Form 8-K BP PRUDHOE BAY ROYALTY For: Jan 06
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 6, 2022
BP Prudhoe Bay Royalty Trust
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
The Bank of New York Mellon Trust Company, N.A., Trustee
601 Travis Street
|(Address of principal executive offices)||(Zip Code)|
Registrants telephone number, including area code: (713) 483-6020
(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:
Name of each exchange
|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 January 6, 2022, BP Prudhoe Bay Royalty Trust issued a press release setting January 18, 2022 as the record date for a quarterly cash dividend to unitholders payable on January 19, 2022. The dividend rate is $0.5811729 per unit. 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
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: January 6, 2022||By:|
|Elaina C. Rodgers|
BP Prudhoe Bay Royalty Trust Announces Record Date and Payment Date for Distribution to Unitholders for the Fourth Quarter of 2021
HOUSTON, Texas January 6, 2022: BP Prudhoe Bay Royalty Trust (NYSE: BPT) announces that unitholders will receive a dividend for the quarter ended December 31, 2021. The dividend information is as follows:
|Ex-Dividend Date:||January 14, 2022|
|Record Date:||January 18, 2022|
|Payable Date:||January 19, 2022|
|Dividend Rate:||$0.5811729 per Unit|
As provided in the Trust Agreement, the quarterly royalty payment by Hilcorp North Slope, LLC to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of revenue is determined 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.
For the three months ended December 31, 2021 the Per Barrel Royalty was calculated based on the following information:
Average WTI Price
Average Adjusted Chargeable Costs
Average Production Taxes
Average Per Barrel Royalty
Average Net Production (mb/d)
The average daily closing WTI price was above the break-even price for the quarter, resulting in a quarterly payment with respect to the Royalty Interest of $12,801,452 to the Trust, after the addition of $333,880 representing an underpayment to the Trust for quarter ended September 30, 2021. In accordance with the Trust Agreement, the Trustee will pay all accrued expenses of the Trust, then distribute the excess, if any, of the cash received by the Trust over the Trusts expenses to unit holders. After paying the Trusts expenses accrued through December 31, 2021, $12,437,101 is available for distribution to unitholders.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trustee. The actual results, performance and prospects of the Trust could differ materially from those expressed or implied by forward-looking statements. Descriptions of some of the risks that could affect the future performance of the Trust appear in the
Trusts Annual Report on Form 10-K for the year ended December 31, 2019, the Trusts subsequent Quarterly Reports on Form 10-Q, and the Trusts other filings with the Securities and Exchange Commission. The Trusts annual, quarterly and other filed reports are or will be available over the Internet at the SECs website at http://www.sec.gov. Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A.
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