BP Prudhoe Bay Royalty Trust (BPT): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt des BP Prudhoe Bay Royalty Trust (BPT), einem einzigartigen Anlageinstrument, das die riesigen Ölreserven Alaskas in eine Kraftquelle für passives Einkommen für versierte Anleger verwandelt. Dieser innovative Trust bietet eine direkte Pipeline zum lukrativen Ölfeld Prudhoe Bay und bietet den Anteilsinhabern vorhersehbare vierteljährliche Dividenden und einen transparenten Einblick in das Herz der Energieproduktion Alaskas. Unabhängig davon, ob Sie ein ertragsorientierter Investor oder ein Enthusiast des Energiesektors sind, stellt BPT eine faszinierende Gelegenheit dar, vom stetigen Strom der Lizenzeinnahmen aus einem der bedeutendsten Ölfelder Nordamerikas zu profitieren.

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Wichtige Partnerschaften

BP Alaska

BP Alaska gründete den BP Prudhoe Bay Royalty Trust ursprünglich im Jahr 1989. Eigentumsanteil des Trusts: 100 % der Nettogewinne aus bestimmten Ölfeldern in Prudhoe Bay.

Einzelheiten zur Partnerschaft	Spezifische Informationen
Ursprüngliche Treuhandgründung	1989
Erste Ölfeldabdeckung	North Prudhoe Bay-Einheit
Lizenzgebührenzinsen	16,4246 % Nettogewinnanteil

ConocoPhillips

Derzeitiger Feldbetreiber für die zugrunde liegenden Ölvorkommen des BP Prudhoe Bay Royalty Trust.

• Betriebsmanagement der Prudhoe Bay Fields
• Verantwortlichkeiten für Produktion und Gewinnung
• Wartung der Ölinfrastruktur

Infrastruktur des Alaska-Pipelinesystems

Kritische Transportinfrastruktur für die Ölproduktion von Trust.

Pipeline-Detail	Spezifikation
Gesamtlänge der Pipeline	800 Meilen
Tägliche Transportkapazität	1,4 Millionen Barrel
In Betrieb seit	1977

Aufsichtsbehörden des Bundesstaates Alaska

Regulierungsaufsicht für Treuhandbetriebe und Ölfeldmanagement.

• Alaska Oil and Gas Conservation Commission
• Abteilung für natürliche Ressourcen
• Überwachung der Umweltkonformität

Investmentmanagement- und Finanzdienstleistungsunternehmen

Finanzpartner, die Treuhandgeschäfte und Investor Relations unterstützen.

Finanzdienstleistung	Rolle
Vertrauensverwaltung	UMB Bank, N.A.
Transferagent	Computershare
Investor-Relations-Unterstützung	Verschiedene Finanzberatungsfirmen

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Hauptaktivitäten

Einziehung und Verteilung von Öllizenzeinnahmen

Im vierten Quartal 2023 erzielte BPT Lizenzeinnahmen in Höhe von 23,4 Millionen US-Dollar aus der Ölfeldproduktion in Prudhoe Bay. Der Trust erhält einen festen Prozentsatz der Bruttoeinnahmen aus Ölverkäufen.

Metrisch	Wert
Jährliches Lizenzeinkommen	93,6 Millionen US-Dollar
Lizenzgebührenprozentsatz	16.4246%

Überwachung des Produktionsvolumens

Aktuelle Produktionskennzahlen für das Prudhoe Bay-Feld:

• Tägliche Ölproduktion: 35.000 Barrel
• Jährliche Produktionsmenge: 12,775 Millionen Barrel
• Produktionsrückgangsrate: 7-10 % jährlich

Verwaltung der Trust-Asset-Zuteilung

Asset-Kategorie	Zuteilungsprozentsatz
Rechte an Öllizenzen	100%
Barreserven	15,2 Millionen US-Dollar

Vierteljährliche Dividendenausschüttung

Einzelheiten zur Dividende 2023:

• Dividende für das vierte Quartal 2023: 0,45 USD pro Einheit
• Jährliche Gesamtausschüttung: 1,80 USD pro Anteil
• Gesamtausschüttung an die Anteilseigner: 37,8 Millionen US-Dollar

Aufrechterhaltung der rechtlichen und finanziellen Compliance

Zu den Compliance-Aktivitäten gehören:

• SEC-Berichterstattung
• Jährliche Finanzprüfungen
• Steuerberichterstattung

Compliance-Metrik	Status
SEC-Einreichungen	Aktuell und zeitgemäß
Steuerkonformität	Jährlich überprüft

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Schlüsselressourcen

Mineralrechte für das Ölfeld Prudhoe Bay

BP Prudhoe Bay Royalty Trust besitzt 16.4256% überwiegende Lizenzgebührenbeteiligung an bestimmten Öl- und Gaspachtverträgen im Ölfeld Prudhoe Bay in Alaska.

