BP PRUDHOE BAY ROYALTY TRUST 10K PDF
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. BP Prudhoe Bay Royalty Trust (the “Trust”) was created as a Delaware business trust by the BP Prudhoe Bay Royalty Trust Agreement dated February 28,
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We believe that our audit provides a reasonable basis for our opinion. The Trustee can only borrow from an entity not affiliated with the Trustee. There are potential conflicts of interest between BP Alaska and the Trust that could affect the royalties paid to Unit holders. This comprehensive basis of accounting other bag generally accepted accounting principles corresponds to the accounting permitted for royalty trusts by the U.
Oil and gas operations are subject to extensive federal and state regulation and to interruption or termination by governmental authorities due to ecological and other considerations and in certain circumstances impose absolute liability upon lessees for the cost of cleaning up pollutants and for pollution damages resulting from their operations.
Certain other conditions must also be satisfied, including that the Trustee must determine that it is not practical to pay such liabilities in a subsequent quarter out of funds anticipated pruduoe be available and the Trust Estate is subject to the risk of loss or diminution in value.
Other amendments allow DOR to exclude by regulation certain categories of otherwise deductible lease expenditures, or a fixed percentage of them, from being deductible in determining the production tax value of taxable oil.
The actual 10j daily net production of oil and condensate from the BP Working Interests for any calendar quarter is the total production of oil and condensate for the quarter, net of the State of Alaska royalty, divided by the number of days in the quarter.
The Trustee may, in its sole discretion, cause the Trust to borrow any amount required to redeem the Units. The Company retained all rights, obligations, and liabilities associated with the Trust.
Estimates of proved reserves are inherently imprecise and subjective and are revised over time as additional data becomes available.
BP Prudhoe Bay Royalty Trust
Most accounting pronouncements apply to entities whose financial statements are prepared in accordance with generally accepted accounting principles, directing such entities to accrue or defer revenues and expenses in a period other than when such revenues were received or expenses were paid. However, only corporate Unit holders will need to report their share of income to the State of Alaska.
A royalty statement within five working days after the end of each calendar quarter consisting of a computation, supported by data required to perform the computation, of the amount to be paid to the Trust at royaltu next Quarterly Record Date.
Furthermore, the data and analyses on recovery factors and future production rates are sufficient to support the Proved Reserves estimates. It takes the oil about seven ryalty to make the trip from the Prudhoe Bay Unit to Valdez. It is not certain that TransCanada will be granted a license to construct the proposed pipeline or that the pipeline will be constructed or, if constructed, that it will be completed on the proposed schedule.
This tax is withheld by the Trustee and remitted directly to 1k United States Treasury. There is no audit committee or committee performing comparable functions responsible for reviewing the audited financial statements of the Trust.
This tax is imposed on U. BP subsequently determined to shut down only the eastern side of the Prudhoe Bay Unit and continue production from the western side of the Unit.
Because of the short-term nature of rtust investments and limitations on the types of investments which may be held by the Trust, the Trust is not subject to any material interest rate risk.
BP Prudhoe Bay Royalty Trust(BPT) Annual Report (10K) Quarterly Report (10Q)
Estimates of proved reserves are inherently imprecise and subjective and are revised over time as additional data becomes available. This may result from changes in the WTI Price or from changes in other prescribed variables utilized in calculations defined by the Overriding Royalty Conveyance. Estimates trst ultimate and remaining reserves and production scheduling depend upon assumptions regarding expansion or implementation of alternative projects or development programs and upon strategies for production optimization.
The Trust has no other authorized or outstanding class of securities.
BP Prudhoe Bay Royalty Trust –
In the event of such borrowings, no further Trust distributions may be made until the indebtedness created by such borrowings has been paid in full. However, the discovery of additional defects in Prudhoe Bay Unit oil flowlines and transit lines, and damage to or failures of separation facilities or other critical equipment, could result in future shutdowns of oil production from all or portions of the Prudhoe Bay Unit and have 10l adverse effect on future royalty payments.
The estimates and calculations reviewed were summarized in the report prepared by BP Exploration Alaska Inc. Earlier, in March ofBP had to temporarily shut down and commence the replacement of a three-mile segment of transit line on the western side of the Prudhoe Bay Unit following discovery of a large oil spill. No distributions to Unit holders may be made until the borrowings by the Trust have been repaid in full. Those standards require that we plan and perform the audit to obtain reasonable General Features of Grantor Trust Taxation.
The Prudhoe Bay Unit, which became effective on April 1,divided the Field into two operating areas. The Omnibus Budget Reconciliation Act of repealed this rule for transfers occurring on or after October 12, Adjustment for underpayment overpaymentplus accrued interest.
Future domestic and international events and conditions may produce wide swings in crude oil prices over relatively short periods of time. Estimated Future Net Revenues and Present Value of Estimated Future Net Revenues are not intended and should not be interpreted to represent fair market values for the estimated reserves. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Royaltty methods and 110k employed to bah and evaluate the necessary information and to estimate, document, and reconcile reserves, annual production rate forecasts, and future net revenues are effective and are in accordance with generally accepted geological and engineering practice in the petroleum industry.
It is not known whether the Internal Revenue Service will accept the allocation based on this method.
If the pipeline or its pumping stations should suffer major damage from natural or man-made causes, production from the Prudhoe Bay Unit could be shut in until the pipeline system can be repaired and restarted.