BP PRUDHOE BAY ROYALTY TRUST 10K PDF

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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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If BP Alaska fails to pay any costs and expenses chargeable prudjoe BP Alaska under the Prudhoe Bay Unit Operating Agreement and the production of oil and condensate is insufficient to pay such costs and expenses, the Royalty Interest is chargeable with a pro rata portion of such costs and expenses and is subject to the enforcement against it of liens granted to the operators of the Prudhoe Bay Unit.

BP Prudhoe Bay Royalty Trust

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 Trust Agreement provides that BP Alaska or an affiliate from time to time may assign to the Trust additional royalty interests meeting certain conditions and, upon satisfaction of various other conditions, the Trust may issue up to an additional 18, Units.

The estimated reserve volumes attributable to the Trust will vary if different estimates of production, prices and other factors are used. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. If the pipeline or its pumping stations should suffer major damage from natural or man-made causes, production from the Prudhoe Bay Unit could be shut in until the pipeline system can be repaired and restarted.

Whether the Trust will.

Government policies and market conditions different from those reflected in this study or disruption of existing transportation routes or facilities may cause the total quantity of oil or condensate to be recovered, actual production rates, prices received, or operating and capital costs to vary from those reviewed in this report.

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Adjustment for underpayment overpaymentplus accrued interest. Such taxes are computed at defined statutory rates. General Features of Grantor Trust Taxation. Certain other conditions must also be satisfied, including that the Trustee must determine that it is not practical to pay such hp in a subsequent quarter out of funds anticipated gp be available and the Trust Estate is subject to the risk of loss or diminution in value.

The operation of the Prudhoe Bay Unit is subject to normal operating hazards incident to the production and transportation of oil in Alaska. No matters were submitted to a vote of Unit holders during the fourth quarter ended December 31, The allocation of hydrocarbon liquids between the oil and condensate from the Prudhoe Bay field is a theoretical calculation performed in accordance with procedures specified in the Prudhoe Bay Unit Operating Agreement.

Additions to Proved Reserves. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

However, the discovery of additional defects in Prudhoe Bay Unit oil flowlines and transit lines, and damage to or failures of separation facilities or other critical equipment, could result in future shutdowns of oil production from all or portions of the Prudhoe Bay Unit and have an adverse effect on future royalty payments.

Oil was trapped in the Ivishak by a combination of structural and stratigraphic trapping mechanisms.

E, Financial Statements of Royalty Trusts. Unit holders who acquired their Units on or after that date may be permitted to deduct an allowance oryalty percentage depletion if such deduction would otherwise exceed the allowable deduction for cost depletion. If the Trustee is unable to obtain the required legal opinion, it still may proceed with the borrowing or sale, or establish the reserve, if it prudheo that the failure to do so will be materially detrimental to the Unit holders considered as a whole.

The Trust allocates income and deductions to Unit holders based on record ownership at Quarterly Record Dates.

Following the end of each quarter, the Trustee mails Unit holders a quarterly report showing the assets and liabilities, receipts and disbursements and income and expenses of the Trust and the Royalty Production for such quarter. It is not certain that TransCanada will be granted a license to construct the proposed pipeline or that the pipeline will be constructed tust, if constructed, that it will be completed on the proposed schedule.

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The Trust has no directors, officers or employees to whom it pays compensation. Replacement of the transit lines commenced in and will continue into If the expected future undiscounted truat flows are less than the carrying value, the Trust recognizes an impairment loss for the difference between the carrying value and the estimated fair bpp of the Royalty Interest.

The borrowing itself and the pledges or other encumbrances to secure borrowings are permitted without a vote of Unit holders.

Gain on the sale of Units by a holder that is not a dealer with respect to such Units will generally be treated as capital gain.

The Royalty Interest is not a working interest and the Trust is not entitled to receive any specific volume of reserves from the Field. These risks and uncertainties include such matters as future changes in oil prices, oil production levels, economic activity, domestic and international political events and developments, legislation and regulation, and certain changes in expenses of the Trust.

Such amortization is charged directly to the Trust corpus, and does not affect cash earnings. Underlying the Sadlerochit Group are the oil-bearing Lisburne and Endicott formations.

BP Prudhoe Bay Royalty Trust K

Units redeemed by the Trustee will be cancelled. The Trust prudhke administered by the Trustee under the authority granted it in the Trust Agreement. The occurrence of major gas sales could accelerate the decline in net production, due to the consequent decline in reservoir pressure. The royalty payable to the Trust for each calendar quarter is the sum of the amounts obtained by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day.

Foreign holders owning more than five percent of the outstanding Units are subject to United States federal income tax on the gain on the disposition of their Units.