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Bp Prudhoe Bay Royalty Trust (BPT) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Bp Prudhoe Bay Royalty Trust

CIK: 850033 Ticker: BPT

EXHIBIT 99.1

BP PRUDHOE BAY ROYALTY TRUST

ANNOUNCES NO UNIT PAYMENT FOR THIRD QUARTER 2020

October 2, 2020, Houston, TX

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

 

Ex-Dividend Date:

Record Date:

Payable Date:

  

October 19, 2020

October 20, 2020

October 21, 2020

     
Dividend Rate:    $0.0000000 per Unit*      

*Actual average daily production for the quarter was 70,714 BBLS.

As provided in the Trust Agreement of the Trust, the quarterly royalty payment by Hilcorp North Slope, LLC (formerly BP Exploration (Alaska) Inc.) 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. While WTI prices generally remained stable during the third quarter of 2020, moving within a range of approximately $36 to $43 per barrel, the daily WTI price was below the “break-even” point for each day of the quarter. This resulted in a negative value for the payment calculation for the third quarter of 2020. 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.


The following information was filed by Bp Prudhoe Bay Royalty Trust (BPT) on Friday, October 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Bp Prudhoe Bay Royalty Trust provided additional information to their SEC Filing as exhibits

Ticker: BPT
CIK: 850033
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-289203
Submitted to the SEC: Mon Nov 09 2020 5:03:59 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Petroleum Refining

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