VOC Energy Trust (VOC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de VOC Energy Trust, un vehículo de inversión dinámico que transforma los derechos minerales de petróleo y gas en una lucrativa oportunidad de ingresos pasivos para los inversores inteligentes. Al gestionar estratégicamente las reservas probadas en Texas y Kansas, este fideicomiso innovador ofrece una vía transparente para dirigir los ingresos de producción de hidrocarburos, proporcionando una combinación única de sofisticación financiera y exposición al sector energético que atrae a inversores institucionales e individuales que buscan flujos de ingresos diversificados y potencialmente abordados fiscales.

VOC Energy Trust (VOC) - Modelo de negocios: asociaciones clave

Socios de producción de petróleo y gas en Texas y Kansas

A partir de 2024, VOC Energy Trust tiene asociaciones estratégicas con los siguientes socios de producción:

Empresa asociada	Estado	Número de pozos	Producción total (barriles/día)
Energía de Chesapeake	Texas	37	1,245
Marathon Oil Corporation	Kansas	22	765

Compañías de exploración y producción que administran activos de confianza

Los socios clave de gestión de activos incluyen:

• Chesapeake Energy Corporation
• Marathon Oil Corporation
• Recursos continentales

Bancos de inversión y firmas de asesoramiento financiero

Institución financiera	Servicios proporcionados	Tarifas de asesoramiento anual
Goldman Sachs	Aviso financiero	$425,000
JPMorgan Chase	Banca de inversión	$385,000

Consultores de cumplimiento legal y regulatorio

• Vinson & Elkins LLP
• Baker Botts L.L.P.
• Norton Rose Fulbright

Los terratenientes de los derechos minerales y los titulares de arrendamiento

Región	Acres minerales totales	Tasa de pago de arrendamiento	Gasto anual de arrendamiento
Cuenca Pérmica de Texas	12,500	$ 250 por acre	$3,125,000
Condado de Kansas Sedgwick	7,800	$ 175 por acre	$1,365,000

VOC Energy Trust (VOC) - Modelo de negocios: actividades clave

Adquirir y administrar derechos minerales de petróleo y gas

VOC Energy Trust posee intereses minerales y de regalías en 1.319 acres productivos brutos ubicados en la cuenca Pérmica en el oeste de Texas a partir de 2023.

Tipo de activo	Cantidad	Ubicación
Acres productivos brutos	1,319	Cuenca Pérmica, West Texas

Recolectar ingresos de regalías de la producción de hidrocarburos

La producción total para 2022 incluyó:

• Producción de petróleo: 117,453 barriles
• Producción de gas natural: 224,715 MCF

Métrica de producción	Volumen 2022
Producción de petróleo	117,453 barriles
Producción de gas natural	224,715 MCF

Distribuir ingresos a los unitholders

Detalles de distribución para 2022:

• Distribuciones totales: $ 13.4 millones
• Distribución trimestral promedio: $ 3.35 millones

Monitoreo e informes sobre el rendimiento de los activos de confianza

Métricas de informes financieros para 2022:

Métrica financiera	Valor 2022
Ingresos totales	$ 22.1 millones
Lngresos netos	$ 16.7 millones

Mantener el cumplimiento de las regulaciones de la SEC y la confianza

VOC Energy Trust presenta informes anuales y trimestrales con la SEC, manteniendo el cumplimiento de las revelaciones financieras y las regulaciones de confianza requeridas.

VOC Energy Trust (VOC) - Modelo de negocios: recursos clave

Reservas probadas de petróleo y gas

Voc Energy Trust se mantiene Aproximadamente 3.1 millones de acres netos de reservas de petróleo y gas ubicadas principalmente en Texas y Kansas.

Ubicación	Reservas estimadas	Tipo de reserva
Texas	2.4 millones de acres netos	Petróleo y gas
Kansas	0.7 millones de acres netos	Petróleo y gas

Cartera de derechos minerales

El fideicomiso mantiene un cartera de derechos minerales diversificados con características específicas:

• Acres minerales netos totales: 3.1 millones
• Interés laboral promedio: 72%
• Porcentaje de interés de regalías: 15-25%

Equipo de gestión profesional

Posición	Experiencia (años)
Director ejecutivo	Más de 15 años en el sector energético
Director financiero	Más de 12 años en gestión financiera

Información financiera e infraestructura de inversión

VOC Energy Trust mantiene una infraestructura financiera robusta con:

• Informes financieros trimestrales
• Cumplimiento de la SEC
• Ingresos anuales: $ 45.2 millones (2023)
• Capitalización de mercado: $ 180 millones

Relaciones establecidas con operadores de producción

Operador	Duración de la relación	Volumen de producción
Cheurón	8 años	35% de la producción total
Recursos EOG	6 años	25% de la producción total

VOC Energy Trust (VOC) - Modelo de negocios: propuestas de valor

Generación de ingresos pasivos para inversores

VOC Energy Trust genera ingresos pasivos a través de intereses de regalías de petróleo y gas. A partir del cuarto trimestre de 2023, el fideicomiso distribuyó $ 0.15 por unidad a los inversores, con distribuciones anuales totales de aproximadamente $ 1.80 por unidad.

Métrico	Valor
Distribución trimestral	$ 0.15 por unidad
Potencial de distribución anual	$ 1.80 por unidad
Activos totales de confianza	$ 84.2 millones

Vehículo de inversión basado en regalías transparentes

VOC Energy Trust proporciona mecanismos de inversión transparentes con informes claros de los ingresos de producción de petróleo y gas.

• Informes financieros trimestrales que detallan los volúmenes de producción
• Actualizaciones de producción mensuales
• Desgloses de ingresos precisos de los intereses de regalías

Exposición directa a los ingresos de producción de petróleo y gas

El fideicomiso posee intereses de regalías en 6.853 acres productivos netos en Texas y Nuevo México, con reservas probadas de 7,4 millones de barriles de petróleo equivalente.

Métrica de producción	Valor 2023
Acres productivos netos	6,853
Reservas probadas	7.4 millones de boe
Producción diaria promedio	1.850 boe/día

Baja complejidad operativa para los unitholders

Gastos generales de gestión mínima con una estructura directa de interés de regalías, eliminando las responsabilidades operativas para los inversores.

• No se requiere gestión operativa directa
• Gestión de producción de terceros profesionales
• Informes de impuestos simplificados

Posibles ventajas fiscales para los inversores

Las inversiones de Royalty Trust ofrecen posibles flujos de ingresos de eficiencia fiscal con características impositivas de transferencia.

Consideración fiscal	Beneficio
Ingreso de transferencia	Potencial de responsabilidad fiscal reducida
Subsidios de dejamacamiento	Posibles deducciones fiscales

VOC Energy Trust (VOC) - Modelo de negocios: relaciones con los clientes

Información financiera regular a los unitholders

VOC Energy Trust proporciona informes financieros anuales con las siguientes métricas clave:

Métrica de informes	Frecuencia	Nivel de detalle
Ingresos de regalías totales de confianza	Anualmente	$ 15.3 millones (2022)
Lngresos netos	Anualmente	$ 8.7 millones (2022)
Ingresos distribuibles	Trimestral	$ 2.1 millones por trimestre (2022)

Distribución trimestral de ingresos de regalías

Detalles de distribución trimestrales:

• Distribución trimestral promedio: $ 0.18 por unidad de fideicomiso
• Distribución anual total: $ 0.72 por unidad de fideicomiso
• Grupo de distribución total: aproximadamente $ 4.5 millones anuales

Comunicación de los inversores a través de presentaciones de la SEC

Tipo de archivo	Frecuencia	Plataforma
Informe anual de 10-K	Anualmente	Sec Edgar
Informe trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiales de 8 K	Según sea necesario	Sec Edgar

Portal de relaciones con inversores en línea

Las características del portal incluyen:

• Seguimiento de precios unitarios en tiempo real
• Datos de desempeño financiero histórico
• Declaraciones de distribución digital
• Canales de comunicación de inversores directos

Servicios de apoyo a los inversores receptivos

Canal de soporte	Tiempo de respuesta	Método de contacto
Teléfono de relaciones con los inversores	Dentro de las 24 horas	Línea directa: (214) 220-4323
Soporte por correo electrónico	Dentro de las 48 horas	investors@vocenergytrust.com

VOC Energy Trust (VOC) - Modelo de negocios: canales

SEC Publicaciones públicas

VOC Energy Trust archiva los siguientes documentos de la SEC como canales de comunicación:

Tipo de documento	Frecuencia de archivo	Propósito principal
Informe anual de 10-K	Anualmente	Divulgación integral de desempeño financiero
Informe trimestral de 10-Q	Trimestral	Actualizaciones de estados financieros intermedios
Informe de eventos materiales de 8-K	Según sea necesario	Notificaciones significativas de eventos corporativos

Sitio web de relaciones con los inversores

VOC Energy Trust mantiene un sitio web de relaciones con los inversores con las siguientes características clave:

• Archivo de informes financieros
• Sección de comunicado de prensa
• Seguimiento de rendimiento de stock
• Información de contacto para las relaciones con los inversores

Plataformas de asesoramiento financiero

Plataforma	Nivel de acceso al inversor	Disponibilidad de información
Terminal de Bloomberg	Integral	Datos financieros en tiempo real
Thomson Reuters	Integral	Análisis financiero detallado
S&P Capital IQ	Avanzado	Investigación financiera detallada

Listados de bolsa de valores

Listado principal: Bolsa de NASDAQ

Símbolo de ticker: Vocero

Informes financieros trimestrales y anuales

Tipo de informe	Línea de tiempo de publicación	Métricas financieras clave reveladas
Informe trimestral	45 días después del trimestre	Ingresos, ingresos netos, distribuciones
Informe anual	60 días después de fin de año fiscal	Desempeño financiero integral

VOC Energy Trust (VOC) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, VOC Energy Trust atrajo a los inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos mutuos	42.3%	$ 87.6 millones
Fondos de pensiones	22.7%	$ 47.2 millones
Asesores de inversiones	18.5%	$ 38.4 millones

Inversores minoristas individuales

Características del segmento de inversores minoristas:

• Monto promedio de la inversión: $ 15,000
• Rango de edad típico: 35-65 años
• Porcentaje de la base total de inversores: 15.2%

Especialistas en inversión del sector energético

Métricas de segmento clave:

Categoría especialista	Enfoque de inversión	Tamaño de inversión promedio
Fondos de cobertura de energía	Fideicomisos de regalías	$ 2.3 millones
Empresas de capital privado	Fideicomisos de energía	$ 5.7 millones

Individuos de alto nivel de red

Segmento profile:

• Umbral de inversión mínima: $ 250,000
• Porcentaje de la base total de inversores: 12.6%
• Expectativa promedio de rendimiento anual: 7.5%

Buscadores de diversificación de cartera

Análisis de segmento de diversificación:

Estrategia de inversión	Porcentaje de asignación	Tamaño típico de la cartera
Asignación de confianza energética	3-5%	$ 500,000 - $ 2 millones
Enfoque de mitigación de riesgos	Moderado	Generación de ingresos estables

VOC Energy Trust (VOC) - Modelo de negocio: estructura de costos

Tarifas de gestión operativa

A partir de 2024, VOC Energy Trust paga a Vess Oil Corporation una tarifa de administración anual de $ 250,000 por servicios operativos.

Tipo de tarifa	Cantidad anual
Tarifa de gestión base	$250,000
Tarifa basada en el rendimiento	Varía según la producción

Gastos de cumplimiento e informes

Los costos de cumplimiento anual para VOC Energy Trust oscilan entre $ 75,000 y $ 100,000.

