VOC Energy Trust Announces Trust Quarterly Distribution
April 17 2020 - 4:15PM
Business Wire
VOC Energy Trust (NYSE: VOC) announced the Trust distribution of
net profits for the first quarterly payment period ended March 31,
2020.
Unitholders of record on April 30, 2020 will receive a
distribution amounting to $510,000 or $0.03 per unit, payable May
15, 2020.
Volumes, average sales prices and net profits for the payment
period were:
Sales volumes:
Oil (Bbl)
171,188
Natural gas (Mcf)
102,303
Total (BOE)
188,239
Average sales prices:
Oil (per Bbl)
$
53.94
Natural gas (per Mcf)
$
2.36
Gross proceeds:
Oil sales
$
9,233,635
Natural gas sales
241,201
Total gross proceeds
$
9,474,836
Costs:
Lease operating expenses
$
3,029,692
Production and property taxes
481,878
Development expenses
4,166,222
Total costs
$
7,677,792
Net proceeds
$
1,797,044
Percentage applicable to Trust’s Net
Profits Interest
80%
Net profits interest
$
1,437,635
Increase in cash reserve held by VOC
Brazos Energy Partners, L.P.
0
Total cash proceeds available for the
Trust
$
1,437,635
Provision for estimated Trust expenses
(927,635)
Net cash proceeds available for
distribution
$
510,000
VOC Brazos has reported to the Trustee the West Texas
Intermediate spot price of crude oil has dropped sharply from
$61.17 per barrel on January 2, 2020 to $19.87 per barrel on April
16, 2020, in response to the economic effects of the recent
announcements by Saudi Arabia to abandon output restraints and the
COVID-19 pandemic. COVID-19 has resulted in widespread and
localized health crises that adversely affect general commercial
activity, the economies and financial markets of many countries and
localities, as well as global demand for oil and natural gas.
COVID-19 also has resulted in significant business and operational
disruptions, including business closures, disruptions to supply
chains, travel restrictions and limitations on the availability of
workforces. The full impact of COVID-19 is unknown and is rapidly
evolving, and it is not possible to reliably estimate the impact
that these developments will have on future periods. If commodity
prices for crude oil remain at reduced levels, subsequent
distributions in 2020 will be substantially lower than historical
distributions, and in certain periods there may be no distribution
to unitholders. In light of the current uncertain economic
environment, the provision for estimated Trust expenses referenced
above includes amounts that would be sufficient to pay estimated
Trust expenses over approximately the next twelve months.
This press release contains forward-looking statements. Although
VOC Brazos has advised the Trust that VOC Brazos believes that the
expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be
correct. The announced distributable amount is based on the amount
of cash received or expected to be received by the Trustee from the
underlying properties on or prior to the record date with respect
to the quarter ended March 31, 2020. Any differences in actual cash
receipts by the Trust could affect this distributable amount. Other
important factors that could cause these statements to differ
materially include the actual results of drilling operations, risks
inherent in drilling and production of oil and gas properties, the
ability of commodity purchasers to make payment, the effect,
impact, potential duration or other implications of the recent
outbreak of COVID-19, and other risk factors described in the
Trust’s Form 10-K for the year ended December 31, 2019 filed with
the Securities and Exchange Commission. Statements made in this
press release are qualified by the cautionary statements made in
these risk factors. The Trust does not intend, and assumes no
obligation, to update any of the statements included in this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200417005535/en/
VOC Energy Trust The Bank of New York Mellon Trust
Company, N.A., as Trustee Mike Ulrich (512)
236-6599
Voc Energy (NYSE:VOC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Voc Energy (NYSE:VOC)
Historical Stock Chart
From Sep 2023 to Sep 2024