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BP Prudhoe Bay Royalty Trust (NYSE:BPT) announced that unitholders will not receive a dividend payment for the quarter ended March 31, 2024. The dividend information is as follows:
| Ex-Dividend Date: | April 12, 2024 | |||||||||||||||||||||
| Record Date: | April 15, 2024 | |||||||||||||||||||||
| Payable Date: | None | |||||||||||||||||||||
| Dividend Rate: | $0.00 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 March 31, 2024, the Per Barrel Royalty was calculated based on the following information:
| Average WTI Price | $77.01 | ||||||||||||||||||||||||||||||||||||||||||
| Average Adjusted Chargeable Costs | $89.61 | ||||||||||||||||||||||||||||||||||||||||||
| Average Production Taxes | $ 2.69 | ||||||||||||||||||||||||||||||||||||||||||
| Average Per Barrel Royalty | $(15.28) | ||||||||||||||||||||||||||||||||||||||||||
| Average Net Production (mb/d) | 66.8 |
The average daily closing WTI price was below the "break-even" price for the quarter, resulting in a negative value for the payment calculation for the quarter. However, as provided in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter may not be less than zero.
Posted In: BPT