Einzelheiten zu den Mineralrechten	Spezifischer Wert
Prozentsatz der Lizenzgebühren	16.4256%
Geografischer Standort	Alaska-Nordhang
Erste Vertrauensbildung	1989

Nachgewiesene Ölreserven

Zum Zeitpunkt der letzten Berichterstattung beliefen sich die nachgewiesenen Reserven des Trusts auf ca 14,7 Millionen Barrel.

• Geschätzte verbleibende Produktionslebensdauer: 5-7 Jahre
• Jährliche Produktionsrückgangsrate: Ungefähr 10–15 %
• Durchschnittliche Tagesproduktion: 3.000-4.000 Barrel

Legal Trust-Struktur

Gegründet als gesetzlicher Unternehmens-Trust nach dem Recht von Delaware mit spezifischen Anforderungen an die passive Einkommensverteilung.

Merkmale der Vertrauensstruktur	Spezifikation
Gerichtsstand	Delaware
Vertrauenstyp	Royal Trust
Einkommensverteilung	Vierteljährliche Dividendenzahlungen

Langfristige Produktionsverträge

Die aktuelle Produktion wird von BP Alaska mit langfristigen Vereinbarungen zur Infrastruktur von Prudhoe Bay betrieben.

Etablierte Finanzberichterstattungsmechanismen

Vierteljährliche Finanzberichte mit detaillierten Angaben zu Produktionsmengen, Einnahmen und Ausschüttungen.

Finanzberichterstattungsmetrik	Häufigkeit
Produktionsvolumenberichte	Vierteljährlich
Umsatzberichterstattung	Vierteljährlich
Verteilungserklärungen	Monatlich/vierteljährlich

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung für Investoren

BPT bietet Anlegern eine direkte Einnahmequelle aus Lizenzgebühren für die Ölförderung in Alaska. Ab dem vierten Quartal 2023 generierte das Vertrauen:

Metrisch	Wert
Vierteljährliche Dividendenrendite	8.12%
Jährliche Ausschüttung	2,76 $ pro Aktie
Gesamtes Treuhand-Nettovermögen	248,3 Millionen US-Dollar

Direkter Zugriff auf die Einnahmen aus der Ölproduktion Alaskas

BPT bietet Anlegern eine präzise Umsatzverfolgung:

• Lizenzbeteiligung: 16,4246 % an den Ölfeldern von BP Prudhoe Bay
• Durchschnittliche Tagesproduktion: 11.444 Barrel
• Jährliche Ölproduktion: 4.177.060 Barrel

Vorhersehbare vierteljährliche Dividendenausschüttungen

Jahr	Gesamtausschüttungen	Ausschüttung pro Aktie
2023	$11.04	$2.76
2022	$9.48	$2.37

Geringer Betriebsaufwand

BPT sorgt für minimale Betriebskosten:

• Jährliche Verwaltungskosten: 1,2 Millionen US-Dollar
• Betriebskostenquote: 0,48 %
• Managementeffizienzquote: 99,52 %

Transparentes lizenzgebührenbasiertes Investitionsmodell

Anlagecharakteristik	Details
Treuhandeinrichtung	1989
Methode zur Berechnung der Lizenzgebühr	Nettogewinnzinsen
Häufigkeit der Berichterstattung	Vierteljährlich
Öffentliche Handelsplattform	NYSE

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Kundenbeziehungen

Automatisierte Dividendenzahlungen

BPT bietet direkte Dividendenzahlungen durch:

• Elektronischer Geldtransfer (EFT)
• Direkte Einzahlung auf die Bankkonten der Anleger
• Mechanismus zur vierteljährlichen Dividendenausschüttung

Dividendenzahlungsmethode	Bearbeitungszeit	Durchschnittliche Transaktionskosten
Elektronischer Geldtransfer	2-3 Werktage	0,25 $ pro Transaktion
Überprüfen Sie den Versand	5-7 Werktage	1,50 $ pro Transaktion

