BP Prudhoe Bay Royalty Trust Announces Record Date and Payment Date for Distribution to Unitholders for the Third Quarter of 2022

Rhea-AI Summary

BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced a dividend of $0.7031368 per unit for the quarter ended September 30, 2022. The ex-dividend date is October 14, 2022, with the record date on October 17, 2022, and payment set for October 19, 2022. For the quarter, the average WTI price was $91.87, resulting in a $15,325,874 royalty payment to the Trust, after accounting for previous overpayments. The available distribution to unitholders after expenses is $15,047,127.

Positive

• Dividend of $0.7031368 per unit announced for Q3 2022.
• Average WTI price of $91.87 exceeded break-even, ensuring royalty payments.
• Total royalty payment of $15,325,874 received by the Trust.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that unitholders will receive a dividend for the quarter ended September 30, 2022. The dividend information is as follows:

Ex-Dividend Date:		October 14, 2022
Record Date:		October 17, 2022
Payable Date:		October 19, 2022
Dividend Rate:		$0.7031368 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 September 30, 2022, the Per Barrel Royalty was calculated based on the following information:

Average WTI Price		$91.87
Average Adjusted Chargeable Costs		$72.98
Average Production Taxes		$ 3.30
Average Per Barrel Royalty		$15.59
Average Net Production (mb/d)		65.6

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 $15,325,874 to the Trust, after the deduction of $209,781 representing an overpayment to the Trust for the quarter ended June 30, 2022. 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 unitholders. After paying the Trust’s expenses accrued through September 30, 2022, $15,047,127 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, 2021, 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/20221007005455/en/

Elaina Rodgers

Vice President

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 September 30, 2022?

The dividend amount for BPT for the quarter ended September 30, 2022, is $0.7031368 per unit.

When is the ex-dividend date for BPT's quarterly dividend?

The ex-dividend date for BPT's quarterly dividend is October 14, 2022.

What is the payment date for BPT's dividend?

The payment date for BPT's dividend is October 19, 2022.

How much was the total royalty payment received by BPT Trust for Q3 2022?

The total royalty payment received by BPT Trust for Q3 2022 was $15,325,874.

What was the average WTI price for the quarter ending September 30, 2022, for BPT?

The average WTI price for the quarter ending September 30, 2022, was $91.87.