Please wait while we load the requested 10-Q report or click the link below:
VOC Energy Trust
VOC Energy Trust Announces Trust Quarterly Distribution
VOC ENERGY TRUST
|The Bank of New York Mellon Trust Company, N.A., Trustee||NEWS RELEASE|
FOR IMMEDIATE RELEASE
Houston, Texas, October 20, 2020 — VOC Energy Trust (NYSE Symbol — VOC) announced the Trust distribution of net profits for the third quarterly payment period ended September 30, 2020.
Unitholders of record on October 30, 2020 will receive a distribution amounting to $1,445,000 or $0.085 per unit, payable November 13, 2020.
Volumes, average sales prices and net profits for the payment period were:
|Natural gas (Mcf)||64,863|
|Average sales prices:|
|Oil (per Bbl)||$||36.83|
|Natural gas (per Mcf)||$||1.42|
|Natural gas sales||92,028|
|Total gross proceeds||$||4,887,448|
|Lease operating expenses||$||2,316,455|
|Production and property taxes||135,358|
|Percentage applicable to Trust’s Net Profits Interest||80||%|
|Net profits interest||$||1,502,377|
|Recovery of deficiency from second quarter 2020||(7,045||)|
|Total cash proceeds available for the Trust||$||1,495,332|
|Provision for estimated Trust expenses||(50,332||)|
|Net cash proceeds available for distribution||$||1,445,000|
As previously reported, there was a substantial decrease in oil prices during the first six months of 2020 due in part to significantly decreased demand as a result of the COVID-19 pandemic and an oversupply of crude oil. Oil prices have remained low through the third quarter of 2020 and could remain low for an extended period of time, which in turn could have a material adverse effect on Trust distributions. Low oil prices and other factors reduced net proceeds to which the Trust was entitled, and there were not sufficient net proceeds for VOC Energy Trust to make a payment for the scheduled quarterly distribution in August 2020 to unitholders of record on July 30, 2020. VOC Brazos Energy Partners L.P. applied funds from the reserve for future expenditures to cover the Trust deficit. For the quarter ended September 30, 2020, gross proceeds exceed quarterly costs and the reserve account is being replenished. The Trustee will withhold an additional minimal amount and use cash reserves from the provision for estimated Trust expenses provided in the first quarter distribution to pay current Trust administrative expenses. If commodity prices for crude oil remain at reduced levels, subsequent distributions in 2021 will be substantially lower than historical distributions, and in certain periods there may be no distribution to unitholders.
The following information was filed by Voc Energy Trust (VOC) on Tuesday, October 20, 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.
View differences made from one quarter to another to evaluate Voc Energy Trust's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Voc Energy Trust.