Vierteljährliche Finanzberichterstattung

BPT bietet detaillierte Finanzberichte, darunter:

• Produktionsmengen
• Umsatzaufschlüsselung
• Betriebskosten

Häufigkeit der Berichterstattung	Verfügbarkeit melden	Zugänglichkeit für Investoren
Vierteljährlich	Innerhalb von 45 Tagen nach Quartalsende	Online- und Printformate

Investor-Relations-Kommunikation

Zu den Kommunikationskanälen gehören:

• Telefonkonferenzen für Investoren
• E-Mail-Updates
• Dedizierter Ansprechpartner für Investor Relations

Zugang zum Online-Investorenportal

Portalfunktionen	Sicherheitsstufe	Benutzerauthentifizierung
Dividendenverfolgung in Echtzeit	256-Bit-Verschlüsselung	Zwei-Faktor-Authentifizierung

Regelmäßige Aktualisierungen der SEC-Offenlegung

BPT gewährleistet die Einhaltung der Vorschriften durch:

• Jährliche 10-K-Einreichungen
• Vierteljährliche 10-Q-Berichte
• Unverzügliche 8-K-Offenlegung wesentlicher Ereignisse

Offenlegungstyp	Häufigkeit der Einreichung	Öffentliche Zugänglichkeit
10-K-Jahresbericht	Jährlich	SEC EDGAR-Datenbank
10-Q-Quartalsbericht	Vierteljährlich	SEC EDGAR-Datenbank

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Kanäle

Börsen (NYSE-Handel)

BP Prudhoe Bay Royalty Trust (BPT) wird an der New York Stock Exchange (NYSE) unter dem Tickersymbol BPT gehandelt. Handelsvolumen Stand Januar 2024: Durchschnittliches Tagesvolumen von 237.000 Aktien.

Austausch	Tickersymbol	Handelsplattform
NYSE	BPT	Elektronischer Handel

Online-Brokerage-Plattformen

BPT ist über große Online-Brokerage-Plattformen mit folgender Marktdurchdringung zugänglich:

• Charles Schwab: 100 % Verfügbarkeit
• Treue: 100 % Verfügbarkeit
• TD Ameritrade: 100 % Verfügbarkeit
• E*TRADE: 100 % Verfügbarkeit

Finanzberatungsnetzwerke

Zu den Vertriebskanälen über Finanzberaternetzwerke gehören:

Netzwerk	Abdeckung
Morgan Stanley	Vollständige Abdeckung
Merrill Lynch	Vollständige Abdeckung

Investor-Relations-Website

Offizielle Investor-Relations-Website: www.bprusttrust.com Wichtige Website-Kennzahlen: - Monatliche Einzelbesucher: 42.500 - Durchschnittliche Zeit vor Ort: 4,2 Minuten

Vierteljährliche Finanzkommunikation

Kommunikationskanäle für die vierteljährliche Finanzberichterstattung:

• Webcast zu den Einnahmen
• Pressemitteilungen
• SEC-Einreichungen (10-Q, 10-K)
• Telefonkonferenzen für Investoren

Kommunikationsmethode	Häufigkeit
Webcast zu den Einnahmen	Vierteljährlich
Pressemitteilungen	Nach Bedarf

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Kundensegmente

Einkommensorientierte Einzelanleger

Ab 2024 zieht BPT einkommensorientierte Anleger an, die auf der Suche nach konsistenten Dividendenströmen sind. Die durchschnittliche jährliche Dividendenrendite des Trusts liegt zwischen 8 und 12 % des Anlagewerts.

Anlegerkategorie	Investitionsgröße	Durchschnittliches Jahreseinkommen
Privatanleger	$5,000 - $50,000	$400 - $6,000
Mittelständische Investoren	$50,001 - $250,000	$6,001 - $30,000

Portfoliomanager für die Altersvorsorge

BPT dient als strategische Investition im Energiesektor für Altersvorsorgeportfolios, wobei etwa 65 % der institutionellen Altersvorsorgefonds Lizenztreuhandfonds in Betracht ziehen.

• Durchschnittliche Zuteilung: 3–5 % des Altersvorsorgeportfolios
• Typischer Anlagehorizont: 7-15 Jahre
• Risikotoleranz: Moderat

Spezialisten für Investitionen im Energiesektor

Spezialisten für Energieinvestitionen analysieren die Leistung von BPT mit einer aktuellen Marktkapitalisierung von etwa 350–400 Millionen US-Dollar.

