BP Prudhoe Bay Royalty Trust Announces No Unit Payment for the Second Quarter of 2024
06 July 2024 - 6:20AM
Business Wire
BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that
unitholders will not receive a dividend payment for the quarter
ended June 30, 2024. The dividend information is as follows:
Ex-Dividend Date:
July 12, 2024
Record Date:
July 15, 2024
Payable Date:
None
Dividend Rate:
$0.00 per Unit
As provided in the Trust Agreement, the quarterly royalty
payment by Hilcorp North Slope, LLC to the Trust is the sum of the
individual revenues attributed to the Trust as calculated each day
during the quarter. The amount of revenue is determined by
multiplying Royalty Production for each day in the calendar quarter
by the Per Barrel Royalty for that day. Pursuant to the Trust
Agreement, the Per Barrel Royalty for any day is the WTI Price for
the day less the sum of (i) Chargeable Costs multiplied by the Cost
Adjustment Factor and (ii) Production Taxes.
For the three months ended June 30, 2024, the Per Barrel Royalty
was calculated based on the following information:
Average WTI Price
$
80.62
Average Adjusted Chargeable Costs
$
90.69
Average Production Taxes
$
2.83
Average Per Barrel Royalty
$
(12.89
)
Average Net Production (mb/d)
61.5
The average daily closing WTI price was below the “break-even”
price for the quarter, resulting in a negative value for the
payment calculation for the quarter. However, as provided in the
Trust Agreement, the payment with respect to the Royalty Interest
for any calendar quarter may not be less than zero.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements in this press release are
subject to a number of risks and uncertainties beyond the control
of the Trustee. The actual results, performance and prospects of
the Trust could differ materially from those expressed or implied
by forward-looking statements. Descriptions of some of the risks
that could affect the future performance of the Trust appear in the
Trust’s Annual Report on Form 10-K for the year ended December 31,
2023, the Trust’s subsequent Quarterly Reports on Form 10-Q, and
the Trust’s other filings with the Securities and Exchange
Commission (the “SEC”). The Trust’s annual, quarterly and other
filed reports are or will be available over the Internet at the
SEC’s website at http://www.sec.gov. 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.
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Elaina Rodgers Vice President The Bank of New York Mellon Trust
Company, N.A. 713-483-6020
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