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Bp Prudhoe Bay Royalty Trust (BPT) SEC Filing 8-K Material Event for the period ending Friday, April 3, 2020

Bp Prudhoe Bay Royalty Trust

CIK: 850033 Ticker: BPT

Exhibit 99.1

BP PRUDHOE BAY ROYALTY TRUST ANNOUNCES

NO UNIT PAYMENT FOR FIRST QUARTER 2020

April 3, 2020, Houston, TX

This is to advise you that BP Prudhoe Bay Royalty Trust (NYSE Symbol: BPT) announces that the dividend information for the First Quarter of 2020 is as follows:

 

Ex- Dividend Date:    April 15, 2020            
Record Date:    April 16, 2020            
Payable Date:    April 20, 2020            
Dividend Rate:    $0.00 per Unit*            

 

*

Actual average daily production for the quarter was 77,357 BBLS.

As provided in the Trust Agreement of the Trust, the quarterly royalty payment by BP Alaska to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of such revenues is obtained 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. As discussed in Item 1A “RISK FACTORS”, of the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, on January 1, 2020, the “break-even” WTI price (the price at which all taxes and prescribed deductions are equal to the WTI price) for the Trust to receive a positive Per Barrel Royalty with respect to a particular day’s production was $54.34. As a result of the decline in oil prices during the first quarter of 2020, the daily WTI price was below the “break-even” point for each day of the quarter after January 23, 2020, 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.

Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s subsequent Quarterly Reports on Form 10-Q, and all of the Trust’s other filings with 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.

Any questions, please feel free to contact The Bank of New York Mellon Trust Company, N.A. at 713-483-6020.

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Definitive Proxy Statement (Form DEF 14A)
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Bp Prudhoe Bay Royalty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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  • Salaries, Bonuses, Perks
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Bp Prudhoe Bay Royalty Trust provided additional information to their SEC Filing as exhibits

Ticker: BPT
CIK: 850033
Form Type: 8-K Corporate News
Accession Number: 0001193125-20-098194
Submitted to the SEC: Fri Apr 03 2020 4:24:56 PM EST
Accepted by the SEC: Fri Apr 03 2020
Period: Friday, April 3, 2020
Industry: Petroleum Refining
Events:
  1. Earnings Release
  2. Financial Exhibit

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