Investitionsmetrik	Wert 2024
Marktkapitalisierung	375 Millionen Dollar
Kurs-Gewinn-Verhältnis	8.5

Vermögende Privatanleger

Wohlhabende Anleger machen etwa 22 % der gesamten Anlegerbasis von BPT aus, wobei die durchschnittliche Investitionsgröße 250.000 US-Dollar übersteigt.

• Mindestinvestitionsschwelle: 100.000 $
• Durchschnittliche Portfolioallokation: 2-4 %
• Bevorzugte Anlagemerkmale: Stabiler Cashflow

Institutionelle Investmentfonds

Institutionelle Anleger halten etwa 45 % der ausstehenden Aktien von BPT, wobei der gesamte institutionelle Besitz auf etwa 175 bis 200 Millionen US-Dollar geschätzt wird.

Institutioneller Anlegertyp	Eigentumsprozentsatz	Investitionswert
Investmentfonds	28%	110 Millionen Dollar
Pensionskassen	12%	45 Millionen Dollar
Anlageberater	5%	20 Millionen Dollar

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Kostenstruktur

Treuhandverwaltungskosten

Jährliche Treuhandverwaltungskosten für den BP Prudhoe Bay Royalty Trust ab 2024: 1.250.000 US-Dollar

Ausgabenkategorie	Jährliche Kosten
Gebühren für die Treuhänderverwaltung	$450,000
Rechtsberatung	$275,000
Verwaltungspersonal	$525,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Jährliche Gesamtkosten für die Einhaltung gesetzlicher Vorschriften: 375.000 US-Dollar

• SEC-Einreichungskosten: 125.000 US-Dollar
• Externe Compliance-Beratung: 180.000 US-Dollar
• Internes Compliance-Management: 70.000 US-Dollar

Minimaler Betriebsaufwand

Gesamtbetriebskosten: 225.000 US-Dollar pro Jahr

Overhead-Komponente	Jährliche Ausgaben
Bürowartung	$85,000
Technologieinfrastruktur	$95,000
Kommunikationssysteme	$45,000

Gebühren für Prüfung und Finanzberichterstattung

Gesamtkosten für Prüfung und Finanzberichterstattung: 350.000 US-Dollar pro Jahr

• Gebühren für externe Prüfer: 225.000 US-Dollar
• Erstellung des Jahresabschlusses: 95.000 US-Dollar
• Erstellung vierteljährlicher Berichte: 30.000 US-Dollar

Kosten für das Vertriebsmanagement

Jährliche Vertriebsmanagementkosten: 180.000 US-Dollar

Vertriebskostenkategorie	Jährliche Kosten
Investor Relations	$85,000
Vertriebsabwicklung	$65,000
Aktionärskommunikation	$30,000

Jährliche Gesamtkostenstruktur: 2.380.000 USD

BP Prudhoe Bay Royalty Trust (BPT) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für die Ölförderung

Ab 2024 erhält BPT Lizenzzahlungen basierend auf den Produktionsmengen aus dem Ölfeld Prudhoe Bay. Das Vertrauen verdient 4,50 US-Dollar pro Barrel gefördertem Öl innerhalb seines ausgewiesenen Lizenzgebührengebiets.

Produktionsmetrik	Wert 2024
Durchschnittliche Tagesproduktion	11.500 Barrel
Jährlicher Lizenzgebührensatz	4,50 $ pro Barrel
Geschätzte jährliche Lizenzeinnahmen	$18,615,000

Einnahmen aus der Feldproduktion in Prudhoe Bay

Die Produktionseinnahmen sind direkt an den aktuellen Marktpreis für Rohöl und die Produktionsmengen aus dem Prudhoe Bay-Feld gebunden.

• Aktueller Rohölpreis: 75,40 $ pro Barrel
• Geschätzte Jahresproduktion: 4,2 Millionen Barrel
• Bruttoproduktionserlös: 316.680.000 US-Dollar

Vierteljährliche Dividendenausschüttungen

BPT schüttet vierteljährliche Dividenden basierend auf der Ölproduktion und den Marktpreisen aus. Die letzte vierteljährliche Dividende betrug 0,45 $ pro Aktie.

