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.
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PACIFIC COAST OIL TRUST (OTC-ROYTL) announced no cash distribution for unitholders due to insufficient net profits from January 2023 operations, which recorded an operating loss of $448,000. Revenue was approximately $2.4 million, with expenses over $2.6 million. This follows past trends of low income since 2020, raising concerns over the Trust's viability, as ongoing debt to Pacific Coast Energy Company (PCEC) accumulates to $4.1 million. Legal and operational challenges, including a critical pipeline cancellation, further complicate financial forecasts, diminishing the potential for future distributions.
The Pacific Coast Oil Trust (OTC: ROYTL) announced no cash distribution to unit holders for record date February 28, 2023, due to insufficient profits generated in December 2022. The Trust's net profits interests have shown a continued downward trend since 2020-2021, raising concerns about its financial viability. Operating income from Developed Properties was approximately $1.8 million, with revenues at $7.7 million against lease operating expenses of $5.7 million. A cumulative net profits deficit of $4.2 million persists. The dissolution of the Trust had been temporarily restrained due to legal actions, but the likelihood of future distributions remains extremely remote.
PACIFIC COAST OIL TRUST (OTC-ROYTL) announced no cash distribution for unitholders as of January 31, 2023. This is due to insufficient income from net profits interests. Despite operating income of $1.4 million in November 2022 with revenues of $3.5 million, lease operating expenses of approximately $1.9 million led to a shortfall in distributions. A cumulative net profits deficit of about $5.6 million remains, impacting future distributions. PCEC's cancellation of the Connection Agreement with Phillips 66 may further affect revenue. The likelihood of distributions remains extremely remote due to ongoing financial challenges.
PACIFIC COAST OIL TRUST (OTC-ROYTL) announced no cash distribution for unitholders due to insufficient monthly income calculated for October 2022. The Trust faces continued financial difficulties, including a cumulative net profits deficit of approximately $6.7 million. A court has temporarily prevented the Trust's dissolution, but future distributions remain unlikely. Operating income was about $1.5 million against $2.2 million in lease operating expenses. PCEC has provided a $1 million letter of credit, which is fully drawn. The cancellation of the Connection Agreement with Phillips 66 poses risks to crude oil transportation and revenue.
PACIFIC COAST OIL TRUST (OTC-ROYTL) has announced no cash distribution for unitholders for the record date of November 30, 2022, due to insufficient monthly income. A court has temporarily restrained the Trust's dissolution pending arbitration on legal claims against Pacific Coast Energy Company (PCEC). Current month's revenues from Developed Properties were approximately $3.5 million, with lease operating expenses of $2.1 million. The Trust's cumulative net profits deficit has decreased to $7.9 million. PCEC has provided a $1 million credit line, now fully drawn, to cover administrative expenses.
PACIFIC COAST OIL TRUST (OTC-ROYTL) announced no cash distribution for its units of beneficial interest due to insufficient profits from its net profits interests and overriding royalty interest for August 2022. Despite a $2.1 million operating income from Developed Properties and a cumulative net profits deficit of $8.9 million, the likelihood of future distributions remains remote. Additionally, PCEC has fully drawn down a $1 million letter of credit and will need to loan funds to cover a $19,000 shortfall. The Trust is also facing challenges after the cancellation of a key pipeline agreement.
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