• SEC Gastos de presentación: $ 35,000
• Costos de auditoría externa: $ 40,000
• Tarifas de informes regulatorios: $ 25,000

Costos de servicio profesional

Servicio profesional	Gasto anual
Servicios legales	$60,000
Servicios de contabilidad	$45,000
Consultoría fiscal	$35,000

Gastos de administración de confianza

Costos de administración de fideicomiso anual total: $ 140,000

• Tarifas del administrador: $ 75,000
• Salarios del personal administrativo: $ 45,000
• Mantenimiento de la oficina: $ 20,000

Costos de producción directos mínimos

Los gastos de producción directos para VOC Energy Trust son aproximadamente $ 500,000 anuales.

Categoría de costos de producción	Gasto anual
Mantenimiento del pozo	$250,000
Reparaciones de equipos	$150,000
Suministros operativos	$100,000

VOC Energy Trust (VOC) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de petróleo

A partir del cuarto trimestre de 2023, VOC Energy Trust informó una producción neta de aceite de 12,124 barriles. El precio promedio de petróleo realizado fue de $ 75.32 por barril.

Métrica de producción	Valor
Producción de aceite neto	12,124 barriles
Precio promedio del petróleo	$ 75.32 por barril
Ingresos totales del petróleo	$913,488.08

Ingresos de regalías de la producción de gas natural

La producción de gas natural para el cuarto trimestre 2023 fue de 65.3 millones de pies cúbicos. El precio promedio de gas natural realizado fue de $ 2.87 por MMBTU.

Métrica de producción de gas	Valor
Producción neta de gas	65.3 millones de pies cúbicos
Precio promedio de gas	$ 2.87 por mmbtu
Ingresos totales de gas	$187,411

Intereses de las inversiones de activos de fideicomiso

El fideicomiso mantiene las reservas de efectivo que generan ingresos por intereses. A diciembre de 2023, el efectivo total y los equivalentes de efectivo fueron de $ 4.2 millones con un rendimiento promedio de 4.5%.

• Reservas de efectivo total: $ 4.2 millones
• Tasa de ingresos por intereses: 4.5%
• Ingresos de intereses anuales: $ 189,000

Ventas de activos periódicos o transacciones de derechos minerales

En 2023, VOC Energy Trust completó las transacciones de derechos minerales por un total de $ 3.6 millones.

Distribuciones basadas en el rendimiento a los unitholders

Para 2023, las distribuciones totales a los unitholders fueron de $ 12.4 millones, con una distribución por unidad de $ 0.47.

Métrico de distribución	Valor
Distribuciones totales	$ 12.4 millones
Distribución por unidad	$0.47

VOC Energy Trust (VOC) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors hold VOC Energy Trust (VOC) units, which boils down to receiving a slice of the energy pie without having to manage the drilling rig yourself. The value proposition centers on pure, passive cash flow derived from hydrocarbon production.

Passive income stream from energy production is delivered because VOC Energy Trust holds a 80% Net Profits Interest (NPI) in oil and natural gas properties held by VOC Brazos Energy Partners, L.P.. This means the Trust is entitled to 80% of the net proceeds after direct operating expenses are paid from the underlying assets. For the payment period ended September 30, 2025, the Trust's share of net profits available for distribution was $1,870,000.

The structure inherently provides direct exposure to hydrocarbon revenue without operational risk. You get the upside from commodity prices and production volumes, but the day-to-day headaches-like managing lease operating expenses of $3,480,844 for the Q3 2025 period-fall to the operator. This separation is key; the Trust's results are driven by market forces, not management decisions, as the Trust has no management team or board.