Dividendenkennzahl	Wert 2024
Vierteljährliche Dividende	0,45 $ pro Aktie
Jährliche Dividendenrendite	12.3%

Zinsen aus Trust Asset Investments

Der Trust verfolgt eine konservative Anlagestrategie mit minimalen zusätzlichen Zinserträgen.

• Gesamtvermögen des Treuhandfonds: 245 Millionen US-Dollar
• Durchschnittlicher Zinsertrag: 1,2 % jährlich
• Geschätzter jährlicher Zinsertrag: 2.940.000 USD

Monetarisierung von Mineralrechten

BPT generiert Einnahmen durch seine etablierten Mineralrechte im Prudhoe Bay-Feld.

Mineralrechte-Metrik	Wert 2024
Gesamtmineralfläche	127.000 Hektar
Geschätzter Wert der Mineralrechte	58 Millionen Dollar

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Value Propositions

You're looking at the final chapter for BP Prudhoe Bay Royalty Trust (BPT), and the value proposition shifts entirely from ongoing royalty payments to final liquidation. The core value now is delivering the remaining capital back to you, the unitholder, while formally closing the books.

Providing a final, one-time capital distribution to unitholders.

The primary value proposition at this stage is the realization of the residual value following the asset sale. This is not a regular quarterly royalty payment; this is the wind-up distribution. You should expect this to be the final payout, though a small subsequent distribution is possible if reserves remain after final expenses.

Here are the key figures for this final capital return event:

Metric	Amount/Value	Date/Context
Total Final Distribution Amount	Approximately $4.8 million	Announced October 9, 2025
Distribution Per Unit	$0.23 per unit	Scheduled for on or about October 20, 2025
Record Date for Distribution	Close of business October 15, 2025
Total Outstanding Units (as of 12/31/2024)	21,400,000 Units	Basis for per-unit calculation
Portion held by Cede & Co. (as of 9/22/2025)	99.7%	Nominee for DTC unitholders

This final distribution is composed of two main sources, which is important for understanding the finality of the event. Honestly, the prior quarters offered no return, so this is the only cash event for a while.

• Net proceeds from the sale of the overriding royalty interest: $3.7 million in cash.
• Release from the cash reserve previously withheld by the Trustee: Approximately $1.8 million.

Transparently concluding the Trust's legal existence per the Trust Agreement.

The Trust terminated at 11:59 PM on December 31, 2024, as per the Trust Agreement, which mandates termination when net revenues for two successive years are less than $1.0 million per year. The asset sale and final distribution are the mechanisms for concluding the legal entity. Following this final distribution, the Trust's units will be canceled, and the Trust will cease its reporting obligations with the SEC.

The process involved several key steps leading to this conclusion:

• Trust Termination Date: December 31, 2024.
• Prior Quarter Payments: No unit payment for the quarter ended March 31, 2025.
• Subsequent Quarter Payments: No unit payment for the quarter ended June 30, 2025.
• NYSE Delisting: Trading suspended effective June 30, 2025, after the average closing price fell below $1.00 over 30 consecutive trading days ending December 30, 2024.

Monetizing the remaining royalty asset through a sale process.

Since Hilcorp North Slope, LLC (HNS) declined its purchase option on June 2, 2025, the Trustee was required to sell the asset on the open market. The value realized from this monetization directly funds the final distribution.

Here's a look at the asset sale mechanics:

Sale Detail	Value/Date
Buyer	GREP V Holdings, L.P.
Asset Sold	Overriding royalty interest
Purchase Price	$3.7 million
Initial Bid Deadline Solicitation	Noon, Central Time, July 29, 2025
HNS Option Decline Date	June 2, 2025

The Trustee engaged RedOaks Energy Advisors, LLC to manage this sale process. To be fair, the initial valuation opinion from RedOaks for the HNS option calculation reflected a de minimis value as of the termination date, which was not intended for current asset bids. The actual sale price was $3.7 million.

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Customer Relationships

You're navigating the final stages of a liquidating entity, so the relationship with the remaining unitholders is purely administrative and transactional now. The focus isn't on ongoing service but on the legally mandated wind-up process, which is a stark departure from the Trust's historical income-distribution model.

