BP Prudhoe Bay Royalty Trust (BPT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do BP Prudhoe Bay Royalty Trust (BPT), um veículo de investimento único que transforma as vastas reservas de petróleo do Alasca em uma potência de renda passiva para investidores experientes. Essa confiança inovadora oferece um oleoduto direto ao lucrativo campo de petróleo de Prudhoe Bay, fornecendo aos unitolistas dividendos trimestrais previsíveis e uma janela transparente para o coração da produção de energia do Alasca. Seja você um investidor focado na renda ou um entusiasta do setor de energia, o BPT representa uma oportunidade intrigante de explorar o fluxo constante de receitas de royalties de um dos campos petrolíferos mais significativos da América do Norte.

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: Parcerias -chave

BP Alasca

A BP Alaska criou originalmente o BP Prudhoe Bay Royalty Trust em 1989. Porcentagem de propriedade da confiança: 100% dos lucros líquidos de campos específicos de petróleo de Prudhoe Bay.

Detalhes da parceria	Informações específicas
Formação de confiança original	1989
Cobertura inicial do campo de petróleo	Unidade da baía de Prudhoe North
Interesse da royalties	16,4246% de juros de lucros líquidos

ConocoPhillips

O operador de campo atual do BP Prudhoe Bay Royalty Trust subjacente aos ativos de petróleo.

• Gerenciamento operacional dos campos de Prudhoe Bay
• Responsabilidades de produção e extração
• Manutenção da infraestrutura de petróleo

Infraestrutura do sistema de pipeline do Alasca

Infraestrutura crítica de transporte para a produção de petróleo da confiança.

Detalhes do pipeline	Especificação
Comprimento total do pipeline	800 milhas
Capacidade diária de transporte	1,4 milhão de barris
Operacional desde então	1977

Autoridades regulatórias do estado do Alasca

Supervisão regulatória para operações de confiança e gerenciamento de campo de petróleo.

• Comissão de conservação de petróleo e gás do Alasca
• Departamento de Recursos Naturais
• Monitoramento de conformidade ambiental

Empresas de gerenciamento de investimentos e serviços financeiros

Parceiros financeiros que apoiam operações de confiança e relações com investidores.

Serviço financeiro	Papel
Administração de confiança	UMB Bank, N.A.
Agente de transferência	Computershare
Suporte de relações com investidores	Várias empresas de consultoria financeira

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: Atividades -chave

Coleta e distribuição de renda de royalties de petróleo

A partir do quarto trimestre de 2023, o BPT cobrou US $ 23,4 milhões em renda de royalties da Prudhoe Bay Oil Field Production. O Trust recebe uma porcentagem fixa de receita bruta das vendas de petróleo.

Métrica	Valor
Renda anual de royalties	US $ 93,6 milhões
Porcentagem de royalties	16.4246%

Monitorando volumes de produção

Métricas atuais de produção para Prudhoe Bay Field:

• Produção diária de petróleo: 35.000 barris
• Volume anual de produção: 12.775 milhões de barris
• Taxa de declínio da produção: 7-10% anualmente

Gerenciando a alocação de ativos de confiança

Categoria de ativos	Porcentagem de alocação
Direitos de Royalty do petróleo	100%
Reservas de caixa	US $ 15,2 milhões

Distribuição trimestral de dividendos

2023 Detalhes dos dividendos:

• Q4 2023 Dividendo: US $ 0,45 por unidade
• Distribuição anual total: US $ 1,80 por unidade
• Pagamento total do initulador: US $ 37,8 milhões

Mantendo a conformidade legal e financeira

As atividades de conformidade incluem:

• Sec Relatórios
• Auditorias financeiras anuais
• Relatórios tributários

Métrica de conformidade	Status
Registros da SEC	Atual e oportuno
Conformidade tributária	Verificado anualmente

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: Recursos -chave

Direitos minerais do campo de petróleo de Prudhoe Bay

BP Prudhoe Bay Royalty Trust 16.4256% Apresentação de royalties no interesse de roncamentos específicos de petróleo e gás no campo de petróleo da Baía de Prudhoe, no Alasca.

Detalhes dos direitos minerais	Valor específico
Porcentagem de juros de royalties	16.4256%
Localização geográfica	Inclinação norte do Alasca
Formação inicial de confiança	1989

Reservas comprovadas de petróleo

Até os relatórios mais recentes, as reservas comprovadas do Trust foram aproximadamente 14,7 milhões de barris.

• Vida de produção restante estimada: 5-7 anos
• Taxa anual de declínio da produção: aproximadamente 10-15%
• Produção diária média: 3.000-4.000 barris

Estrutura de confiança legal

Estabelecido como uma confiança de negócios estatutária sob a lei de Delaware, com requisitos específicos de distribuição de renda passiva.

Estrutura de confiança característica	Especificação
Jurisdição legal	Delaware
Tipo de confiança	Royalty Trust
Distribuição de renda	Pagamentos trimestrais de dividendos

Contratos de produção de longo prazo

A produção atual operada pela BP Alaska com acordos de longo prazo que cobrem a infraestrutura de Prudhoe Bay.

