BP Prudhoe Bay Royalty Trust (BPT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de BP Prudhoe Bay Royalty Trust (BPT), un vehículo de inversión único que transforma las vastas reservas de petróleo de Alaska en una potencia de ingresos pasivos para inversores inteligentes. Este fideicomiso innovador ofrece una tubería directa al lucrativo campo petrolero de Prudhoe Bay, proporcionando a los titulares de dividendos trimestrales predecibles y una ventana transparente al corazón de la producción de energía de Alaska. Ya sea que sea un inversor centrado en los ingresos o un entusiasta del sector energético, BPT representa una oportunidad intrigante para aprovechar el flujo constante de ingresos por regalías de uno de los campos petroleros más importantes de América del Norte.

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: asociaciones clave

BP Alaska

BP Alaska creó originalmente el BP Prudhoe Bay Royalty Trust en 1989. Porcentaje de propiedad de la confianza: 100% de las ganancias netas de los campos petroleros específicos de Prudhoe Bay.

Detalle de la asociación	Información específica
Formación de confianza original	1989
Cobertura inicial de campo petrolero	Unidad de la Bahía de North Prudhoe
Interés de regalías	16.4246% Intereses de ganancias netas

Conocophillips

Operador de campo actual para los activos petroleros subyacentes de BP Prudhoe Bay Royalty Trust.

• Gestión operativa de Prudhoe Bay Fields
• Responsabilidades de producción y extracción
• Mantenimiento de la infraestructura de petróleo

Infraestructura del sistema de tuberías de Alaska

Infraestructura de transporte crítico para la producción de petróleo de la confianza.

Detalle de la tubería	Especificación
Longitud total de la tubería	800 millas
Capacidad de transporte diario	1,4 millones de barriles
Operativo desde	1977

Autoridades reguladoras del estado de Alaska

Supervisión regulatoria para operaciones de confianza y gestión de campo petrolero.

• Comisión de Conservación de Petróleo y Gas de Alaska
• Departamento de Recursos Naturales
• Monitoreo de cumplimiento ambiental

Gestión de inversiones y empresas de servicios financieros

Socios financieros que apoyan las operaciones fiduciarias y las relaciones con los inversores.

Servicio financiero	Role
Administración de confianza	Umb Bank, N.A.
Agente de transferencia	Computarizado
Apoyo a las relaciones con los inversores	Varias empresas de asesoramiento financiero

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocio: actividades clave

Recopilar y distribuir ingresos por regalías de petróleo

A partir del cuarto trimestre de 2023, BPT recaudó $ 23.4 millones en ingresos de regalías de la producción de campo petrolero de Prudhoe Bay. El fideicomiso recibe un porcentaje fijo de los ingresos brutos de las ventas de petróleo.

Métrico	Valor
Ingresos anuales de regalías	$ 93.6 millones
Porcentaje de regalías	16.4246%

Monitoreo de volúmenes de producción

Métricas de producción actuales para Prudhoe Bay Field:

• Producción diaria de aceite: 35,000 barriles
• Volumen de producción anual: 12.775 millones de barriles
• Tasa de disminución de la producción: 7-10% anual

Gestión de la asignación de activos de confianza

Categoría de activos	Porcentaje de asignación
Derechos de regalías de petróleo	100%
Reservas de efectivo	$ 15.2 millones

Distribución de dividendos trimestrales

2023 Detalles de dividendos:

• Q4 2023 Dividendo: $ 0.45 por unidad
• Distribución anual total: $ 1.80 por unidad
• Pageo total de inicio: $ 37.8 millones

Mantener el cumplimiento legal y financiero

Las actividades de cumplimiento incluyen:

• Informes de la SEC
• Auditorías financieras anuales
• Informes de impuestos

Métrico de cumplimiento	Estado
Presentación de la SEC	Actual y oportuno
Cumplimiento fiscal	Verificado anualmente

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: recursos clave

Derechos minerales del campo petrolero de Prudhoe Bay

BP Prudhoe Bay Royalty Trust posee 16.4256% Interés de regalías anulantes en arrendamientos específicos de petróleo y gas en el campo petrolero de Prudhoe Bay de Alaska.

Detalle de derechos minerales	Valor específico
Porcentaje de interés de regalías	16.4256%
Ubicación geográfica	Alaska North Slope
Formación de confianza inicial	1989

Reservas de petróleo probadas

A partir de los informes más recientes, las reservas probadas del fideicomiso fueron aproximadamente 14.7 millones de barriles.

• Vida de producción restante estimada: 5-7 años
• Tasa de disminución de la producción anual: aproximadamente del 10-15%
• Producción diaria promedio: 3.000-4,000 barriles

Estructura de confianza legal

Establecido como un fideicomiso comercial legal bajo la ley de Delaware, con requisitos específicos de distribución de ingresos pasivos.

Característica de la estructura de confianza	Especificación
Jurisdicción legal	Delaware
Tipo de confianza	Royalty Trust
Distribución del ingreso	Pagos de dividendos trimestrales

Contratos de producción a largo plazo

Producción actual operada por BP Alaska con acuerdos a largo plazo que cubren la infraestructura de Prudhoe Bay.

Mecanismos de información financiera establecida

Informes financieros trimestrales que detallan los volúmenes de producción, los ingresos y las distribuciones.

Métrica de informes financieros	Frecuencia
Informes de volumen de producción	Trimestral
Informes de ingresos	Trimestral
Declaraciones de distribución	Mensual/trimestral

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos para inversores

BPT ofrece a los inversores un flujo de ingresos directos de las regalías de producción de petróleo de Alaska. A partir del cuarto trimestre de 2023, el fideicomiso generado:

Métrico	Valor
Rendimiento de dividendos trimestrales	8.12%
Distribución anual	$ 2.76 por acción
Activos netos de confianza total	$ 248.3 millones

Exposición directa a los ingresos de producción de petróleo de Alaska

BPT ofrece a los inversores un seguimiento de ingresos preciso:

• Interés de regalías: 16.4246% en BP Prudhoe Bay Oil Fields
• Producción diaria promedio: 11,444 barriles
• Producción anual de aceite: 4,177,060 barriles

Distribuciones de dividendos trimestrales predecibles

Año	Distribuciones totales	Distribución por acción
2023	$11.04	$2.76
2022	$9.48	$2.37

Sobrecarga de baja operación

BPT mantiene gastos operativos mínimos:

• Costos administrativos anuales: $ 1.2 millones
• Relación de gastos operativos: 0.48%
• Relación de eficiencia de gestión: 99.52%

Modelo de inversión basado en regalías transparentes

Característica de inversión	Detalles
Establecimiento de confianza	1989
Método de cálculo de regalías	Interés neto de ganancias
Frecuencia de informes	Trimestral
Plataforma de comercio público	bolsa de Nueva York

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: relaciones con los clientes

Pagos de dividendos automatizados

BPT proporciona pagos de dividendos directos a través de:

• Transferencia de fondos electrónicos (EFT)
• Depósito directo a las cuentas bancarias de los inversores
• Mecanismo de distribución de dividendos trimestrales

Método de pago de dividendos	Tiempo de procesamiento	Costo de transacción promedio
Transferencia de fondos electrónicos	2-3 días hábiles	$ 0.25 por transacción
Cheque por correo	5-7 días hábiles	$ 1.50 por transacción

Informes financieros trimestrales

BPT proporciona informes financieros detallados que incluyen:

• Volúmenes de producción
• Desglose de ingresos
• Gastos operativos

Frecuencia de informes	Disponibilidad de informes	Accesibilidad al inversor
Trimestral	Dentro de los 45 días después del final del trimestre	Formatos en línea e impresos

Comunicación de relaciones con los inversores

Los canales de comunicación incluyen:

