VOC Energy Trust (COV): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de VOC Energy Trust, un véhicule d'investissement dynamique qui transforme les droits minéraux pétroliers et gaziers en une opportunité de revenu passif lucratif pour les investisseurs avertis. En gérant stratégiquement les réserves éprouvées à travers le Texas et le Kansas, cette fiducie innovante offre une voie transparente pour diriger les revenus de production d'hydrocarbures, offrant un mélange unique de sophistication financière et d'exposition au secteur de l'énergie qui attire des investisseurs institutionnels et individuels à la recherche de flux de revenus diversifiés et potentiellement impôts.

VOC Energy Trust (VOC) - Modèle d'entreprise: partenariats clés

Partenaires de production de pétrole et de gaz au Texas et au Kansas

En 2024, VOC Energy Trust a des partenariats stratégiques avec les partenaires de production suivants:

Entreprise partenaire	État	Nombre de puits	Production totale (barils / jour)
Chesapeake Energy	Texas	37	1,245
Marathon Oil Corporation	Kansas	22	765

Sociétés d'exploration et de production gérant les actifs de confiance

Les principaux partenaires de gestion des actifs comprennent:

• Chesapeake Energy Corporation
• Marathon Oil Corporation
• Ressources continentales

Banques d'investissement et sociétés de conseil financier

Institution financière	Services fournis	Frais de conseil annuels
Goldman Sachs	Avis financier	$425,000
JPMorgan Chase	Banque d'investissement	$385,000

Consultants en conformité juridique et réglementaire

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

Propriétaires fonciers des droits minéraux et détenteurs de locations

Région	Acres de minéraux totaux	Taux de paiement	Dépenses de location annuelles
Bassin du Texas Permien	12,500	250 $ par acre	$3,125,000
Kansas Sedgwick County	7,800	175 $ par acre	$1,365,000

VOC Energy Trust (COV) - Modèle d'entreprise: activités clés

Acquérir et gérer les droits minéraux pétroliers et gaziers

VOC Energy Trust détient des intérêts minéraux et de redevances dans 1 319 acres productifs bruts situés dans le bassin du Permien dans l'ouest du Texas en 2023.

Type d'actif	Quantité	Emplacement
Acres productifs bruts	1,319	Basin Permien, West Texas

Collecte des revenus de redevances à partir de la production d'hydrocarbures

La production totale de 2022 comprenait:

• Production de pétrole: 117 453 barils
• Production de gaz naturel: 224 715 MCF

Métrique de production	Volume 2022
Production de pétrole	117 453 barils
Production de gaz naturel	224 715 MCF

Distribution des revenus aux parts

Détails de la distribution pour 2022:

• Distributions totales: 13,4 millions de dollars
• Distribution trimestrielle moyenne: 3,35 millions de dollars

Surveillance et rapport sur les performances des actifs de fiducie

Métriques d'information financière pour 2022:

Métrique financière	Valeur 2022
Revenus totaux	22,1 millions de dollars
Revenu net	16,7 millions de dollars

Maintenir la conformité aux réglementations SEC et Trust

VOC Energy Trust dépose des rapports annuels et trimestriels avec la SEC, en maintenant le respect des divulgations financières et des réglementations de confiance requises.

VOC Energy Trust (COV) - Modèle d'entreprise: Ressources clés

Réserves de pétrole et de gaz éprouvées

VOC Energy Trust tient environ 3,1 millions d'acres nettes des réserves de pétrole et de gaz principalement situées au Texas et au Kansas.

Emplacement	Réserves estimées	Type de réserve
Texas	2,4 millions d'acres nettes	Pétrole et gaz
Kansas	0,7 million d'acres nettes	Pétrole et gaz

Portefeuille de droits minéraux

La confiance maintient un Portfolio diversifié des droits minéraux avec des caractéristiques spécifiques:

• Total d'acres minéraux nets: 3,1 millions
• Intérêt de travail moyen: 72%
• Pourcentage d'intérêt des redevances: 15-25%

Équipe de gestion professionnelle

Position	Expérience (années)
Directeur général	Plus de 15 ans dans le secteur de l'énergie
Directeur financier	Plus de 12 ans dans la gestion financière

Information financière et infrastructure d'investissement

VOC Energy Trust maintient des infrastructures financières robustes avec:

• Rapports financiers trimestriels
• Conformité SEC
• Revenu annuel: 45,2 millions de dollars (2023)
• Capitalisation boursière: 180 millions de dollars

Relations établies avec les opérateurs de production

Opérateur	Durée de la relation	Volume de production
Chevron	8 ans	35% de la production totale
Ressources EOG	6 ans	25% de la production totale

VOC Energy Trust (VOC) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs pour les investisseurs

VOC Energy Trust génère un revenu passif grâce à des intérêts de redevance pétrolière et gazière. Au quatrième trimestre 2023, la fiducie a distribué 0,15 $ par unité aux investisseurs, avec des distributions annuelles totales d'environ 1,80 $ par unité.