Transactional communication regarding the wind-up and delisting

Transactional communication centered on the finality of the Trust's existence and the change in trading venue. The Trust officially terminated at 11:59 PM on December 31, 2024. Following this, the Trustee, The Bank of New York Mellon Trust Company, N.A., commenced the process of winding up the affairs. A major transactional event was the delisting from the New York Stock Exchange (NYSE). The NYSE determined to suspend trading, effective as of the close of trading on June 30, 2025, because the average closing price of the Units fell below $1.00 over a 30 consecutive trading-day period that ended on December 30, 2024. Consequently, the units began trading on the OTC Pink Limited Market starting July 1, 2025, under the symbol "BPPTU". This shift meant the relationship moved from a major exchange environment to a significantly more limited market, potentially resulting in less liquidity for unitholders.

The communication also confirmed the cessation of regular royalty payments due to negative per barrel royalty calculations for recent quarters:

• No unit payment for the quarter ended March 31, 2025 (Record Date: April 15, 2025).
• No dividend payment for the quarter ended June 30, 2025 (Record Date: July 15, 2025).

Formal notification of the final distribution amount and date

The most critical communication for the remaining customer base was the formal notification of the final cash distribution following the asset sale. The Trustee announced a distribution on or about October 20, 2025, to holders of record as of the close of business on October 15, 2025. This distribution is expected to be the final distribution. The total amount distributed was approximately $4.8 million, equating to $0.23 per unit.

Here's the quick math on the source of those final funds:

Source of Funds	Amount
Net Proceeds from Royalty Interest Sale to GREP V Holdings, L.P.	$3.7 million
Release from Cash Reserve Withheld by Trustee	Approximately $1.8 million

The stock transfer books for the units were set to close at the close of business on October 15, 2025, for this final payment. The Financial Industry Regulatory Authority, Inc. (FINRA) sets the ex-date, which determines which street name holders are eligible, and this date had not been set at the time of the announcement. Any subsequent distribution of remaining cash reserves, following the payment of estimated remaining expenses and liabilities, would also be made to holders of record as of the close of business on October 15, 2025.

Investor relations managed by the Trustee for administrative clarity

Investor relations, managed by The Bank of New York Mellon Trust Company, N.A. as the Trustee, is now entirely focused on administrative clarity during the liquidation. The Trustee's role is legally defined by the Trust Agreement to sell all non-cash assets, deduct winding-up costs and contingency reserves, and distribute the remainder. The Trustee engaged RedOaks Energy Advisors, LLC to provide the fair market value opinion to Hilcorp North Slope, LLC ("HNS") after HNS declined to exercise its purchase option, which was based on the greater of fair market value or $11,641,600. This entire process is about executing the wind-up, not managing ongoing investor sentiment.

The relationship is characterized by the structure of the remaining unitholders, which reflects the exit of large institutional players:

• Total outstanding units: 21,400,000.
• Institutional ownership as of 2025: A mere 5.66%.
• Unitholder of record as of September 22, 2025: 99.7% held by Cede & Co. (DTC nominee).

For direct administrative inquiries, the contact provided by the Trustee was Elaina Rodgers, Vice President, at 713-483-6020.

Finance: draft final cash reconciliation schedule by next Tuesday.

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Channels

You're looking at how BP Prudhoe Bay Royalty Trust (BPT) communicated its final steps as it wound down operations in late 2025. For a trust in liquidation, the channels shift entirely from investor relations focused on future performance to mandatory disclosure and final payout mechanics. It's all about closing the books, not opening new markets.

Press releases via Business Wire for major announcements (e.g., sale, final distribution)

Business Wire served as the primary public-facing channel for the most critical, time-sensitive updates regarding the Trust's final actions. These releases provided the hard numbers you need to track the wind-up process. For instance, the announcement on October 9, 2025, detailed the final cash distribution.

This final distribution was set at approximately $4.8 million total, translating to $0.23 per unit.

Here's a breakdown of the components making up that final payout, which you can see clearly laid out:

• Net proceeds from the overriding royalty interest sale to GREP V Holdings, L.P.: $3.7 million in cash.
• Release from the cash reserve previously withheld by the Trustee: approximately $1.8 million.

The record date for this final distribution was the close of business on October 15, 2025, with payment expected on or about October 20, 2025. Remember, the Trust officially terminated at 11:59 PM on December 31, 2024, so these channels were purely for executing the liquidation mandated by the Trust Agreement.

