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Whiting USA Trust II (OTC: WHZT) announced a final distribution of $0.163070 per unit to unitholders, payable by March 1, 2022. This distribution relates to net profits from the fourth quarter of 2021 and includes previously withheld funds for administrative expenses. The Trust's net profits interest terminated on December 31, 2021, meaning no further distributions will occur. The announcement indicates that 99.9% of the Trust's 18.4 million units are held by Cede & Co. The Trust is winding down its operations, with market prices expected to decline to zero following its termination.
Whiting Petroleum Corporation (NYSE: WLL) has entered into two agreements to acquire non-operated oil and gas assets in North Dakota's Williston Basin for $273 million. The assets, located in Mountrail County, will increase the average operated working interest from 61% to 74% in the Sanish field and are expected to yield approximately 4,500 BOE/d at closing. Concurrently, Whiting announced a quarterly cash dividend of $0.25 per share, reflecting its strategy to generate sustainable free cash flow in 2022, with projected EBITDA exceeding $900 million.
Whiting USA Trust II (OTC: WHZT) announced a distribution of $0.218464 per unit for Q4 2021, payable by November 29, 2021, to unitholders of record as of November 19, 2021. The Trust holds 18.4 million units, primarily owned by Cede & Co. Key metrics include oil sales of $11.6 million and natural gas sales of $735,405, resulting in net profits of $4.7 million. The Trust will terminate on December 31, 2021, after which a final distribution may occur by March 1, 2022. Future distributions are uncertain due to commodity price volatility.
Whiting USA Trust II (OTC:WHZT) announced a distribution of $0.180407 per unit for Q3 2021, payable by August 27, 2021. This relates to net profits from Q2 2021, driven by rising oil and gas prices, resulting in a total distribution of $3,319,490. The Trust's total gross proceeds increased by 32% to $12,866,378, with net profits of $5,083,821. Despite rising profits, the Trust's future distributions are uncertain, particularly after the termination of its net profits interest on December 31, 2021, which will wind up operations and could lead to the units' value declining to zero.
Whiting USA Trust II (OTC: WHZT) announces a distribution of $0.082926 per unit to unitholders for Q2 2021, relating to profits from Q1. The record date for this distribution is May 20, 2021, and payments will be made by May 28, 2021. The Trust reports total sales volumes of 199,543 barrels of oil and 198,424 Mcf of natural gas, generating gross proceeds of $9,770,317. The report also details expenses including lease operating costs of $6,548,695 and production taxes of $496,544, impacting net profits for the quarter.
Whiting USA Trust II (OTC:WHZT) has filed its Annual Report on Form 10-K for the year ending December 31, 2020, with the SEC. The report is accessible via the EDGAR system at www.sec.gov, and also on the Trust's official website at whzt.q4web.com. Investors can request free electronic and paper copies of the filings from the Trustee.
Whiting USA Trust II (OTC: WHZT) announced no distribution to unitholders for the payment period ending February 19, 2021, due to a net loss of $0.2 million, raising cumulative losses to $0.4 million for 2020. Sales volumes included 181,340 barrels of oil and 175,240 Mcf of natural gas, generating gross proceeds of $6.93 million against total costs of $7.16 million. The Trust's net cash losses are attributed to low oil and gas prices and increased operating expenses. The net profits interest (NPI) will terminate on December 31, 2021, or when production reaches 11.79 MMBOE, after which the Trust will dissolve.