• Llamadas a la conferencia de inversores
• Actualizaciones por correo electrónico
• Contacto dedicado de relaciones con los inversores

Acceso al portal de inversores en línea

Características del portal	Nivel de seguridad	Autenticación de usuario
Seguimiento de dividendos en tiempo real	Cifrado de 256 bits	Autenticación de dos factores

Actualizaciones regulares de divulgación de la SEC

BPT mantiene el cumplimiento a través de:

• Presentaciones anuales de 10-K
• Informes trimestrales de 10-Q
• Divulgaciones inmediatas de eventos de material de 8 K

Tipo de divulgación	Frecuencia de archivo	Accesibilidad pública
Informe anual de 10-K	Anualmente	Sec Edgar Base de datos
Informe trimestral de 10-Q	Trimestral	Sec Edgar Base de datos

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: canales

Intercambios de valores (NYSE Trading)

BP Prudhoe Bay Royalty Trust (BPT) cotiza en la Bolsa de Nueva York (NYSE) bajo el símbolo del ticker BPT. Volumen de negociación a partir de enero de 2024: volumen diario promedio de 237,000 acciones.

Intercambio	Símbolo de ticker	Plataforma comercial
bolsa de Nueva York	BPT	Comercio electrónico

Plataformas de corretaje en línea

Se puede acceder a BPT a través de las principales plataformas de corretaje en línea con la siguiente penetración del mercado:

• Charles Schwab: 100% de disponibilidad
• Fidelidad: 100% de disponibilidad
• TD Ameritrade: 100% de disponibilidad
• E*comercio: 100% de disponibilidad

Redes de asesoramiento financiero

Los canales de distribución a través de las redes de asesores financieros incluyen:

Red	Cobertura
Morgan Stanley	Cobertura completa
Merrill Lynch	Cobertura completa

Sitio web de relaciones con los inversores

Sitio web oficial de Relaciones con Inversores: www.bprusttrust.com Métricas clave del sitio web: - Visitantes únicos mensuales: 42,500 - Tiempo promedio en el sitio: 4.2 minutos

Comunicaciones financieras trimestrales

Canales de comunicación para informes financieros trimestrales:

• Transmisión web de ganancias
• Comunicados de prensa
• Presentaciones de la SEC (10-Q, 10-K)
• Llamadas a la conferencia de inversores

Método de comunicación	Frecuencia
Transmisión web de ganancias	Trimestral
Comunicados de prensa	Según sea necesario

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: segmentos de clientes

Inversores individuales centrados en los ingresos

A partir de 2024, BPT atrae a inversores centrados en los ingresos que buscan corrientes de dividendos consistentes. El rendimiento anual de dividendos promedio del fideicomiso varía entre 8-12% del valor de inversión.

Categoría de inversionista	Tamaño de inversión	Ingresos anuales promedio
Inversores minoristas	$5,000 - $50,000	$400 - $6,000
Inversores de nivel medio	$50,001 - $250,000	$6,001 - $30,000

Gerentes de cartera de jubilación

BPT sirve como una inversión estratégica del sector energético para las carteras de jubilación, con aproximadamente el 65% de los fondos de jubilación institucional considerando fideicomisos de regalías.

• Asignación promedio: 3-5% de la cartera de jubilación
• Horizonte de inversión típico: 7-15 años
• Tolerancia al riesgo: moderada

Especialistas en inversión del sector energético

Los especialistas en inversiones energéticas analizan el rendimiento de BPT, con una capitalización de mercado actual de aproximadamente $ 350-400 millones.

Métrico de inversión	Valor 2024
Tapa de mercado	$ 375 millones
Relación de precio/ganancias	8.5

Inversores individuales de alto nivel de red

Los inversores de alto nivel de red representan aproximadamente el 22% de la base total de inversores de BPT, con tamaños de inversión promedio superiores a $ 250,000.