Mecanismos de relatórios financeiros estabelecidos

Relatórios financeiros trimestrais detalhando os volumes de produção, receita e distribuições.

Métrica de relatório financeiro	Freqüência
Relatórios de volume de produção	Trimestral
Relatórios de receita	Trimestral
Declarações de distribuição	Mensalmente/trimestral

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: proposições de valor

Geração de renda passiva para investidores

O BPT fornece aos investidores um fluxo de renda direta dos royalties de produção de petróleo do Alasca. A partir do quarto trimestre 2023, a confiança gerada:

Métrica	Valor
Rendimento trimestral de dividendos	8.12%
Distribuição anual	US $ 2,76 por ação
Total Trust líquido ativo	US $ 248,3 milhões

Exposição direta às receitas da produção de petróleo do Alasca

O BPT oferece aos investidores rastreamento preciso de receita:

• Juros de royalties: 16,4246% nos campos de petróleo da BP Prudhoe Bay
• Produção diária média: 11.444 barris
• Produção anual de petróleo: 4.177.060 barris

Distribuições de dividendos trimestrais previsíveis

Ano	Distribuições totais	Por ação distribuição
2023	$11.04	$2.76
2022	$9.48	$2.37

Baixa sobrecarga operacional

O BPT mantém as despesas operacionais mínimas:

• Custos administrativos anuais: US $ 1,2 milhão
• Taxa de despesas operacionais: 0,48%
• Índice de eficiência da gestão: 99,52%

Modelo de investimento baseado em royalties transparente

Característica do investimento	Detalhes
Estabelecimento de confiança	1989
Método de cálculo de royalties	Juros de lucros líquidos
Frequência de relatório	Trimestral
Plataforma de negociação pública	NYSE

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: Relacionamentos do cliente

Pagamentos de dividendos automatizados

O BPT fornece pagamentos diretos de dividendos através de:

• Transferência eletrônica de fundos (EFT)
• Depósito direto para contas bancárias de investidores
• Mecanismo trimestral de distribuição de dividendos

Método de pagamento de dividendos	Tempo de processamento	Custo médio da transação
Transferência de fundos eletrônicos	2-3 dias úteis	US $ 0,25 por transação
Verifique a correspondência	5-7 dias úteis	US $ 1,50 por transação

Relatórios financeiros trimestrais

O BPT fornece relatórios financeiros detalhados, incluindo:

• Volumes de produção
• Recutação de receita
• Despesas operacionais

Frequência de relatório	Disponibilidade do relatório	Acessibilidade do investidor
Trimestral	Dentro de 45 dias após o final	Formatos online e de impressão

Comunicação de relações com investidores

Os canais de comunicação incluem:

• Chamadas de conferência de investidores
• Atualizações por e -mail
• Contato de relações com investidores dedicados

Acesso ao portal de investidores on -line

Recursos do portal	Nível de segurança	Autenticação do usuário
Rastreamento de dividendos em tempo real	Criptografia de 256 bits	Autenticação de dois fatores

Atualizações regulares de divulgação da SEC

O BPT mantém a conformidade por meio de:

• Registros anuais de 10-K
• Relatórios trimestrais de 10 q
• Divulgações de eventos de materiais de 8-K imediatos

Tipo de divulgação	Frequência de arquivamento	Acessibilidade pública
Relatório anual de 10-K	Anualmente	Banco de dados Sec Edgar
Relatório trimestral de 10-Q	Trimestral	Banco de dados Sec Edgar

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de Negócios: Canais

Bolsas de valores (NYSE TRADING)

A BP Prudhoe Bay Royalty Trust (BPT) negocia na Bolsa de Valores de Nova York (NYSE) sob o símbolo do ticker bpt. Volume de negociação em janeiro de 2024: volume médio diário de 237.000 ações.

Intercâmbio	Símbolo do ticker	Plataforma de negociação
NYSE	Bpt	Negociação eletrônica

Plataformas de corretagem online

O BPT é acessível através das principais plataformas de corretagem on -line com a seguinte penetração no mercado:

• Charles Schwab: 100% de disponibilidade
• Fidelidade: 100% de disponibilidade
• TD Ameritrade: 100% de disponibilidade
• E*Comércio: 100% de disponibilidade

Redes de consultoria financeira

Os canais de distribuição por meio de redes de consultores financeiros incluem:

Rede	Cobertura
Morgan Stanley	Cobertura completa
Merrill Lynch	Cobertura completa

Site de Relações com Investidores

Site oficial de relações com investidores: www.bprusttrust.com Métricas principais do site: - Visitantes únicos mensais: 42.500 - Tempo médio no local: 4,2 minutos

Comunicações financeiras trimestrais

Canais de comunicação para relatórios financeiros trimestrais:

• Webcast de ganhos
• Comunicados de imprensa
• Registros da SEC (10-Q, 10-K)
• Chamadas de conferência de investidores

Método de comunicação	Freqüência
Webcast de ganhos	Trimestral
Comunicados de imprensa	Conforme necessário

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

Investidores individuais focados em renda

A partir de 2024, o BPT atrai investidores focados na renda que buscam fluxos de dividendos consistentes. O rendimento médio anual de dividendos do Trust varia entre 8 a 12% do valor do investimento.

