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. Prudhoe Bay Unit Operation and Ownership. Since several oil companies besides BP Alaska hold acreage within the Prudhoe Bay field, The Trust’s Royalty Interest pertains only to.
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A Foreign Taxpayer may elect to treat the income from the Royalty Interest as effectively connected with the conduct of a United States trade or business under Internal Revenue Code section or sectionor pursuant to any prkdhoe provisions prudhor applicable treaties.
Production estimates included in this report are based on economic conditions and production forecasts as of the end ofand also depend on various assumptions, projections and estimates which are continually revised and updated by BP Alaska. In the light of these risks, uncertainties and assumptions, you should not rely unduly on any forward-looking statements. The following table shows the net remaining proved reserves of oil and condensate allocated to the Subject Leases, the net proved reserves allocated to the Trust, and the WTI Prices on the dates indicated: Limited Liability of Unit Holders.
The standardized measure of discounted future net cash flow relating to proved reserves disclosure required by FASB 69 assigns monetary amounts to proved reserves based on current prices. The pipeline system crosses three mountain ranges, many rivers and streams and thaw-sensitive permafrost. Cash and cash equivalents Note 2.
The Gulf Coast pipeline is projected to eventually be able to transportbarrels of oil per day to Gulf Coast refineries.
BP Prudhoe Bay Royalty Trust K
The Prudhoe Bay Unit Operating Agreement specifies the allocation of production and costs to the working interest owners. To bl extent that average net production from the Working Interests is below 90, barrels per day, calculation by BP Alaska of actual Royalty Production data may result in revisions of prior Royalty Production estimates. They distribute royalties on a portion of the oil produced from the Prudhoe Bay Oil Field, typically Except in certain circumstances, the Trustee is entitled to be indemnified out tfust the assets of the Trust for any liability, expense, claim, damage or other loss incurred by it in the performance of its duties unless such loss results from its negligence, bad faith or fraud or from its expenses in carrying out such duties exceeding the compensation and reimbursement it is entitled to under the Trust Agreement.
If a court were to hold that the Trust is an association taxable as a corporation, the Trust would incur substantial income tax liabilities in addition to its other expenses.
Bp Prudhoe Bay Royalty Trust (BPT) 10K Annual Reports & 10Q SEC Filings | Last10K
The Trust Agreement imposes no restrictions on nationality or other status of the royaty eligible to hold Units. In addition, there may be differences of opinion as to the applicability or interpretation of present tax laws and regulations. According to the timeline in the pre-filing, construction would start and operations could begin Unit holders are entitled rogalty cast one vote on all matters coming before a meeting, in person or by proxy, for each Unit held on the record date for the meeting.
The Company retained all rights, obligations, and liabilities associated with the Trust.
The Trustee knows of no arrangement, including the pledge of Units, royalyy operation of which may at a subsequent date result in a change in control of the Trust. Various sections of this report contain forward-looking statements that is, statements anticipating future events or conditions and not statements of historical fact. Indicate by check mark whether the registrant is a large accelerated pridhoe, an accelerated filer, a non-accelerated filer or a smaller reporting company.
The Trustee is obligated to distribute 10k- available net proceeds of any such sale to the Unit holders after establishing reserves for liabilities of the Trust. Such adjustments, if material, may adversely affect certain Unit holders who buy or sell Units between the Quarterly Record Dates for the Quarterly Distributions affected.
Alaska does not impose an income tax on individuals or estates and trusts. Under the terms of the Trust Agreement and the Conveyance, BP Alaska has significant disclosure and reporting obligations to the Trust. However, pursuant to Internal Revenue Code sectioncertain depletion deductions claimed with respect to the Units must be recaptured as ordinary income upon sale or disposition of such interest. The Trustee has the power to borrow on behalf of the Trust or to sell Trust assets to pay liabilities of the Trust and to establish a reserve for the payment of liabilities without the consent of the Unit holders under the following circumstances:.
Units redeemed by the Trustee will be cancelled. Table of Contents Without a pipeline, extraction of natural gas from the Prudhoe Bay field on a large scale would not be economical. The Trust has not adopted a code of ethics. Table of Contents Chargeable Costs.
BP Prudhoe Bay Royalty Trust
The Trustee must also determine that the failure to pay such liabilities at a later date will be contrary to the best interest of the holders of Units and that it is not practicable to submit the sale to a vote of the Unit holders. These estimates are reasonable.
It is expected that the WTI market will remain oversupplied in the first half ofso more oil will likely enter storage in the coming months. The referendum was defeated. The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers including the Trust that file electronically with the SEC.
The Trust does not have an Internet web site from which information concerning the Trust may be obtained; however the Trust will make available free of charge upon request paper or electronic copies of its reports on Form K, Form Q and Form 8-K, and amendments to those reports, as bya as reasonably practicable after the Trust electronically files such material with the SEC.
Duties and Powers of the Trustee. New York City, New York: