VOC Energy Trust (VOC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da VOC Energy Trust, um veículo de investimento dinâmico que transforma os direitos minerais de petróleo e gás em uma lucrativa oportunidade de renda passiva para investidores experientes. Ao gerenciar estrategicamente reservas comprovadas no Texas e no Kansas, essa confiança inovadora oferece um caminho transparente para direcionar as receitas de produção de hidrocarbonetos, fornecendo uma mistura única de sofisticação financeira e exposição ao setor de energia que atrai os investidores institucionais e individuais que buscam fluxos de renda diversificados e potencialmente fiscais.

VOC Energy Trust (VOC) - Modelo de Negócios: Principais Parcerias

Parceiros de produção de petróleo e gás no Texas e Kansas

A partir de 2024, o VOC Energy Trust possui parcerias estratégicas com os seguintes parceiros de produção:

Empresa parceira	Estado	Número de poços	Produção total (barris/dia)
Chesapeake Energy	Texas	37	1,245
Marathon Oil Corporation	Kansas	22	765

Empresas de exploração e produção gerenciando ativos de confiança

Os principais parceiros de gerenciamento de ativos incluem:

• Chesapeake Energy Corporation
• Marathon Oil Corporation
• Recursos continentais

Bancos de investimento e empresas de consultoria financeira

Instituição financeira	Serviços prestados	Taxas de consultoria anuais
Goldman Sachs	Aviso financeiro	$425,000
JPMorgan Chase	Banco de investimento	$385,000

Consultores de conformidade jurídica e regulatória

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

Proprietários de terras de direitos minerais e detentores de arrendamento

Região	Acres minerais totais	Taxa de pagamento de arrendamento	Gasto anual de arrendamento
Bacia do Permiano do Texas	12,500	US $ 250 por acre	$3,125,000
Kansas Sedgwick County	7,800	US $ 175 por acre	$1,365,000

VOC Energy Trust (VOC) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar direitos minerais de petróleo e gás

O VOC Energy Trust possui interesses minerais e royalties em 1.319 acres produtivos brutos localizados na bacia do Permiano no oeste do Texas a partir de 2023.

Tipo de ativo	Quantidade	Localização
Acres produtivos brutos	1,319	Bacia do Permiano, oeste do Texas

Coletando receitas de royalties da produção de hidrocarbonetos

Produção total para 2022 incluído:

• Produção de petróleo: 117.453 barris
• Produção de gás natural: 224.715 MCF

Métrica de produção	2022 Volume
Produção de petróleo	117.453 barris
Produção de gás natural	224.715 MCF

Distribuição de renda para cololdadores

Detalhes da distribuição para 2022:

• Distribuições totais: US $ 13,4 milhões
• Distribuição trimestral média: US $ 3,35 milhões

Monitorando e relatórios sobre o desempenho dos ativos fiduciários

Métricas de relatórios financeiros para 2022:

Métrica financeira	2022 Valor
Receita total	US $ 22,1 milhões
Resultado líquido	US $ 16,7 milhões

Manter a conformidade com a SEC e os regulamentos de confiança

O VOC Energy Trust arquiva relatórios anuais e trimestrais com a SEC, mantendo a conformidade com as divulgações financeiras e os regulamentos de confiança necessários.

VOC Energy Trust (VOC) - Modelo de negócios: Recursos -chave

Reservas comprovadas de petróleo e gás

O VOC Energy Trust detém Aproximadamente 3,1 milhões de acres líquidos de reservas de petróleo e gás localizadas principalmente no Texas e no Kansas.

Localização	Reservas estimadas	Tipo de reserva
Texas	2,4 milhões de acres líquidos	Petróleo e gás
Kansas	0,7 milhão de acres líquidos	Petróleo e gás

Portfólio de direitos minerais

A confiança mantém um Portfólio diversificado de direitos minerais com características específicas:

• Acres minerais líquidos totais: 3,1 milhões
• Juros de trabalho médios: 72%
• Porcentagem de juros de royalties: 15-25%

Equipe de gerenciamento profissional

Posição	Experiência (anos)
Diretor executivo	Mais de 15 anos no setor de energia
Diretor financeiro	Mais de 12 anos em gestão financeira

Relatórios financeiros e infraestrutura de investimento

O VOC Energy Trust mantém infraestrutura financeira robusta com:

• Relatórios financeiros trimestrais
• Conformidade na SEC
• Receita anual: US $ 45,2 milhões (2023)
• Capitalização de mercado: US $ 180 milhões

Relacionamentos estabelecidos com operadores de produção

Operador	Duração do relacionamento	Volume de produção
Chevron	8 anos	35% da produção total
Recursos EOG	6 anos	25% da produção total

VOC Energy Trust (VOC) - Modelo de Negócios: Proposições de Valor

Geração de renda passiva para investidores

O VOC Energy Trust gera renda passiva através de interesses de royalties de petróleo e gás. A partir do quarto trimestre de 2023, o Trust distribuiu US $ 0,15 por unidade aos investidores, com distribuições anuais totais de aproximadamente US $ 1,80 por unidade.

Métrica	Valor
Distribuição trimestral	US $ 0,15 por unidade
Potencial de distribuição anual	US $ 1,80 por unidade
Total de ativos de confiança	US $ 84,2 milhões

Veículo de investimento baseado em royalties transparente

O VOC Energy Trust fornece mecanismos de investimento transparentes com relatórios claros das receitas de produção de petróleo e gás.

• Relatórios financeiros trimestrais detalhando o volume de produção
• Atualizações mensais de produção
• Repartições precisas de receita dos interesses de royalties

Exposição direta às receitas de produção de petróleo e gás

O Trust possui interesses de royalties em 6.853 acres produtivos líquidos no Texas e no Novo México, com reservas comprovadas de 7,4 milhões de barris de petróleo equivalente.

Métrica de produção	2023 valor
Acres produtivos líquidos	6,853
Reservas comprovadas	7,4 milhões de Boe
Produção diária média	1.850 BOE/dia

Baixa complexidade operacional para coloboladores

Overhead de gerenciamento mínimo Com a estrutura direta de interesse da royalties, eliminando as responsabilidades operacionais para os investidores.

• Nenhum gerenciamento operacional direto é necessário
• Gerenciamento de produção profissional de terceiros
• Relatórios de impostos simplificados

Vantagens fiscais potenciais para investidores

Os investimentos do Royalty Trust oferecem possíveis fluxos de renda com eficiência tributária com características tributárias de repasse.

Consideração fiscal	Beneficiar
Renda de passagem	Possível responsabilidade tributária reduzida
Subsídios de esgotamento	Possíveis deduções fiscais

VOC Energy Trust (VOC) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros regulares para unitolistas

O VOC Energy Trust fornece relatórios financeiros anuais com as seguintes métricas -chave:

Métrica de relatório	Freqüência	Nível de detalhe
Total Trust Royalty Receitas	Anualmente	US $ 15,3 milhões (2022)
Resultado líquido	Anualmente	US $ 8,7 milhões (2022)
Renda distribuível	Trimestral	US $ 2,1 milhões por trimestre (2022)

Distribuição trimestral da renda de royalties

Detalhes trimestrais de distribuição:

• Distribuição trimestral média: US $ 0,18 por unidade de confiança
• Distribuição anual total: US $ 0,72 por unidade de confiança
• Pool de distribuição total: aproximadamente US $ 4,5 milhões anualmente

Comunicação dos investidores através de registros da SEC

Tipo de arquivamento	Freqüência	Plataforma
Relatório anual de 10-K	Anualmente	Sec Edgar
Relatório trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiais de 8-K	Conforme necessário	Sec Edgar

Portal de Relações com Investidores Online

Os recursos do portal incluem:

• Rastreamento de preços unitário em tempo real
• Dados de desempenho financeiro histórico
• Declarações de distribuição digital
• Canais de comunicação de investidores diretos

Serviços de suporte a investidores responsivos

Canal de suporte	Tempo de resposta	Método de contato
Telefone de relações com investidores	Dentro de 24 horas	Linha direta: (214) 220-4323
Suporte por e -mail	Dentro de 48 horas	investors@vocenergytrust.com

VOC Energy Trust (VOC) - Modelo de Negócios: Canais

Sec registros públicos

O VOC Energy Trust arquiva os seguintes documentos da SEC como canais de comunicação:

Tipo de documento	Frequência de arquivamento	Propósito primário
Relatório anual de 10-K	Anualmente	Divisão abrangente de desempenho financeiro
Relatório trimestral de 10-Q	Trimestral	Atualizações de demonstrações financeiras intermediárias
Relatório de Eventos de Material 8-K	Conforme necessário	Notificações significativas de eventos corporativos

Site de Relações com Investidores

O VOC Energy Trust mantém um site de relações com investidores com os seguintes recursos importantes:

• Arquivo de relatórios financeiros
• Seção de comunicado à imprensa
• Rastreamento de desempenho de ações
• Informações de contato para relações com investidores

Plataformas de consultoria financeira

Plataforma	Nível de acesso ao investidor	Disponibilidade de informações
Terminal Bloomberg	Abrangente	Dados financeiros em tempo real
Thomson Reuters	Abrangente	Análise financeira detalhada
S&P Capital IQ	Avançado	Pesquisa financeira detalhada

