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

Rhea-AI Summary

BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced a quarterly dividend of $0.2974297 per unit for the period ending December 31, 2022. Key dates are: Ex-Dividend Date on January 13, 2023, Record Date on January 17, 2023, and Payable Date on January 23, 2023. The Trust received a total of $6,639,508 for the quarter, leading to $6,364,996 available for distribution after expenses. The average WTI price was $82.53, and the average net production was 70.2 mb/d.

Positive

• Quarterly dividend of $0.2974297 per unit announced.
• Total revenue of $6,639,508 for the quarter, an increase of $26,209.
• Average WTI price of $82.53 above break-even price, reflecting strong performance.
• $6,364,996 available for distribution after expenses.

Negative

• Average adjusted chargeable costs at $73.36 reduce net revenue.
• Production taxes average $2.93, impacting overall profitability.

HOUSTON--(BUSINESS WIRE)-- BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that unitholders will receive a dividend for the quarter ended December 31, 2022. The dividend information is as follows:

Ex-Dividend Date:	January 13, 2023
Record Date:	January 17, 2023
Payable Date:	January 23, 2023
Dividend Rate:	$0.2974297 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, 2022, the Per Barrel Royalty was calculated based on the following information:

Average WTI Price					$ 82.53
Average Adjusted Chargeable Costs					$ 73.36
Average Production Taxes					$ 2.93
Average Per Barrel Royalty					$ 6.25
Average Net Production (mb/d)					70.2

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 $6,639,508 to the Trust, after an increase of $26,209 representing an underpayment to the Trust for the quarter ended September 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 December 31, 2022, $6,364,996 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/20230106005424/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 BP Prudhoe Bay Royalty Trust (BPT) for the quarter ending December 31, 2022?

The dividend is $0.2974297 per unit.

When is the ex-dividend date for BP Prudhoe Bay Royalty Trust (BPT) in January 2023?

The ex-dividend date is January 13, 2023.

What was the total revenue received by BP Prudhoe Bay Royalty Trust (BPT) for the quarter ended December 31, 2022?

The total revenue was $6,639,508.

What is the payable date for the dividend of BP Prudhoe Bay Royalty Trust (BPT)?

The payable date is January 23, 2023.

What was the average WTI price for BP Prudhoe Bay Royalty Trust (BPT) for the last quarter?

The average WTI price was $82.53.