Financial Performance - Royalty revenues for the three months ended September 30, 2019, were $12,164,000, a decrease of 60.06% compared to $30,492,000 for the same period in 2018[11]. - Cash earnings for the nine months ended September 30, 2019, totaled $40,719,000, down 51.42% from $83,748,000 for the same period in 2018[11]. - Cash distributions for the three months ended September 30, 2019, were $11,793,000, slightly higher than $30,122,000 for the same period in 2018[11]. - Cash distributions per unit for the three months ended September 30, 2019, were $0.5511, a decline of 60.85% from $1.4076 in the same period of 2018[11]. - Royalty revenues for Q3 2019 were $12,164, down 60.1% from $30,492 in Q3 2018[65]. - Cash earnings in Q3 2019 were $11,831, a decrease of 60.8% from $30,203 in Q3 2018[65]. - Royalty revenues for the nine months ended September 30, 2019 were $41,671, a decrease of 50.8% from $84,642 in the same period of 2018[70]. - Cash distributions for the nine months ended September 30, 2019 were $40,637, down 51.5% from $83,729 in the same period of 2018[70]. Asset and Trust Management - As of September 30, 2019, total assets amounted to $1,113,000, an increase from $1,031,000 as of December 31, 2018, representing a growth of approximately 7.95%[8]. - The trust corpus at the end of the period was $1,008,000, an increase from $692,000 at the end of December 31, 2018, reflecting a growth of 45.58%[8]. - The trust has established a cash reserve account sufficient to cover approximately one year's current and expected liabilities and expenses[25]. - The Trust has maintained a cash reserve of $1,000,000 since 1999 to provide liquidity during periods without distributions[48]. - The Trustee plans to withhold $33,750 or 0.17% of funds available for distribution each quarter to gradually increase cash reserves by approximately $270,000[50]. - The Trustee anticipates that it will maintain the cash reserve program until the termination of the Trust[51]. Production and Pricing - The Trust's Royalty Interest represents a 16.4246% royalty on the first 90,000 barrels of average daily net production of oil and condensate per quarter[18]. - Trust royalty revenues for Q3 2019 were based on Royalty Production during Q2 2019, with average net production of crude oil and condensate from proved reserves allocated to the Trust being less than 90,000 barrels per day[41]. - The average WTI price for July 2019 was $59.86, resulting in an average per barrel royalty of $10.94, with average production taxes at $2.08[59]. - Average WTI price for Q2 2019 was $59.86, a decrease of 11.8% from $67.85 in Q2 2018[63]. - Average net production for Q2 2019 was 74.3 mb/d, down 2.4% from 76.2 mb/d in Q2 2018[63]. - Average WTI price for the nine months ended June 30, 2019 was $57.85, a decrease of 7.8% from $62.07 in the same period of 2018[68]. - Average Per Barrel Royalty for the nine months ended June 30, 2019 was $11.88, down 49.1% from $23.32 in the same period of 2018[68]. - Average Per Barrel Royalty fell by 59.0% to $10.94 in Q2 2019 compared to $26.70 in Q2 2018[63]. Financial Adjustments and Compliance - Adjustments to royalty payments may occur due to recalculations based on actual production data, which can adversely affect Unit holders who buy or sell Units between Quarterly Record Dates[60]. - The report includes various agreements and settlements related to BP Exploration (Alaska) Inc. and The Bank of New York Mellon, indicating ongoing financial arrangements and trust management[4][5][10][32]. - The documents reference the incorporation of previous reports, suggesting a consistent regulatory compliance and transparency in financial reporting practices[4][10][99]. - The trust is managed by The Bank of New York Mellon Trust Company, N.A., indicating a structured governance framework for financial oversight[90]. Production Trends - Royalty Production from the proved reserves allocated to the Trust was less than 90,000 barrels per day on an annual basis in 2016, 2017, and 2018, with expectations to remain below this threshold in future years[59]. - Adjusted Chargeable Costs increased by 20.9% to $46.83 in Q2 2019 from $38.74 in Q2 2018[63].
BP Prudhoe Bay Royalty Trust(BPT) - 2019 Q3 - Quarterly Report