast Oil Trust (ROYTL) regularly issues detailed announcements regarding its monthly net profits interest calculations and related financial and operational matters. These news releases explain whether any cash distribution will be made to holders of units of beneficial interest for specific record dates and describe the factors that drive those outcomes, including revenues from the Developed Properties and Remaining Properties, lease operating expenses, development costs, and deductions for estimated asset retirement obligations (ARO).
In its updates, the Trust breaks out results for the Developed Properties and the Remaining Properties, including Orcutt Diatomite and Orcutt Field, and provides data on sales volumes, average realized prices per barrel of oil equivalent, and the resulting operating income or loss. The news also highlights changes in cumulative net profits deficits, which must be recouped from future proceeds before the Trust can consider distributions, and explains how ARO adjustments, based on analyses by consultants such as Moss Adams LLP and Cornerstone Engineering, Inc., affect these calculations.
Another recurring theme in ROYTL news is the Trust’s indebtedness to Pacific Coast Energy Company LP (PCEC) under a fully drawn $1 million letter of credit and a promissory note used to fund administrative shortfalls. The Trust’s releases describe how monthly payments from PCEC are applied to operating and services fees, general and administrative expenses, and interest on outstanding loans, often resulting in shortfalls and reinforcing the Trust’s statements that the likelihood of distributions in the foreseeable future is extremely remote.
News items also cover governance and legal developments, including the Trust’s disclosure of litigation involving a former PCEC employee and related administrative proceedings, as well as the Trustee’s efforts to independently investigate certain allegations made to the SEC. For readers tracking ROYTL, this news stream provides ongoing insight into the Trust’s net profits calculations, ARO impacts, debt position, and the status of its dissolution and wind-up under the Trust Agreement.
Pacific Coast Oil Trust (OTC:ROYTL) announced no cash distribution to unitholders for March 28, 2025, based on January 2025 net profits calculations. The trust reported operating income of $0.7 million from Developed Properties, with revenues of $2.8 million and expenses of $2.1 million.
Key financial metrics include average realized prices of $65.87 per Boe for Developed Properties and $62.08 per Boe for Remaining Properties. The trust currently faces significant challenges with a cumulative net profits deficit of approximately $19.1 million for Developed Properties and $161,000 for Remaining Properties.
The trust has fully drawn its $1 million letter of credit and owes PCEC approximately $10.1 million. A whistleblower complaint filed by a former PCEC employee alleging false data reporting is under investigation. Due to substantial Asset Retirement Obligations (ARO) and outstanding debt, the likelihood of future unitholder distributions is extremely remote.
Pacific Coast Oil Trust (OTC:ROYTL) announced no cash distribution to unitholders for February 28, 2025, based on December 2024 calculations. The trust reported operating income of $0.4 million from Developed Properties, with revenues of $2.5 million and expenses of $2.1 million.
Key financial metrics include average realized prices of $67.07 per Boe for Developed Properties and $64.11 per Boe for Remaining Properties. The trust currently faces significant challenges with cumulative net profits deficits: approximately $19.2 million for Developed Properties and $164,000 for Remaining Properties.
The trust owes approximately $9.8 million to PCEC and faces ongoing concerns regarding Asset Retirement Obligations (ARO). A former employee filed a whistleblower complaint alleging PCEC provided false data regarding ARO calculations, though PCEC maintains these allegations are without merit.
Pacific Coast Oil Trust (ROYTL) announced no cash distribution to unitholders for January 31, 2025, based on November 2024 net profits calculations. The Trust faces significant challenges with monthly payments from PCEC potentially insufficient to cover administrative expenses and outstanding debt of approximately $9.4 million owed to PCEC.
A key development involves a whistleblower complaint filed by a former PCEC employee alleging false data provision regarding asset retirement obligations (ARO). While PCEC maintains these allegations are without merit, the Trustee's investigation is ongoing.
The Current Month's financial highlights include operating income of $0.8 million for Developed Properties, with revenues of $2.6 million and expenses of $1.9 million. The average realized price was $66.16 per Boe, down from $68.46 in October 2024. The cumulative net profits deficit decreased to $19.1 million for Developed Properties and $114,000 for Remaining Properties.
Pacific Coast Oil Trust (OTC-ROYTL) announced no cash distribution to unitholders for December 27, 2024, based on October 2024 calculations. The trust faces significant challenges including: operating expenses exceeding revenues by $1.1 million for Developed Properties, an increased cumulative net profits deficit to $19.2 million, and approximately $9.1 million owed to PCEC.
A former PCEC employee filed a whistleblower complaint alleging false data provision regarding asset retirement obligations (ARO). The trust's estimated ARO saw an upward adjustment of $13.7 million as of December 31, 2022. Due to the ARO deductions and financial situation, the likelihood of future unitholder distributions is extremely remote.
Pacific Coast Oil Trust (ROYTL) announced no cash distribution to unitholders for November 2024, based on September 2024 calculations. The Trust faces significant challenges, including a whistleblower complaint alleging PCEC provided false data regarding operations and asset retirement obligations (ARO). The Trust's financial position shows operating income of $101,000 from Developed Properties, with revenues of $2.7 million and expenses of $2.4 million. The Trust currently owes PCEC approximately $8.8 million, and due to ARO deductions, future unitholder distributions are extremely unlikely. The Trust is moving toward dissolution following annual cash proceeds below $2.0 million in both 2020 and 2021.
Pacific Coast Oil Trust (ROYTL) announced no cash distribution to unitholders for October 31, 2024, based on August 2024 calculations. A key development involves a whistleblower complaint filed by a former PCEC employee alleging false data provision regarding asset retirement obligations. The Trust's financial position shows operating income of $1.5M from Developed Properties, with revenues of $3.3M and expenses of $1.7M. The Trust currently owes PCEC approximately $8.8M, and monthly shortfalls continue to accumulate. Due to significant asset retirement obligations and ongoing deficits, the likelihood of future unitholder distributions remains extremely remote.
The Trust was expected to terminate in 2021 due to insufficient annual proceeds, but dissolution plans are currently on hold pending review of the whistleblower complaint.Pacific Coast Oil Trust (OTC:ROYTL) announced no cash distribution to unitholders for September 2024 due to insufficient net profits. Key points:
- Operating income for Developed Properties: ~$1.5 million
- Revenues: ~$3.5 million
- Lease operating expenses: ~$2.0 million
- Average realized price: $87.15 per Boe
- Net profits deficit decreased from $19.2 million to $18.4 million
The Trust owes PCEC ~$7.1 million in loans and drawn credit. PCEC increased its estimated asset retirement obligations (ARO), further reducing potential distributions. The Trust is in the process of dissolution but faces ongoing arbitration with Evergreen Capital Management and PCEC regarding the dissolution process and legal fee deductions.
Pacific Coast Oil Trust (OTC-ROYTL) announced no cash distribution for August 2024 due to insufficient net profits. The trust faces significant challenges:
1. Cumulative net profits deficit increased to $19.2 million for Developed Properties and $130,000 for Remaining Properties.
2. Trust owes PCEC approximately $6.9 million in loans and interest.
3. Asset Retirement Obligations (ARO) continue to impact financials, with recent upward adjustments.
4. Trust dissolution process is ongoing, following arbitration rulings.
5. Future distributions to unitholders are extremely unlikely due to financial constraints and ongoing obligations.
Pacific Coast Oil Trust (OTC-ROYTL) announced no cash distribution for July 2024 due to insufficient net profits. Key points:
- Trust owes PCEC approximately $6.5 million in loans and interest
- Net profits deficit for Developed Properties increased to $17.4 million
- ARO deductions likely to eliminate distributions for foreseeable future
- Trust dissolution process ongoing, pending completion of financial audits
- PCEC deducted legal fees related to Evergreen proceedings from net profits
- Trustee removal process underway, with successor appointment pending
The Trust's financial situation remains challenging, with ongoing legal proceedings and significant debt impacting potential future distributions to unitholders.
Pacific Coast Oil Trust (OTC-ROYTL) announced no cash distribution for June 2024 due to insufficient net profits in April 2024. Revenues from developed properties were $3.4 million with an average price of $83.05 per Boe, while operating income was $1.6 million. Net profits were $1.2 million, decreasing the cumulative net profits deficit to $15.1 million for developed properties. The trust is facing a severe shortfall, with outstanding debt to PCEC of approximately $6.4 million and fully drawn down credit lines. The likelihood of future distributions remains extremely remote. The trust is mandated to dissolve as annual cash proceeds were less than $2.0 million for 2020 and 2021. Legal and administrative expenses continue to exceed revenues, causing further financial strain. Ongoing arbitration and legal issues related to asset retirement obligations and trustee replacement further complicate the trust’s situation.
FAQ
What is the current stock price of Pacific Coast (ROYTL)?
What is the market cap of Pacific Coast (ROYTL)?
