BP Prudhoe Bay Royalty Trust Announces Record Date and Payment Date for Distribution to Unitholders for the Fourth Quarter of 2021

Rhea-AI Summary

BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced a quarterly dividend for the period ending December 31, 2021. The dividend will be $0.5811729 per unit, with an ex-dividend date of January 14, 2022, a record date of January 18, 2022, and a payable date of January 19, 2022. The quarterly royalty payment totaled $12,801,452, with $12,437,101 available for distribution after expenses. The average WTI price was $76.91, and the average net production stood at 71.4 mb/d for the quarter.

Positive

• Quarterly dividend of $0.5811729 per unit announced.
• $12,437,101 available for distribution to unitholders after expenses.
• Average WTI price of $76.91 indicates a strong revenue performance.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- 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	$76.91
Average Adjusted Chargeable Costs	$62.60
Average Production Taxes	$2.73
Average Per Barrel Royalty	$11.57
Average Net Production (mb/d)	71.4

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 Trust’s expenses to unit holders. After paying the Trust’s 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 Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s subsequent Quarterly Reports on Form 10-Q, and the Trust’s other filings with the Securities and Exchange Commission. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220106005898/en/

Elaina Rodgers

The Bank of New York Mellon Trust Company, N.A.

713-483-6020

Source: BP Prudhoe Bay Royalty Trust

FAQ

What is the dividend amount for BPT for the quarter ended December 31, 2021?

The dividend amount for BPT for the quarter ended December 31, 2021, is $0.5811729 per unit.

When is the ex-dividend date for BPT?

The ex-dividend date for BPT is January 14, 2022.

What is the payable date for the BPT dividend?

The payable date for the BPT dividend is January 19, 2022.

What was the average WTI price for BPT for the quarter ending December 31, 2021?

The average WTI price for BPT for the quarter ending December 31, 2021, was $76.91.

How much was the total royalty payment to the Trust for BPT for the quarter?

The total royalty payment to the Trust for BPT for the quarter was $12,801,452.