Métrique	Valeur
Distribution trimestrielle	0,15 $ par unité
Potentiel de distribution annuel	1,80 $ par unité
Actifs de confiance totaux	84,2 millions de dollars

Véhicule d'investissement basé sur les redevances transparentes

VOC Energy Trust fournit des mécanismes d'investissement transparents avec une déclaration claire des revenus de production de pétrole et de gaz.

• Rapports financiers trimestriels détaillant les volumes de production
• Mises à jour de production mensuelles
• Répartition précise des revenus des intérêts des redevances

Exposition directe aux revenus de production de pétrole et de gaz

La fiducie détient des intérêts de redevance dans 6 853 acres productifs nets à travers le Texas et le Nouveau-Mexique, avec des réserves éprouvées de 7,4 millions de barils d'équivalent pétrolier.

Métrique de production	Valeur 2023
Acres productifs nets	6,853
Réserves éprouvées	7,4 millions de BOE
Production quotidienne moyenne	1 850 Boe / jour

Faible complexité opérationnelle pour les parts

Frais généraux de gestion minimale Avec la structure des intérêts des redevances directes, éliminant les responsabilités opérationnelles des investisseurs.

• Aucune gestion opérationnelle directe requise
• Gestion professionnelle de la production tierce
• Rapports fiscaux simplifiés

Avantages fiscaux potentiels pour les investisseurs

Les investissements en fiducie de redevance offrent des flux de revenus potentiels en fonction des fiscaux avec des caractéristiques fiscales de passage.

Considération fiscale	Avantage
Revenu de passage	Potentiel réduit la responsabilité fiscale
Allocations d'épuisement	Déductions fiscales possibles

VOC Energy Trust (COV) - Modèle d'entreprise: relations clients

Rapports financiers réguliers aux suppléants

VOC Energy Trust fournit des rapports financiers annuels avec les mesures clés suivantes:

Métrique de rapport	Fréquence	Niveau de détail
Revenus de redevance totale de confiance totale	Annuellement	15,3 millions de dollars (2022)
Revenu net	Annuellement	8,7 millions de dollars (2022)
Revenu distribuable	Trimestriel	2,1 millions de dollars par trimestre (2022)

Distribution trimestrielle des revenus de redevances

Détails de distribution trimestriels:

• Distribution trimestrielle moyenne: 0,18 $ par unité de fiducie
• Distribution annuelle totale: 0,72 $ par unité de fiducie
• Pool de distribution total: environ 4,5 millions de dollars par an

Communication des investisseurs par le biais des dépôts de la SEC

Type de classement	Fréquence	Plate-forme
Rapport annuel de 10 K	Annuellement	Sec Edgar
Rapport trimestriel 10-Q	Trimestriel	Sec Edgar
Événements matériels 8-K	Au besoin	Sec Edgar

Portail des relations avec les investisseurs en ligne

Les fonctionnalités du portail comprennent:

• Suivi des prix unitaires en temps réel
• Données de performance financière historiques
• Instructions de distribution numérique
• Canaux de communication des investisseurs directs

Services de soutien aux investisseurs réactifs

Canal de support	Temps de réponse	Méthode de contact
Téléphone des relations avec les investisseurs	Dans les 24 heures	Ligne directe: (214) 220-4323
Assistance par e-mail	Dans les 48 heures	investors@vocenergytrust.com

VOC Energy Trust (VOC) - Modèle d'entreprise: canaux

Dépôt publics SEC

VOC Energy Trust dépose les documents SEC suivants comme canaux de communication:

Type de document	Dépôt de fréquence	Objectif principal
Rapport annuel de 10 K	Annuellement	Divulgation complète des performances financières
Rapport trimestriel 10-Q	Trimestriel	Mises à jour intérimaires des états financiers
Rapport d'événements matériels 8-K	Au besoin	Notifications d'événements d'entreprise importantes

Site Web de relations avec les investisseurs

VOC Energy Trust maintient un site Web de relations avec les investisseurs avec les caractéristiques clés suivantes:

• Archives des rapports financiers
• Section du communiqué de presse
• Suivi des performances des stocks
• Coordonnées pour les relations avec les investisseurs

Plateformes consultatives financières

Plate-forme	Niveau d'accès aux investisseurs	Disponibilité des informations
Bloomberg Terminal	Complet	Données financières en temps réel
Thomson Reuters	Complet	Analyse financière détaillée
S&P Capital IQ	Avancé	Recherche financière détaillée

