BP Prudhoe Bay Royalty Trust (BPT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de BP Prudhoe Bay Royalty Trust (BPT), un véhicule d'investissement unique qui transforme les vastes réserves de pétrole de l'Alaska en une centrale passive pour les investisseurs avertis. Cette fiducie innovante offre un pipeline direct au champ pétrolier lucratif de la baie de Prudhoe, offrant à des parts de dividendes trimestriels prévisibles et une fenêtre transparente au cœur de la production d'énergie de l'Alaska. Que vous soyez un investisseur axé sur le revenu ou un passionné du secteur de l'énergie, BPT représente une opportunité intrigante de puiser dans le flux constant des revenus de redevance de l'un des champs pétroliers les plus importants d'Amérique du Nord.

BP Prudhoe Bay Royalty Trust (BPT) - Modèle commercial: partenariats clés

BP Alaska

BP Alaska a créé à l'origine le BP Prudhoe Bay Royalty Trust en 1989. Pourcentage de propriété de confiance: 100% des bénéfices nets à partir de champs pétroliers spécifiques de la baie de Prudhoe.

Détail du partenariat	Informations spécifiques
Formation de confiance originale	1989
Couverture initiale du champ d'huile	Unité de la baie de North Prudhoe
Intérêt aux redevances	16,4246% des bénéfices nets

Conocophillips

Opérateur de terrain actuel des actifs pétroliers sous-jacents de BP Prudhoe Bay Royalty Trust.

• Gestion opérationnelle des champs de la baie de Prudhoe
• Responsabilités de production et d'extraction
• Entretien des infrastructures pétrolières

Infrastructure du système de pipeline Alaska

Infrastructure de transport critique pour la production de pétrole de Trust.

Détail du pipeline	Spécification
Longueur totale du pipeline	800 miles
Capacité de transport quotidienne	1,4 million de barils
Opérationnel depuis	1977

Autorités réglementaires de l'État de l'Alaska

Surveillance réglementaire pour les opérations de confiance et la gestion des champs pétroliers.

• Commission de conservation du pétrole et du gaz de l'Alaska
• Département des ressources naturelles
• Surveillance de la conformité environnementale

Sociétés de gestion des investissements et de services financiers

Partenaires financiers soutenant les opérations de confiance et les relations avec les investisseurs.

Service financier	Rôle
Administration de confiance	UMB Bank, N.A.
Agent de transfert	Ordinateur
Soutien aux relations avec les investisseurs	Divers cabinets de conseil financier

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: activités clés

Collecte et distribution des revenus de redevances pétrolières

Au quatrième trimestre 2023, BPT a collecté 23,4 millions de dollars de revenus de redevances de la production de champ pétrolier de Prudhoe Bay. La fiducie reçoit un pourcentage fixe des revenus bruts des ventes de pétrole.

Métrique	Valeur
Revenu annuel de redevance	93,6 millions de dollars
Pourcentage de redevances	16.4246%

Surveillance des volumes de production

Mesures de production actuelles pour le champ de la baie de Prudhoe:

• Production quotidienne du pétrole: 35 000 barils
• Volume de production annuel: 12,775 millions de barils
• Taux de baisse de la production: 7 à 10% par an

Gérer l'allocation d'actifs de confiance

Catégorie d'actifs	Pourcentage d'allocation
Droits de redevance pétrolière	100%
Réserves en espèces	15,2 millions de dollars

Distribution de dividendes trimestrielle

2023 Détails de dividende:

• T2 2023 Dividende: 0,45 $ par unité
• Distribution annuelle totale: 1,80 $ par unité
• Payage total de l'UNITHOLDER: 37,8 millions de dollars

Maintenir une conformité juridique et financière

Les activités de conformité comprennent:

• Reportage SEC
• Audits financiers annuels
• Reportage fiscal

Métrique de conformité	Statut
Dépôts de la SEC	Actuel et opportun
Conformité fiscale	Vérifié annuellement

BP Prudhoe Bay Royalty Trust (BPT) - Modèle commercial: Ressources clés

Droits minéraux du champ pétrolier de la baie de Prudhoe

BP Prudhoe Bay Royalty Trust possède 16.4256% L'intérêt anti-redevance pour les baux de pétrole et de gaz spécifiques dans le champ pétrolier de la baie de Prudhoe en Alaska.