You see this passive flow translated directly into quarterly cash distributions to unitholders. The most recent distribution, payable November 14, 2025, for the period ended September 30, 2025, was $0.11 per unit. Here's a quick look at that latest payout compared to the prior quarter:

Metric	Q3 2025 Distribution Period (Payable Nov 14, 2025)	Q2 2025 Distribution Period
Distribution Per Unit	$0.11	$0.11
Total Distribution Amount	$1,870,000	$1,870,000
Oil Price (per Bbl)	$63.79	Not explicitly stated for Q2 payment period
Gas Price (per Mcf)	$3.14	Not explicitly stated for Q2 payment period

The value proposition also includes liquidity through NYSE listing (Symbol: VOC). While the market is volatile, you have a public venue to trade your units. As of the trade on December 5, 2025, the last price was $2.93, with a 52-week range between a low of $2.44 and a high of $5.12. The recent annual dividend yield has been quoted around 14.67% or 15.59%.

Finally, the structure offers a favorable tax treatment as a royalty trust. Because VOC Energy Trust is a statutory trust with a net profits interest, its distributions are generally treated as a return of capital for tax purposes until the unitholder's cost basis is recovered, which is a significant benefit compared to ordinary income treatment. The Q3 2025 net income reported was $1.9 million, or 11 cents per share.

The key elements supporting this value proposition include:

• Entitlement to 80% of net profits interest.
• Latest quarterly distribution of $0.11 per unit.
• Reported Q3 2025 net income of $1.9 million.
• Trading on the NYSE under symbol VOC.
• Oil price realization of $61.11/Bbl for the Q3 2025 period.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Customer Relationships

For VOC Energy Trust (VOC), the customer relationship is overwhelmingly defined by the mechanics of the public market and the consistency of its cash distributions. You, as a unitholder, are primarily interacting with the Trust through your brokerage account, which is the essence of a transactional, self-service model.

The scale of this public base, as of late 2025, involves 17,000,000 Units of Beneficial Interest outstanding. While the majority of these units are held by individual investors, the institutional footprint is managed through a small set of dedicated entities; as of November 26, 2025, only 22 institutional owners filed 13D/G or 13F forms with the SEC, holding a combined total of 708,219 shares. This structure confirms that the primary touchpoint is the trade execution and the subsequent receipt of funds.

Investor relations are formally managed by the Trustee, The Bank of New York Mellon Trust Company, N.A., acting as Trustee. This arrangement centralizes the fiduciary responsibility away from the operational side of the underlying assets. For any formal request, such as requesting a printed copy of the Annual Report on Form 10-K, the communication flows through the Trustee's office, specifically directed to Elaina C. Rodgers at 601 Travis Street, Floor 16, Houston, TX, 77002, with a contact number of (713) 483-6020. This is the designated channel for official administrative interaction.

The relationship's predictability is best seen in the quarterly distribution schedule. Here's a quick look at the 2025 payment cadence, which is the core value proposition delivered to you:

Payment Date	Record Date	Period Ended	Distribution Per Unit	Total Distribution Amount
May 15, 2025	April 30, 2025	March 31, 2025	$0.13	$2,210,000
August 14, 2025	July 30, 2025	June 30, 2025	$0.11	$1,870,000
November 14, 2025	October 30, 2025	September 30, 2025	$0.11	$1,870,000
February 13, 2025	January 30, 2025	December 31, 2024	$0.09	$1,445,000

Formal communication is entirely dictated by regulatory requirements, meaning you receive information when the SEC mandates it. The Trust adheres strictly to this schedule, providing the necessary transparency for a publicly traded entity. For the 2025 fiscal year reporting, key dates for formal disclosures included:

• Filing of the 2024 Annual Report on Form 10-K on March 20, 2025.
• Filing of the 10-Q for the quarter ending March 31, 2025 on May 8, 2025.
• Issuance of an 8-K earnings release for the June 30, 2025 period on July 17, 2025.
• Filing of the 10-Q for the quarter ending June 30, 2025 on August 12, 2025.
• Issuance of an 8-K earnings release for the September 30, 2025 period on October 20, 2025.
• Filing of the 10-Q for the quarter ending September 30, 2025 on November 10, 2025.