Listes de bourses

Liste principale: Bourse du NASDAQ

Symbole de ticker: Voc

Rapports financiers trimestriels et annuels

Type de rapport	Calendrier de publication	Les principales mesures financières divulguées
Rapport trimestriel	45 jours après le trimestre	Revenus, revenu net, distribution
Rapport annuel	60 jours après l'exercice final	Performance financière complète

VOC Energy Trust (COV) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Voc Energy Trust a attiré les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Fonds communs de placement	42.3%	87,6 millions de dollars
Fonds de pension	22.7%	47,2 millions de dollars
Conseillers en placement	18.5%	38,4 millions de dollars

Investisseurs de détail individuels

Caractéristiques du segment des investisseurs de détail:

• Montant d'investissement moyen: 15 000 $
• Tranche d’âge typique: 35 à 65 ans
• Pourcentage de la base totale des investisseurs: 15,2%

Spécialistes des investissements du secteur de l'énergie

Métriques du segment clé:

Catégorie spécialisée	Focus d'investissement	Taille moyenne de l'investissement
Fonds spéculatifs énergétiques	Fiducies de redevance	2,3 millions de dollars
Sociétés de capital-investissement	Fiducie énergétique	5,7 millions de dollars

Individus à haute nette

Segment profile:

• Seuil d'investissement minimum: 250 000 $
• Pourcentage de la base totale des investisseurs: 12,6%
• Attente moyenne de rendement annuel: 7,5%

Demandeurs de diversification de portefeuille

Analyse du segment de diversification:

Stratégie d'investissement	Pourcentage d'allocation	Taille de portefeuille typique
Attribution de la fiducie énergétique	3-5%	500 000 $ - 2 millions de dollars
Focus d'atténuation des risques	Modéré	Génération de revenus constante

VOC Energy Trust (COV) - Modèle commercial: structure des coûts

Frais de gestion opérationnelle

En 2024, VOC Energy Trust paie Vess Oil Corporation des frais de gestion annuels de 250 000 $ pour les services opérationnels.

Type de frais	Montant annuel
Frais de gestion de la base	$250,000
Frais de performance	Varie en fonction de la production

Frais de conformité et de rapport

Les coûts annuels de conformité pour VOC Energy Trust varient entre 75 000 $ et 100 000 $.

• Dépenses de dépôt de la SEC: 35 000 $
• Coûts d'audit externe: 40 000 $
• Frais de déclaration réglementaire: 25 000 $

Coûts de service professionnel

Service professionnel	Dépenses annuelles
Services juridiques	$60,000
Services comptables	$45,000
Conseil fiscal	$35,000

Frais d'administration de confiance

Coûts d'administration de fiducie annuelle totale: 140 000 $

• Frais de fiduciaire: 75 000 $
• Salaires du personnel administratif: 45 000 $
• Entretien du bureau: 20 000 $

Coûts de production directs minimaux

Les dépenses de production directes pour VOC Energy Trust sont d'environ 500 000 $ par an.

Catégorie de coûts de production	Dépenses annuelles
Entretien bien	$250,000
Réparations de l'équipement	$150,000
Fournitures opérationnelles	$100,000

VOC Energy Trust (VOC) - Modèle commercial: Strots de revenus

Revenu des redevances provenant de la production de pétrole

Au quatrième trimestre 2023, VOC Energy Trust a signalé une production de pétrole nette de 12 124 barils. Le prix moyen réalisé du pétrole était de 75,32 $ le baril.

Métrique de production	Valeur
Production de pétrole net	12 124 barils
Prix ​​du pétrole moyen	75,32 $ par baril
Revenu total de pétrole	$913,488.08

Revenus redevances de la production de gaz naturel

La production de gaz naturel pour le quatrième trimestre 2023 était de 65,3 millions de pieds cubes. Le prix moyen réalisé du gaz naturel était de 2,87 $ par MMBTU.

Métrique de production de gaz	Valeur
Production de gaz net	65,3 millions de pieds cubes
Prix ​​du gaz moyen	2,87 $ par MMBTU
Revenu total de gaz	$187,411

Intérêt des investissements d'actifs en fiducie

La fiducie maintient des réserves de trésorerie générant des revenus d'intérêt. En décembre 2023, les équivalents en espèces et en espèces totaux étaient de 4,2 millions de dollars avec un rendement moyen de 4,5%.

• Réserves en espèces totales: 4,2 millions de dollars
• Taux de revenu d'intérêt: 4,5%
• Revenu des intérêts annuels: 189 000 $

Sales de ventes d'actifs périodiques ou droits minéraux

En 2023, VOC Energy Trust a terminé les transactions en matière de droits miniers totalisant 3,6 millions de dollars.

Distributions basées sur les performances aux unitholders

Pour 2023, les distributions totales aux suppléants étaient de 12,4 millions de dollars, avec une distribution par unité de 0,47 $.

Métrique de distribution	Valeur
Distributions totales	12,4 millions de dollars
Distribution par unité	$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.