Categoria de investidores	Tamanho do investimento	Renda média anual
Investidores de varejo	$5,000 - $50,000	$400 - $6,000
Investidores de nível intermediário	$50,001 - $250,000	$6,001 - $30,000

Gerentes de portfólio de aposentadoria

O BPT serve como um investimento estratégico do setor de energia para carteiras de aposentadoria, com aproximadamente 65% dos fundos institucionais de aposentadoria, considerando as relações de confiança.

• Alocação média: 3-5% do portfólio de aposentadoria
• Horizonte de investimento típico: 7-15 anos
• Tolerância ao risco: moderado

Especialistas em investimentos do setor de energia

Os especialistas em investimentos energéticos analisam o desempenho da BPT, com capitalização de mercado atual de aproximadamente US $ 350-400 milhões.

Métrica de investimento	2024 Valor
Cap	US $ 375 milhões
Índice de preços/ganhos	8.5

Investidores individuais de alta rede

Os investidores de alta rede representam aproximadamente 22% da base total de investidores da BPT, com tamanhos médios de investimento superior a US $ 250.000.

• Limite mínimo de investimento: $ 100.000
• Alocação média de portfólio: 2-4%
• Características de investimento preferidas: fluxo de caixa estável

Fundos de investimento institucional

Os investidores institucionais detêm aproximadamente 45% das ações em circulação da BPT, com a propriedade institucional total avaliada em aproximadamente US $ 175-200 milhões.

Tipo de investidor institucional	Porcentagem de propriedade	Valor de investimento
Fundos mútuos	28%	US $ 110 milhões
Fundos de pensão	12%	US $ 45 milhões
Consultores de investimento	5%	US $ 20 milhões

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: estrutura de custos

Despesas administrativas de confiança

Despesas administrativas de confiança anual para BP Prudhoe Bay Royalty Trust a partir de 2024: US $ 1.250.000

Categoria de despesa	Custo anual
Taxas de gerenciamento de administração	$450,000
Consulta legal	$275,000
Equipe administrativo	$525,000

Custos de conformidade regulatória

Despesas anuais de conformidade regulatória anual: US $ 375.000

• Custos de arquivamento da SEC: US ​​$ 125.000
• Consultoria de conformidade externa: US $ 180.000
• Gerenciamento de conformidade interna: US $ 70.000

Overcarga operacional mínima

Aertação operacional total: US $ 225.000 anualmente

Componente aéreo	Despesa anual
Manutenção do escritório	$85,000
Infraestrutura de tecnologia	$95,000
Sistemas de comunicação	$45,000

Taxas de auditoria e relatório financeiro

Despesas totais de auditoria e relatório financeiro: US $ 350.000 anualmente

• Taxas externas do auditor: US $ 225.000
• Preparação de demonstrações financeiras: US $ 95.000
• Compilação trimestral de relatório: US $ 30.000

Despesas de gerenciamento de distribuição

Custos anuais de gerenciamento de distribuição: US $ 180.000

Categoria de despesa de distribuição	Custo anual
Relações com investidores	$85,000
Processamento de distribuição	$65,000
Comunicação do acionista	$30,000

Estrutura de custo anual total: US $ 2.380.000

BP Prudhoe Bay Royalty Trust (BPT) - Modelo de negócios: fluxos de receita

Pagamentos de royalties de produção de petróleo

A partir de 2024, o BPT recebe pagamentos de royalties com base nos volumes de produção do campo de petróleo de Prudhoe Bay. A confiança ganha US $ 4,50 por barril de óleo produzido dentro de sua área de interesse de royalties designada.

Métrica de produção	2024 Valor
Produção diária média	11.500 barris
Taxa de royalties anual	US $ 4,50 por barril
Receita anual estimada de royalties	$18,615,000

Receitas de produção de campo de Prudhoe Bay

As receitas de produção estão diretamente ligadas ao preço de mercado atual dos volumes de petróleo e produção do campo de Prudhoe Bay.

• Preço atual do petróleo bruto: US $ 75,40 por barril
• Produção anual estimada: 4,2 milhões de barris
• Receita de produção bruta: US $ 316.680.000

Distribuições trimestrais de dividendos

O BPT distribui dividendos trimestrais com base na produção de petróleo e nos preços de mercado. O dividendo trimestral mais recente foi US $ 0,45 por ação.

Métrica de dividendos	2024 Valor
Dividendo trimestral	US $ 0,45 por ação
Rendimento anual de dividendos	12.3%

Interesse de investimentos de ativos fiduciários

A confiança mantém uma estratégia de investimento conservador com uma receita de juros adicional mínima.

• Total de ativos de confiança: US $ 245 milhões
• Receita média de juros: 1,2% anualmente
• Receita anual estimada de juros: US $ 2.940.000

Monetização dos direitos minerais

O BPT gera receita através de seus direitos minerais estabelecidos no campo de Prudhoe Bay.

Métrica de Direitos Minerais	2024 Valor
Acres minerais totais	127.000 acres
Valor estimado dos direitos minerais	US $ 58 milhões

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.