Last10K.com

Bp Prudhoe Bay Royalty Trust (BPT) SEC Filing 8-K Material Event for the period ending Monday, April 5, 2021

Bp Prudhoe Bay Royalty Trust

CIK: 850033 Ticker: BPT

Exhibit 99.1

BP PRUDHOE BAY ROYALTY TRUST ANNOUNCES

NO UNIT PAYMENT FOR FIRST QUARTER 2021

April 5, 2021, 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 2021 is as follows:

 

Ex- Dividend Date:    April 15, 2021
Record Date:    April 16, 2021
Payable Date:    April 20, 2021
Dividend Rate:    $0.00 per Unit*

 

*

Actual average daily production for the quarter was 74,574 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, 2020, on January 1, 2021, 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 $60.72. While the average first quarter 2021 WTI price increased to $57.82 from an average of $42.66 for the fourth quarter of 2020, the daily closing WTI price ranged from approximately $48 to $66 per barrel during the quarter such that the average daily WTI price was below the “break-even” point 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.

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, 2020, 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.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 5, 2021

 

 

BP Prudhoe Bay Royalty Trust

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-10243   13-6943724

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

The Bank of New York Mellon Trust Company, N.A., Trustee

601 Travis Street

16th Floor

 
Houston, Texas   77002
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (713) 483-6060

Not applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Units of Beneficial Interest   BPT   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On April 5, 2021, BP Prudhoe Bay Royalty Trust issued a press release announcing BP Prudhoe Bay Royalty Trust will not have a quarterly cash distribution to unitholders of record on April 15, 2021. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01. Financial Statements and Exhibits

 

  (a)

Not applicable

 

  (b)

Not applicable

 

  (c)

Not applicable

 

  (d)

Exhibits:

99.1 BP Prudhoe Bay Royalty Trust press release issued April 5, 2021.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    BP Prudhoe Bay Royalty Trust
    By: The Bank of New York Mellon Trust Company, N.A., as Trustee
Date: April 5, 2021            By:  

/s/ Elaina C. Rodgers

        Elaina C. Rodgers
        Vice President

View differences made from one to another to evaluate Bp Prudhoe Bay Royalty Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Bp Prudhoe Bay Royalty Trust.

Continue

Assess how Bp Prudhoe Bay Royalty Trust's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Bp Prudhoe Bay Royalty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Material Contracts, Statements, Certifications & more

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: 0001193125-21-106355
Submitted to the SEC: Mon Apr 05 2021 4:19:51 PM EST
Accepted by the SEC: Mon Apr 05 2021
Period: Monday, April 5, 2021
Industry: Petroleum Refining
Events:
  1. Earnings Release
  2. Financial Exhibit

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bpt/0001193125-21-106355.htm