Profile: BP Prudhoe Bay Royalty Trust (BPT)
24 Jul 2014
BP Prudhoe Bay Royalty Trust (the Trust), incorporated on February 21, 1989, is a grantor trust. The Royalty Interest is a non-operational interest in minerals. The Royalty Interest is a non-operational interest in minerals. The Royalty Interest represents the right to receive a per barrel royalty (the Per Barrel Royalty) of 16.4246% on the lesser of the first 90,000 barrels of the average actual daily net production of oil and condensate per quarter or the average actual daily net production of oil and condensate per quarter from BP Exploration (Alaska) Inc. (BP Alaska) working interest as of February 28, 1989 in the Prudhoe Bay field, located on the North Slope of Alaska. The Prudhoe Bay field is one of four contiguous North Slope oil fields that are operated by BP Alaska and are known collectively as the Prudhoe Bay Unit. Standard Oil and BP Alaska are indirect wholly owned subsidiaries of BP p.l.c. (BP).
The Prudhoe Bay field is located on the North Slope of Alaska, 250 miles north of the Arctic Circle and 650 miles north of Anchorage. The Prudhoe Bay field extends approximately 12 miles by 27 miles and contains nearly 150,000 gross productive acres. Approximately 45% of the acreage within the field is subject to the Royalty Interest granted to the Trust by the Conveyance. As of December 31, 2012, approximately 11.43 billion barrels of oil and condensate had been produced from the Prudhoe Bay field. As of December 31, 2012 there were about 1,143 active producing oil wells, 33 gas reinjection wells, 164 water injection wells and 24 water and miscible gas injection wells in the Prudhoe Bay field. Production wells drilled in the field during the three years ended December 31, 2012 were 44. The average well production rate was about 197 barrels per day in 2012. The trustees of the Trust are The Bank of New York Mellon Trust Company, N.A. and BNY Mellon Trust of Delaware serves as a co-trustee.
BP Prudhoe Bay Royalty Trust
The Bank of NewYork Mellon Trust
N.A., 919 Congress Ave
AUSTIN TX 10286