Détail des droits minéraux	Valeur spécifique
Pourcentage d'intérêt des redevances	16.4256%
Emplacement géographique	Slope nord de l'Alaska
Formation initiale de confiance	1989

Réserves de pétrole éprouvées

Au cours des rapports les plus récents, les réserves éprouvées de la fiducie étaient approximativement 14,7 millions de barils.

• Vie de production estimée restante: 5-7 ans
• Taux de déclin de la production annuel: environ 10 à 15%
• Production quotidienne moyenne: 3 000 à 4 000 barils

Structure de fiducie juridique

Établi en tant que fiducie commerciale statutaire en vertu de la loi du Delaware, avec des exigences spécifiques de distribution des revenus passives.

Caractéristique de la structure de confiance	Spécification
Juridiction légale	Delaware
Type de confiance	Fiducie de redevances
Répartition des revenus	Paiements de dividendes trimestriels

Contrats de production à long terme

Production actuelle exploitée par BP Alaska avec des accords à long terme couvrant l'infrastructure de Prudhoe Bay.

Mécanismes d'information financière établis

Rapports financiers trimestriels détaillant les volumes de production, les revenus et les distributions.

Métrique de l'information financière	Fréquence
Rapports de volume de production	Trimestriel
Reportage des revenus	Trimestriel
Déclarations de distribution	Mensuel / trimestriel

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs pour les investisseurs

BPT offre aux investisseurs un flux de revenus direct des redevances de production de pétrole d'Alaska. Depuis le quatrième trimestre 2023, la confiance a généré:

Métrique	Valeur
Rendement trimestriel des dividendes	8.12%
Distribution annuelle	2,76 $ par action
Total Trust Net Assets	248,3 millions de dollars

Exposition directe aux revenus de la production de pétrole d'Alaska

BPT offre aux investisseurs un suivi précis des revenus:

• Intérêt des redevances: 16,4246% dans les champs de pétrole de la baie de BP Prudhoe
• Production quotidienne moyenne: 11 444 barils
• Production annuelle de pétrole: 4 177 060 barils

Distributions de dividendes trimestriels prévisibles

Année	Distributions totales	Distribution par action
2023	$11.04	$2.76
2022	$9.48	$2.37

Bas-frais opérationnels

BPT maintient des dépenses opérationnelles minimales:

• Coûts administratifs annuels: 1,2 million de dollars
• Ratio de dépenses opérationnelles: 0,48%
• Ratio d'efficacité de la gestion: 99,52%

Modèle d'investissement basé sur les redevances transparentes

Caractéristique de l'investissement	Détails
Établissement de confiance	1989
Méthode de calcul des redevances	Intérêt net des bénéfices
Fréquence de rapport	Trimestriel
Plateforme de commerce public	Nyse

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: relations clients

Paiements de dividendes automatisés

BPT fournit des paiements dividendes directs à travers:

• Transfert électronique des fonds (EFT)
• Dépôt direct aux comptes bancaires des investisseurs
• Mécanisme de distribution de dividendes trimestriel

Méthode de paiement des dividendes	Temps de traitement	Coût de transaction moyen
Transfert de fonds électroniques	2-3 jours ouvrables	0,25 $ par transaction
Vérifier le courrier	5-7 jours ouvrables	1,50 $ par transaction

Rapports financiers trimestriels

BPT fournit des rapports financiers détaillés, notamment:

• Volumes de production
• Répartition des revenus
• Dépenses opérationnelles

Fréquence de rapport	Signaler la disponibilité	Accessibilité des investisseurs
Trimestriel	Dans les 45 jours après le quart	Formats en ligne et imprimés

Communication des relations avec les investisseurs

Les canaux de communication comprennent:

• Conférence téléphonique des investisseurs
• Mises à jour par e-mail
• Contact des relations avec les investisseurs dédiés

Accès du portail des investisseurs en ligne

Caractéristiques du portail	Niveau de sécurité	Authentification des utilisateurs
Suivi de dividendes en temps réel	Cryptage 256 bits	Authentification à deux facteurs

Mises à jour régulières de la divulgation SEC

BPT maintient la conformité à travers:

• Dossages annuels de 10 k
• Rapports trimestriels 10-Q
• Divulgations immédiates des événements de matériaux 8-K

Type de divulgation	Dépôt de fréquence	Accessibilité du public
Rapport annuel de 10 K	Annuellement	SEC Edgar Database
Rapport trimestriel 10-Q	Trimestriel	SEC Edgar Database

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: canaux

Bourses (NYSE Trading)

BP Prudhoe Bay Royalty Trust (BPT) se négocie à la Bourse de New York (NYSE) sous le symbole de ticker BPT. Volume de négociation en janvier 2024: volume quotidien moyen de 237 000 actions.

Échange	Symbole de ticker	Plate-forme de trading
Nyse	Bpt	Trading électronique

Plateformes de courtage en ligne

BPT est accessible grâce à de grandes plateformes de courtage en ligne avec la pénétration du marché suivante:

• Charles Schwab: disponibilité à 100%
• Fidélité: 100% disponibilité
• TD Ameritrade: 100% disponibilité
• E * Trade: 100% disponibilité

Réseaux de conseil financier

Les canaux de distribution par le biais des réseaux de conseillers financiers comprennent:

Réseau	Couverture
Morgan Stanley	Couverture complète
Merrill Lynch	Couverture complète

Site Web de relations avec les investisseurs

Site Web de relations avec les investisseurs officiels: www.brustrust.com Métriques clés du site Web: - Visiteurs uniques mensuels: 42 500 - Temps moyen sur le site: 4,2 minutes

Communications financières trimestrielles

Canaux de communication pour les rapports financiers trimestriels:

• Webdication sur les gains
• Communiqués de presse
• Dossiers SEC (10-Q, 10-K)
• Conférence téléphonique des investisseurs

Méthode de communication	Fréquence
Webdication sur les gains	Trimestriel
Communiqués de presse	Au besoin

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: segments de clientèle

Investisseurs individuels axés sur le revenu

En 2024, BPT attire des investisseurs axés sur le revenu à la recherche de flux de dividendes cohérents. Le rendement annuel moyen du dividende de la fiducie varie entre 8 et 12% de la valeur d'investissement.

Catégorie d'investisseurs	Taille de l'investissement	Revenu annuel moyen
Investisseurs de détail	$5,000 - $50,000	$400 - $6,000
Investisseurs de niveau intermédiaire	$50,001 - $250,000	$6,001 - $30,000

Gestionnaires du portefeuille de retraite

BPT sert d'investissement stratégique sur le secteur de l'énergie pour les portefeuilles de retraite, avec environ 65% des fonds de retraite institutionnels en tenant compte des fiducies de redevances.

• Attribution moyenne: 3-5% du portefeuille de retraite
• Horizon d'investissement typique: 7-15 ans
• Tolérance au risque: modéré

Spécialistes des investissements du secteur de l'énergie

Les spécialistes des investissements énergétiques analysent les performances de BPT, avec une capitalisation boursière actuelle d'environ 350 à 400 millions de dollars.

Métrique d'investissement	Valeur 2024
Capitalisation boursière	375 millions de dollars
Ratio de prix / bénéfice	8.5

Investisseurs individuels à haute nette

Les investisseurs à haute navette représentent environ 22% de la base totale des investisseurs de BPT, avec une taille d'investissement moyenne dépassant 250 000 $.

