SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 5, 2021
BP PRUDHOE BAY ROYALTY TRUST
(Exact Name of Registrant as Specified in Charter)
Delaware | 1-10243 | 13-6943724 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
The Bank of New York Mellon Trust Company, N. A. | ||
601 Travis Street, Floor 16, Houston, Texas | 77002 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (713) 483-6060
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:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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 5, 2021, BP Prudhoe Bay Royalty Trust issued a press release announcing BP Prudhoe Bay Royalty Trusts quarterly cash distribution to unitholders of record on January 15, 2021. 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 |
(a) | Not applicable |
(b) | Not applicable |
(c) | Not applicable |
(d) | Exhibits: |
99.1 | BP Prudhoe Bay Royalty Trust press release issued January 5, 2021. |
SIGNATURE
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, thereunto duly authorized.
BP PRUDHOE BAY ROYALTY TRUST | ||
By: | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee | |
By: | /s/ Elaina C. Rodgers | |
Elaina C. Rodgers | ||
Vice President |
Date: January 5, 2021
EXHIBIT 99.1
BP PRUDHOE BAY ROYALTY TRUST
ANNOUNCES NO UNIT PAYMENT FOR FOURTH QUARTER 2020
January 5, 2021, Houston, TX
This is to advise you that BP Prudhoe Bay Royalty Trust (NYSE Symbol: BPT) announces that the dividend information for the Fourth Quarter of 2020 is as follows:
Ex-Dividend Date: | January 14, 2021 | |
Record Date: | January 15, 2021 | |
Payable Date: | January 20, 2021 | |
Dividend Rate: | $0.0000000 per Unit* |
* | Actual average daily production for the quarter was 75,382 BBLS. |
As provided in the Trust Agreement of the Trust, the quarterly royalty payment by Hilcorp North Slope, LLC (formerly BP Exploration (Alaska) Inc.) to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of such revenues is obtained 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. As discussed in Item 1A RISK FACTORS, of the Trusts Annual Report on Form 10-K for the year ended December 31, 2019, on January 1, 2020, the break-even WTI price (the price at which all taxes and prescribed deductions are equal to the WTI price) for the Trust to receive a positive Per Barrel Royalty with respect to a particular days production was $54.34. While the average fourth quarter 2020 WTI price increased to $42.66 from an average of $40.87 for the third quarter of 2020, moving within a range of approximately $36 to $49 per barrel, the daily WTI price was below the break-even point for each day of the quarter. This resulted in a negative value for the payment calculation for the fourth quarter of 2020. However, as provided in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter may not be less than zero.
Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described 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 all of the Trusts other filings with the SEC. 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.
Any questions, please feel free to contact The Bank of New York Mellon Trust Company, N.A. at 713-483-6020.