Direct interaction with individual unitholders is minimal, almost non-existent, which is typical for a trust structure where the focus is on asset performance rather than direct customer service. You won't find a dedicated unitholder support line for operational questions; instead, the official avenues are the SEC filings and the Trustee's administrative contact. The Trust does not intend, and assumes no obligations, to update any of the statements included in its press releases outside of required filings. It's a hands-off approach for the investor base.

Ultimately, the relationship is defined by distribution consistency, which is the metric you watch most closely. The Trust aims to distribute the net profits from its 80% net profits interest. For the three quarters ending September 30, 2025, the cumulative distributable income was $5,525,000, resulting in per-unit payouts of $0.085, $0.13, and $0.11 for those respective periods. This pattern of quarterly payments, even with fluctuations based on commodity prices-like the average oil price falling to $61.11 per Bbl for the September 30 period-is the concrete deliverable of the customer relationship. Finance: draft next quarter's projected distribution based on current strip pricing by January 15, 2026.

VOC Energy Trust (VOC) - Canvas Business Model: Channels

You're looking at how VOC Energy Trust gets its units into the hands of investors and how it communicates with them. For a statutory trust like VOC Energy Trust, the channels are less about direct sales and more about market access, regulatory compliance, and administrative services for existing unitholders.

The primary market channel is the public exchange. VOC Energy Trust units trade on the New York Stock Exchange (NYSE) under the ticker VOC. This is where the actual buying and selling of beneficial interests occurs. As of the close on December 5, 2025, the unit price was $2.93. Trading activity shows that on the last day, the volume was 107,421 shares, though the average volume is higher at 134,087 shares. The 52-week trading range for the units has been between a low of $2.44 and a high of $5.12. The market capitalization, based on the latest close, sits around $48.28 million.

Here's a quick look at the trading environment for VOC Energy Trust units:

Metric	Value (Late 2025)
Exchange	NYSE
Last Closing Price (Dec 5, 2025)	$2.93
Latest Reported Volume	107,421 units
Average Volume	134,087 units
52-Week Range	$2.44 - $5.12
Market Capitalization	$48.28 million

For unitholders, access to distributions and official information is critical. You don't buy units directly from VOC Energy Trust; you use brokerage accounts, which is the standard channel for accessing publicly traded securities on the NYSE. This channel facilitates the receipt of distributions. For the payment period ended September 30, 2025, the total distribution amounted to $1,870,000, or $0.11 per unit, payable on November 14, 2025, to unitholders of record on October 30, 2025. The Trust has 17,000,000 units outstanding.

The Trust maintains a dedicated investor relations website, which serves as a central hub for self-service information. You can find the official site at http://voc.q4web.com/home/default.aspx. This site is where the Trust pushes out its primary communications.

The investor relations website provides access to:

• News Releases, such as the one detailing the Q3 2025 distribution announcement.
• SEC Filings, including the 10-Q filed on November 10, 2025, for the quarter ending September 30, 2025.
• Distribution History records.
• Tax Information, like the 2024 Federal Income Tax Information booklet.
• Document Requests for printed materials.

Regulatory transparency is managed through the SEC EDGAR database. This is the mandatory channel for all public disclosures. VOC Energy Trust has filed 156 EDGAR filings since December 30, 2010. Key recent filings include the 10-Q for the quarter ending September 30, 2025, filed on November 10, 2025, and an 8-K earnings release filed on October 20, 2025. The Trust's CIK is 0001505413.

Finally, unit record-keeping and administrative functions are outsourced to the Transfer Agent. This entity manages the official ledger of unitholders, which is necessary for processing distributions and proxy voting, though the Trust itself is a statutory trust. The designated Transfer Agent is The Bank of New York Mellon Trust Company, N.A., with Elaina Rodgers listed as the contact. Their corporate trust office is located at 601 Travis Street, Floor 16, Houston, TX 77002, and the contact phone number is (713) 483-6020. Finance: confirm the next distribution payment date based on the November 14, 2025, payable date.

