Liquidation: BP PRUDHOE BAY ROYALTY TRUST

Form Type: 8-K

Filing Date: 2025-07-01

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525154122

Filing Summary: On July 1, 2025, BP Prudhoe Bay Royalty Trust announced via press release that it will not distribute quarterly cash distributions to unitholders for the quarter ended June 30, 2025, due to not receiving a royalty payment. The Trust had previously announced its termination at 11:59 PM on December 31, 2024, as per the Trust Agreement. Following this, The Bank of New York Mellon Trust Company, N.A., acting as trustee, has started the winding-up process of the Trust. Furthermore, it was reported that following non-compliance with listing standards, the NYSE suspended trading of the Trust's units, which began trading on the OTC Pink market as of July 1, 2025, under the symbol 'BPPTU'. This transition to OTC Pink indicates a significant reduction in market visibility and liquidity. The risk of further depressions in the trading price and potential trading volume issues was highlighted.

Form Type: 8-K

Filing Date: 2025-06-17

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525142052

Filing Summary: On June 17, 2025, BP Prudhoe Bay Royalty Trust announced that the Trustee, The Bank of New York Mellon Trust Company, N.A., has commenced a sale process for the Trust assets due to the termination of the Trust. Under the Trust Agreement, the Trustee must sell all assets for cash, with Hilcorp North Slope, LLC having had an option to purchase the assets for either the fair market value as determined by a financial expert or a minimum price of $11,641,600. Hilcorp declined to exercise this option, prompting the Trustee to initiate the sale process with RedOaks Energy Advisors, LLC as their advisor. The sales process is expected to include a solicitation of bids by July 29, 2025. There is uncertainty regarding potential bidders and the realization of proceeds from the asset sale for Unit Holders, highlighting risks and uncertainty surrounding the liquidation process and future valuations.

Form Type: 10-Q

Filing Date: 2025-05-14

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525119950

Filing Summary: As of May 14, 2025, BP Prudhoe Bay Royalty Trust reports that it has terminated due to not receiving revenues from the Royalty Interest for two consecutive years, specifically in 2023 and 2024. The Trust has commenced winding up its affairs after meeting the condition set forth in the Trust Agreement which states termination occurs when net revenues are less than $1 million per year. The financial statements indicate cash earnings losses for the first quarter of 2025 and that no royalty payments were received during this period. The Trust is actively managing its cash reserves to cover its liabilities as it dissolves. The average daily closing WTI price for the quarter ended March 31, 2025, was below the 'break-even' price, confirming the Trust's financial difficulties. As of the filing date, all accrued expenses through March 2025 were paid using the cash reserve, and further evaluations on the cash reserve adequacy are ongoing.

Form Type: 8-K

Filing Date: 2025-04-04

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525073410

Filing Summary: On April 4, 2025, BP Prudhoe Bay Royalty Trust announced that it did not receive a royalty payment for the quarter ended March 31, 2025. Consequently, the Trust will not make a quarterly cash distribution to unitholders of record for this quarter. It was noted that the Trust had not received any revenue for any of the quarters in 2023 or 2024, leading to its termination at 11:59 PM on December 31, 2024, as per the Trust Agreement. The Bank of New York Mellon Trust Company, N.A., the trustee, has initiated the process of winding up the Trust.

Form Type: 8-K

Filing Date: 2025-01-06

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525002164

Filing Summary: On January 6, 2025, BP Prudhoe Bay Royalty Trust announced that it did not receive a royalty payment for the quarter ended December 31, 2024, and there will be no quarterly cash distribution to unitholders for that period. Additionally, as the Trust has not received any revenue for the four quarters of 2023 or 2024, the Trust terminated effective December 31, 2024, at 11:59 PM, per the Trust Agreement. The Bank of New York Mellon Trust Company, as trustee, has initiated the winding-up process of the Trust. The Trust also received notification from the New York Stock Exchange regarding its failure to meet continuous listing compliance standards due to a unit price averaging below $1.00 over a consecutive 30-day trading period. The Trust is subject to a six-month cure period to regain compliance, but given its termination, this is now moot.