Listagens de bolsas de valores

Listagem primária: Bolsa de Valores da NASDAQ

Símbolo de ticker: Voc

Relatórios financeiros trimestrais e anuais

Tipo de relatório	Linha do tempo da publicação	Métricas financeiras principais divulgadas
Relatório trimestral	45 dias após o final do trimestre	Receita, lucro líquido, distribuições
Relatório anual	60 dias após o final do ano fiscal	Desempenho financeiro abrangente

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

Investidores institucionais

A partir do quarto trimestre 2023, o VOC Energy Trust atraiu investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Fundos mútuos	42.3%	US $ 87,6 milhões
Fundos de pensão	22.7%	US $ 47,2 milhões
Consultores de investimento	18.5%	US $ 38,4 milhões

Investidores de varejo individuais

Características do segmento de investidores de varejo:

• Valor médio de investimento: US $ 15.000
• Faixa etária típica: 35-65 anos
• Porcentagem de Base Total de Investidores: 15,2%

Especialistas em investimentos do setor de energia

Métricas de segmento -chave:

Categoria especializada	Foco de investimento	Tamanho médio de investimento
Fundos de hedge de energia	Relações de royalties	US $ 2,3 milhões
Empresas de private equity	Relações de energia	US $ 5,7 milhões

Indivíduos de alta rede

Segmento profile:

• Limite mínimo de investimento: US $ 250.000
• Porcentagem de Base Total de Investidores: 12,6%
• Expectativa média anual de retorno: 7,5%

Buscadores de diversificação de portfólio

Análise do segmento de diversificação:

Estratégia de investimento	Porcentagem de alocação	Tamanho típico do portfólio
Alocação de confiança energética	3-5%	US $ 500.000 - US $ 2 milhões
Foco de mitigação de risco	Moderado	Geração constante de renda

VOC Energy Trust (VOC) - Modelo de negócios: estrutura de custos

Taxas de gerenciamento operacional

A partir de 2024, a VOC Energy Trust paga a Vess Oil Corporation uma taxa de gerenciamento anual de US $ 250.000 para serviços operacionais.

Tipo de taxa	Valor anual
Taxa de gerenciamento base	$250,000
Taxa baseada em desempenho	Varia com base na produção

Despesas de conformidade e relatório

Os custos anuais de conformidade para o VOC Energy Trust variam entre US $ 75.000 e US $ 100.000.

• Despesas de arquivamento da SEC: US ​​$ 35.000
• Custos de auditoria externa: $ 40.000
• Taxas de relatórios regulatórios: US $ 25.000

Custos de serviço profissional

Serviço profissional	Despesa anual
Serviços Jurídicos	$60,000
Serviços de contabilidade	$45,000
Consultoria de impostos	$35,000

Despesas de administração de confiança

Custos anuais de administração de confiança anual: US $ 140.000

• Taxas de administração: US $ 75.000
• Salários da equipe administrativa: US $ 45.000
• Manutenção do escritório: US $ 20.000

Custos de produção direta mínimos

As despesas diretas de produção para o VOC Energy Trust são aproximadamente US $ 500.000 anualmente.

Categoria de custo de produção	Despesa anual
Manutenção do poço	$250,000
Reparos de equipamentos	$150,000
Suprimentos operacionais	$100,000

VOC Energy Trust (VOC) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo

A partir do quarto trimestre 2023, a VOC Energy Trust registrou a produção líquida de petróleo de 12.124 barris. O preço médio realizado no petróleo foi de US $ 75,32 por barril.

Métrica de produção	Valor
Produção líquida de óleo	12.124 barris
Preço médio do petróleo	US $ 75,32 por barril
Receita total do petróleo	$913,488.08

Renda de royalties da produção de gás natural

A produção de gás natural para o quarto trimestre 2023 foi de 65,3 milhões de pés cúbicos. O preço médio percebido no gás natural foi de US $ 2,87 por MMBTU.

Métrica de produção de gás	Valor
Produção líquida de gás	65,3 milhões de pés cúbicos
Preço médio do gás	US $ 2,87 por MMBTU
Receita total de gás	$187,411

Interesse de investimentos de ativos fiduciários

A confiança mantém reservas de caixa gerando receita de juros. Em dezembro de 2023, os equivalentes totais de caixa e caixa foram de US $ 4,2 milhões, com um rendimento médio de 4,5%.

• Total de reservas de caixa: US $ 4,2 milhões
• Taxa de renda de juros: 4,5%
• Receita de juros anuais: US $ 189.000

Transações periódicas de vendas de ativos ou direitos minerais

Em 2023, o VOC Energy Trust concluiu transações de direitos minerais, totalizando US $ 3,6 milhões.

Distribuições baseadas em desempenho a unitolistas

Para 2023, as distribuições totais para os participantes foram de US $ 12,4 milhões, com uma distribuição por unidade de US $ 0,47.

Métrica de distribuição	Valor
Distribuições totais	US $ 12,4 milhões
Distribuição por unidade	$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.