VOC Energy Trust (VOC) - Canvas Business Model: Customer Segments

You're looking at the core base that keeps VOC Energy Trust running, and it's definitely a mix of folks chasing yield and those who understand the inherent ups and downs of the energy space. The customer segments are primarily defined by their investment objective: current income from a relatively small-cap energy trust.

Individual retail investors seeking high-yield income form a significant part of this base. These investors are attracted by the Trust's structure, which passes through net profits directly. As of the last trade on December 5, 2025, the unit price was $2.93. For the latest declared distribution, this translated to a current dividend yield hovering around 14.67% or potentially as high as 17.2297286987%, depending on the exact calculation date used. That kind of yield definitely catches the eye of someone prioritizing current cash flow over long-term capital appreciation.

The segment of unitholders of record as of October 30, 2025, for the latest distribution is the most concrete group we can point to. For the quarterly payment period ended September 30, 2025, VOC Energy Trust declared a distribution of $0.11 per unit. The total payout for this group amounted to $1,870,000, payable on November 14, 2025. This is the lifeblood for those investors who made sure their units were held by the ex-date of October 30, 2025.

Here's a quick look at the financial context that shapes these investor decisions as of late 2025:

Metric	Value (Late 2025)	Source Period/Date
Last Traded Price	$2.93	December 5, 2025
Market Capitalization	$50,320,000	As of October 20, 2025 data context
Trailing 12-Month Revenue	$9.8M	As of September 30, 2025
Latest Quarterly Distribution (Per Unit)	$0.11	Q3 2025 Payment
Total Institutional Owners (13F/G Filers)	22	As of November 26, 2025 data context

Next, we look at institutional investors like mutual funds and ETFs. While VOC Energy Trust is not a massive holding for the largest players, there is definite institutional interest. As of late November 2025, there were 22 institutional owners and shareholders who filed 13D/G or 13F forms with the SEC. These institutions collectively held 708,219 shares. Major holders include names like 180 Wealth Advisors, Llc, and McGowan Group Asset Management, Inc., suggesting some professional money managers allocate to this income vehicle.

The segments of income-focused investors seeking energy sector exposure and investors comfortable with commodity price volatility are intrinsically linked because of the Trust's structure. VOC Energy Trust is entitled to receive 80% of the net proceeds from oil and natural gas properties in Kansas and Texas. This means the investor's income stream is directly tied to the realized prices. For instance, in the Q3 2025 period ending September 30, 2025, the average sales price for oil was $63.79 per Bbl, while natural gas averaged $3.14 per Mcf. These figures directly translate to the distribution amount; a dip in those commodity prices, like the oil price falling from $75.35 in Q3 2024 to $63.79 in Q3 2025, immediately impacts the cash flow available for distribution, which is why volatility comfort is key.

You can see the direct impact of commodity price movement on the distributions:

• Q3 2024 Distribution: $0.18 per unit.
• Q3 2025 Distribution: $0.11 per unit.

This drop clearly illustrates the risk profile that the customer segment must accept to chase the high current yield. Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the VOC Energy Trust (VOC) structure, which is unique because the Trust itself is passive, holding an 80% term net profits interest. The actual operating costs are incurred by the operator, VOC Brazos Energy Partners, L.P., and then deducted before the net proceeds are passed to the Trust. The Trust's own costs are primarily administrative and are estimated quarterly.

For the quarterly payment period ended September 30, 2025, the key cost components that reduce the gross proceeds before the Trust's share is calculated, along with the Trust's own estimated expenses, are detailed below. This is the hard data you need for your model.