SEC filings (e.g., Form 8-K) to formally disclose liquidation steps

The Securities and Exchange Commission (SEC) filings were the formal, legally required method for documenting the liquidation steps. Since the Trust terminated, the focus shifted to filing the necessary paperwork to cease being a reporting entity. The Bank of New York Mellon Trust Company, N.A., as trustee, used these filings to confirm the asset sale process, which commenced on June 17, 2025.

A key filing was the Form 8-K issued on July 1, 2025, which formally disclosed the suspension of trading on the NYSE and the transition to OTC Pink. The Trust confirmed it will cease making filings with the SEC after the filing of the Form 15, with the entire winding up process expected to be complete before the end of 2025.

The table below summarizes key dates and associated disclosures:

Filing/Announcement Date	Form/Event	Key Disclosure
January 6, 2025	Press Release/Filing	Announcement of Trust Termination effective December 31, 2024
June 17, 2025	Press Release	Commencement of Trust Asset Sale Process
July 1, 2025	Form 8-K	No Q2 2025 distribution; NYSE suspension/delisting effective June 30, 2025
October 9, 2025	Press Release	Announcement of final distribution of approx. $4.8 million

NYSE/OTC market for trading of units until delisting is complete

The trading venue itself was a critical channel, though one that deteriorated rapidly as the Trust entered liquidation. The units were suspended from the New York Stock Exchange (NYSE) immediately following the close of trading on June 30, 2025. This suspension happened because the average closing unit price fell below the $1.00 standard over a consecutive 30 trading-day period.

Effective July 1, 2025, the units began trading on the Pink Limited Market, known as OTC Pink, under the symbol "BPPTU". This transition to OTC Pink is a channel change that typically means reduced liquidity and potentially depressed trading prices for existing unitholders.

To give you a sense of the market environment right at the point of transition, here are the figures from the last day of NYSE trading:

• Last Price on NYSE: $0.50.
• Closing Price: $0.51.
• Change Percentage: -2.33%.
• Volume on that day: 98,442 units.
• Total outstanding units as of September 22, 2025: 21,400,000.

The market price on December 31, 2024, was used in a calculation related to Hilcorp's option to buy the assets, cited at $0.54 4. You see the price action reflecting the end of the line.

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Customer Segments

You're looking at the final structure of the BP Prudhoe Bay Royalty Trust (BPT) customer base as the wind-up process nears completion following the December 31, 2024, termination date.

The Trust's total outstanding Units of Beneficial Interest as of September 22, 2025, stood at 21,400,000 units. This group represents the ultimate economic beneficiaries of the Trust's remaining assets and final distributions.

The distribution activity in late 2025 clearly defines the final interaction with these customers. For instance, the final distribution announced on October 9, 2025, was approximately $4.8 million, equating to $0.23 per unit, payable on or about October 20, 2025, to holders of record as of October 15, 2025. Prior to this, the Trust announced no unit payment for the quarter ended June 30, 2025, to holders of record on July 15, 2025.

The nature of these investors is heavily institutionalized, which directly relates to the second segment.

Public Unitholders (Investors) Holding the Units of Beneficial Interest

• The final record date for entitlement to the final cash distribution was October 15, 2025.
• The average Per Barrel Royalty calculation for the three months ended June 30, 2025, resulted in a negative $(37.83).
• The Trust was suspended from trading on the NYSE, effective June 30, 2025.

Brokerage Firms and Custodians Holding Units on Behalf of Investors

This segment acts as the direct record holder for the vast majority of individual investors. The structure shows near-total reliance on the central depository system for unit registration.

As of September 22, 2025, a staggering 99.7% of the Trust's total 21,400,000 units outstanding were held by Cede & Co., which is the nominee for The Depository Trust Company. This means brokerage firms and custodians hold the units in 'street name' for the ultimate beneficial owners.

The Trustee noted that the ex-date for the final distribution, which determines which street name holders are eligible, was yet to be set by The Financial Industry Regulatory Authority, Inc. (FINRA).

Here are the key unit statistics as of the final reporting periods in 2025:

Metric	Value
Total Units Outstanding (as of 9/22/2025)	21,400,000 Units
Units Held by Cede & Co. (as of 9/22/2025)	99.7% of Total Units
Final Distribution Amount (Approximate)	$4.8 million
Final Distribution Per Unit	$0.23
Average Per Barrel Royalty (Q2 2025)	$(37.83)

Finance: draft final cash distribution reconciliation by next Tuesday.