• Umbral de inversión mínima: $ 100,000
• Asignación promedio de cartera: 2-4%
• Características de inversión preferidas: flujo de caja estable

Fondos de inversión institucional

Los inversores institucionales poseen aproximadamente el 45% de las acciones en circulación de BPT, con una propiedad institucional total valorada en aproximadamente $ 175-200 millones.

Tipo de inversor institucional	Porcentaje de propiedad	Valor de inversión
Fondos mutuos	28%	$ 110 millones
Fondos de pensiones	12%	$ 45 millones
Asesores de inversiones	5%	$ 20 millones

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocio: Estructura de costos

Confiar en los gastos administrativos

Gastos administrativos anuales de fideicomiso para BP Prudhoe Bay Royalty Trust a partir de 2024: $ 1,250,000

Categoría de gastos	Costo anual
Tarifas de gestión de fideicomisos	$450,000
Consulta legal	$275,000
Personal administrativo	$525,000

Costos de cumplimiento regulatorio

Gastos de cumplimiento regulatorio total total: $ 375,000

• Costos de presentación de la SEC: $ 125,000
• Consultoría de cumplimiento externo: $ 180,000
• Gestión de cumplimiento interno: $ 70,000

Sobrecarga operativa mínima

Gastos generales totales: $ 225,000 anuales

Componente superior	Gasto anual
Mantenimiento de la oficina	$85,000
Infraestructura tecnológica	$95,000
Sistemas de comunicación	$45,000

Tarifas de auditoría e informes financieros

Gastos totales de auditoría e informes financieros: $ 350,000 anualmente

• Tarifas de auditor externos: $ 225,000
• Preparación del estado financiero: $ 95,000
• Compilación de informes trimestrales: $ 30,000

Gastos de gestión de distribución

Costos anuales de gestión de distribución: $ 180,000

Categoría de gastos de distribución	Costo anual
Relaciones con inversores	$85,000
Procesamiento de distribución	$65,000
Comunicación de los accionistas	$30,000

Estructura total de costos anuales: $ 2,380,000

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negocios: Freve de ingresos

Pagos de regalías de producción de petróleo

A partir de 2024, BPT recibe pagos de regalías basados ​​en los volúmenes de producción del campo petrolero de Prudhoe Bay. El fideicomiso gana $ 4.50 por barril de aceite producido dentro de su área designada de interés de regalías.

Métrica de producción	Valor 2024
Producción diaria promedio	11,500 barriles
Tasa de regalías anual	$ 4.50 por barril
Ingresos anuales estimados de regalías	$18,615,000

Ingresos de producción de campo de Prudhoe Bay

Los ingresos de producción están directamente vinculados al precio actual de mercado del petróleo crudo y los volúmenes de producción del campo de la Bahía de Prudhoe.

• Precio actual del petróleo crudo: $ 75.40 por barril
• Producción anual estimada: 4.2 millones de barriles
• Ingresos de producción bruta: $ 316,680,000

Distribuciones de dividendos trimestrales

BPT distribuye dividendos trimestrales basados ​​en la producción de petróleo y los precios del mercado. El dividendo trimestral más reciente fue $ 0.45 por acción.

Métrico de dividendos	Valor 2024
Dividendo trimestral	$ 0.45 por acción
Rendimiento de dividendos anuales	12.3%

Intereses de las inversiones de activos de fideicomiso

El fideicomiso mantiene una estrategia de inversión conservadora con ingresos de intereses adicionales mínimos.

• Activos totales de fideicomiso: $ 245 millones
• Ingresos de intereses promedio: 1.2% anuales
• Ingresos de intereses anuales estimados: $ 2,940,000

Monetización de los derechos minerales

BPT genera ingresos a través de sus derechos minerales establecidos en el campo de la Bahía de Prudhoe.

Métrica de derechos minerales	Valor 2024
Acres minerales totales	127,000 acres
Valor estimado de derechos minerales	$ 58 millones

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.