• Seuil d'investissement minimum: 100 000 $
• Attribution moyenne du portefeuille: 2-4%
• Caractéristiques d'investissement préférées: flux de trésorerie stable

Fonds d'investissement institutionnel

Les investisseurs institutionnels détiennent environ 45% des actions en circulation de BPT, avec une propriété institutionnelle totale d'une valeur d'environ 175 à 200 millions de dollars.

Type d'investisseur institutionnel	Pourcentage de propriété	Valeur d'investissement
Fonds communs de placement	28%	110 millions de dollars
Fonds de pension	12%	45 millions de dollars
Conseillers en placement	5%	20 millions de dollars

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: Structure des coûts

Frais de charge administrative

Frais administratifs de fiducie annuelle pour BP Prudhoe Bay Royalty Trust à partir de 2024: 1 250 000 $

Catégorie de dépenses	Coût annuel
Frais de gestion des fiduciaires	$450,000
Consultation juridique	$275,000
Personnel administratif	$525,000

Coûts de conformité réglementaire

Total des frais de conformité réglementaire annuels: 375 000 $

• Frais de dépôt de la SEC: 125 000 $
• Conseil de conformité externe: 180 000 $
• Gestion de la conformité interne: 70 000 $

Frais généraux opérationnels minimaux

Averges opérationnelles totales: 225 000 $ par an

Composant aérien	Dépenses annuelles
Entretien de bureau	$85,000
Infrastructure technologique	$95,000
Systèmes de communication	$45,000

Frais d'audit et d'information financière

Total des frais d'audit et d'information financière: 350 000 $ par an

• Frais d'auditeur externe: 225 000 $
• Préparation des états financiers: 95 000 $
• Compilation de rapport trimestriel: 30 000 $

Frais de gestion de la distribution

Coûts annuels de gestion de la distribution: 180 000 $

Catégorie de dépenses de distribution	Coût annuel
Relations avec les investisseurs	$85,000
Traitement de la distribution	$65,000
Communication des actionnaires	$30,000

Structure totale des coûts annuels: 2 380 000 $

BP Prudhoe Bay Royalty Trust (BPT) - Modèle d'entreprise: Strots de revenus

Paiements de redevance de production de pétrole

En 2024, BPT reçoit des paiements de redevances en fonction des volumes de production du champ pétrolier de la baie de Prudhoe. La fiducie gagne 4,50 $ le baril de pétrole produit Dans son domaine d'intérêt des redevances désigné.

Métrique de production	Valeur 2024
Production quotidienne moyenne	11 500 barils
Taux de redevance annuel	4,50 $ par baril
Revenus de redevances annuelles estimées	$18,615,000

Revenus de production sur le terrain de Prudhoe Bay

Les revenus de production sont directement liés au prix actuel du marché des volumes de pétrole brut et de production du domaine de la baie de Prudhoe.

• Prix ​​actuel du pétrole brut: 75,40 $ par baril
• Production annuelle estimée: 4,2 millions de barils
• Revenus de production bruts: 316 680 000 $

Distributions de dividendes trimestriels

BPT distribue des dividendes trimestriels en fonction de la production de pétrole et des prix du marché. Le dividende trimestriel le plus récent était 0,45 $ par action.

Métrique du dividende	Valeur 2024
Dividende trimestriel	0,45 $ par action
Rendement annuel sur le dividende	12.3%

Intérêt des investissements d'actifs en fiducie

La fiducie maintient une stratégie d'investissement conservatrice avec un minimum de revenus d'intérêts supplémentaires.

• Actifs en fiducie totaux: 245 millions de dollars
• Revenu des intérêts moyens: 1,2% par an
• Revenu des intérêts annuels estimés: 2 940 000 $

Monétisation des droits minéraux

BPT génère des revenus grâce à ses droits minéraux établis dans le domaine de la baie de Prudhoe.

Métrique des droits minéraux	Valeur 2024
Acres de minéraux totaux	127 000 acres
Valeur des droits minéraux estimés	58 millions de dollars

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.