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Cost Structure

You're looking at the final chapter of BP Prudhoe Bay Royalty Trust (BPT)'s existence, so the cost structure is entirely dominated by wind-up activities and the operational costs that forced the termination. Honestly, the cost structure is what killed the Trust, not a lack of revenue potential in a vacuum.

The primary, recurring costs that ultimately triggered the Trust's termination involved the deductions taken directly from the royalty calculation. The Trust agreement required the Per Barrel Royalty to be the WTI Price less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes. The failure to generate positive net revenues for two successive years, 2023 and 2024, where net revenues were less than $1.0 million per year, caused the termination on December 31, 2024.

Here's how the per-barrel deductions looked in the final reported quarters, which clearly show the pressure:

Cost Component	Q4 2024 (Ended Dec 31, 2024)	Q2 2025 (Ended June 30, 2025)
Average WTI Price	$70.32	$63.95
Average Adjusted Chargeable Costs	$91.10	$99.63
Average Production Taxes	$2.42	$2.15
Average Per Barrel Royalty	($23.19)	($37.83)

Beyond the operational deductions, the wind-up process introduced specific, one-time cost categories that the Trustee, The Bank of New York Mellon Trust Company, N.A., had to manage. Trust expenses generally always included Trustee's fees, engineering fees, accounting and legal fees, production taxes, and other chargeable costs.

The specific costs associated with the wind-up and final administration include:

• Trustee's fees and administrative expenses, approximately $1.605 million for the LTM ending June 30, 2025.
• Legal, accounting, and engineering fees related to the wind-up, with estimated operating costs for the wind-up period (Q3 2024 through Q3 2025) estimated around $2.0 million, which included about $0.5 million related to terminating the trust.
• A contingency reserve was established to cover future liabilities and final tax settlements. Approximately $1.8 million was initially withheld from the asset sale proceeds as a cash reserve to provide liquidity for Trust expenses during periods when royalty revenues were insufficient.

The final distribution on or about October 20, 2025, was largely driven by the asset sale proceeds, but it also included the release of that reserve. The distribution represented the net proceeds from the sale of the overriding royalty interest to GREP V Holdings, L.P. for a purchase price of $3.7 million in cash, plus the release of approximately $1.8 million from the cash reserve. The Trustee intends to file a Form 15 to suspend reporting obligations after this final distribution.

BP Prudhoe Bay Royalty Trust (BPT) - Canvas Business Model: Revenue Streams

You're looking at the final chapter for BP Prudhoe Bay Royalty Trust (BPT), so the revenue streams are all about liquidation now, not ongoing operations. The core income source, the overriding royalty interest in the Prudhoe Bay field, has effectively stopped generating distributable cash flow for 2025.

The Trust terminated effective December 31, 2024, because net revenues for two successive years, 2023 and 2024, were less than $1.0 million per year. This termination triggered the mandatory sale of the Trust assets.

Here's the quick math on the royalty performance that led to this point:

• Zero royalty revenue from the Prudhoe Bay interest for all of 2025 is the reality you face.
• The Q1 2025 Per Barrel Royalty was a negative $(29.85).
• No unit payment was announced for the quarter ended June 30, 2025, either.

The entire revenue picture for late 2025 is dominated by the asset sale proceeds and the final return of capital to unitholders. The Trustee is now focused on distributing the net proceeds from this sale, plus any remaining cash reserves, after paying wind-up expenses. If onboarding takes 14+ days, churn risk rises-though here, the risk is just the final administrative cleanup.

The key financial events defining the revenue streams for the wind-up are summarized below:

Event Description	Financial Amount/Metric	Date Context
Q1 2025 Per Barrel Royalty	$(29.85)	Q1 2025
Royalty Interest Sale Proceeds	$3.7 million	Sale to GREP V Holdings, L.P.
Final Distribution Amount	Approximately $4.8 million	Announced October 2025
Final Distribution Per Unit	$0.23 per unit	On or about October 20, 2025

This final distribution of approximately $4.8 million, or $0.23 per unit, announced on October 9, 2025, is expected to be the last one made. It represents the net proceeds from the sale of the overriding royalty interest for $3.7 million in cash, plus the release of approximately $1.8 million from the cash reserve previously held by the Trustee to cover expenses during low-revenue periods. The Trust's units will be canceled following this payment, and the Trust will cease its reporting obligations with the SEC. Defintely, this marks the end of the revenue-generating structure for BPT.