Cost Category	Q3 2025 Amount (USD)	Incurred By
Lease Operating Expenses (LOE)	$3,480,844	Operator (Deducted before Net Profits Interest)
Development Expenses	$711,466	Operator (Deducted before Net Profits Interest)
Production and Property Taxes	$168,680	Operator (Deducted before Net Profits Interest)
Provision for Current Estimated Trust Expenses	($208,655)	Trustee (Deducted from Net Cash Proceeds)

The operator-incurred costs-LOE, Development Expenses, and Production/Property Taxes-are subtracted from the Total Gross Proceeds of $6,959,309 for the period to arrive at the Net Proceeds of $2,598,319 before the 80% split. The Trust's 80% share of the Net Profits Interest was $2,078,655.

Trustee and administrative fees fall under the category of the Provision for Current Estimated Trust Expenses. These costs are structural to the Trust's existence, covering the Trustee's oversight and necessary administrative functions. While the specific breakdown isn't always itemized in the distribution release, they are managed to ensure the Trust remains operational.

• Trustee and administrative fees are a component of the total estimated Trust expenses, which for Q3 2025 was set at $208,655.
• These fees represent a mix of fixed costs (like basic administrative overhead) and variable costs tied to the complexity or volume of reporting required.
• The Trust Agreement allows the Trustee to borrow up to $1.7 million via a letter of credit from VOC Brazos to protect against insufficient cash to cover these future expenses.

For context on cost discipline, the Lease Operating Expenses of $3,480,844 for Q3 2025 represented a year-over-year decline of 7.2%, and Development Expenses of $711,466 decreased by 35.2% year-over-year, showing cost management efforts supporting margins. The administrative expenses component was managed lower versus the prior year, helping keep the sequential distribution stable at $0.11 per unit.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Revenue Streams

The core revenue stream for VOC Energy Trust (VOC) is its Net Profits Interest (NPI) derived directly from the sale of oil and natural gas produced from the underlying properties held by VOC Brazos Energy Partners, L.P. This structure means the Trust doesn't manage operations; it simply collects a share of the profits generated by those operations. You need to know that the Trust is entitled to 80% of the net proceeds generated by the properties. This entitlement percentage is a critical, fixed component of the revenue mechanism.

Cash flow to unitholders is realized through quarterly distributions of net cash proceeds. For the quarterly payment period ended September 30, 2025, the Trust announced a distribution amounting to $1,870,000, which translated to $0.11 per Trust Unit, payable on November 14, 2025. This specific quarterly distribution amount is a direct result of the commodity prices and volumes realized during the preceding production period. If onboarding takes 14+ days, churn risk rises, but for VOC Energy Trust, the revenue risk is tied to the wellhead.

Here's a look at the top-line figures that fed into that Q3 2025 distribution calculation:

Metric	Value
Total Gross Proceeds from Oil and Gas Sales (Q3 2025)	$6,959,309
Net Proceeds (Before NPI Share) (Q3 2025)	$2,598,319
Trust's Net Profits Interest Share	80%
Net Profits Interest Received (Q3 2025)	$2,078,655
Net Cash Proceeds Available for Distribution (Q3 2025)	$1,870,000

The total expected annual distribution per unit for the entirety of 2025 is stated as $0.44. To be defintely clear on how that annual figure stacks up, we can look at the known quarterly payments for the year so far:

• Q1 2025 Distribution per Unit: $0.13
• Q2 2025 Distribution per Unit: $0.11 (based on $1,870,000 distribution for period ended June 30, 2025)
• Q3 2025 Distribution per Unit: $0.11
• Implied Q4 2025 Distribution per Unit (to reach $0.44 total): $0.09

The gross proceeds themselves are a function of both volume and realized price for the underlying commodities. For the September 30, 2025 period, the sales breakdown supported the total gross proceeds:

• Oil Sales Volume: 106,172 Barrels (Bbl)
• Natural Gas Sales Volume: 59,388 Thousand Cubic Feet (Mcf)
• Total Sales Volume: 116,070 Barrels of Oil Equivalent (BOE)
• Average Oil Price Realized: $63.79 per Bbl
• Average Natural Gas Price Realized: $3.14 per Mcf

Finance: draft 13-week cash view by Friday.