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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Voc Energy Trust | NYSE:VOC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 1.41% | 5.74 | 5.77 | 5.60 | 5.61 | 39,328 | 22:29:18 |
|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
80-6183103
(I.R.S. Employer
Identification No.) |
|
|
The Bank of New York Mellon
Trust Company, N.A., Trustee Global Corporate Trust 601 Travis Street, Floor 16 Houston, Texas
(Address of principal executive offices)
|
| |
77002
(Zip Code)
|
|
|
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
|
Units of Beneficial Interest
|
| |
VOC
|
| |
New York Stock Exchange
|
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
Emerging growth company ☐ |
|
| | |
Page
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| | | | 67 | | | |
| | | | 67 | | | |
| | | | 68 | | |
| | |
Oil
(MBbls) |
| |
Natural
gas (MMcf) |
| |
Oil
equivalents (MBoe) |
| |||||||||
Proved Developed
|
| | | | 1,949 | | | | | | 1,557 | | | | | | 2,208 | | |
Proved Undeveloped
|
| | | | 470 | | | | | | 468 | | | | | | 548 | | |
Total Proved
|
| | | | 2,419 | | | | | | 2,025 | | | | | | 2,756 | | |
| | |
VOC Energy Trust
|
| |||||||||||||||
| | |
Oil
(MBbl) |
| |
Natural
Gas (MMcf) |
| |
Oil
Equivalents (MBoe) |
| |||||||||
Proved Reserves: | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2017
|
| | | | 4,000 | | | | | | 1,707 | | | | | | 4,285 | | |
Revisions of previous estimates
|
| | | | 809 | | | | | | 824 | | | | | | 946 | | |
Production(1)
|
| | | | (420) | | | | | | (253) | | | | | | (462) | | |
Balance, December 31, 2018
|
| | | | 4,389 | | | | | | 2,278 | | | | | | 4,769 | | |
Revisions of previous estimates
|
| | | | 263 | | | | | | (40) | | | | | | 256 | | |
Production(1)
|
| | | | (489) | | | | | | (287) | | | | | | (537) | | |
Balance, December 31, 2019
|
| | | | 4,163 | | | | | | 1,951 | | | | | | 4,488 | | |
Revisions of previous estimates
|
| | | | (1,310) | | | | | | 364 | | | | | | (1,250) | | |
Production(1)
|
| | | | (434) | | | | | | (290) | | | | | | (482) | | |
Balance, December 31, 2020
|
| | | | 2,419 | | | | | | 2,025 | | | | | | 2,756 | | |
Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2017
|
| | | | 3,343 | | | | | | 1,320 | | | | | | 3,564 | | |
Balance, December 31, 2018
|
| | | | 3,416 | | | | | | 1,574 | | | | | | 3,680 | | |
Balance, December 31, 2019
|
| | | | 3,178 | | | | | | 1,561 | | | | | | 3,438 | | |
Balance, December 31, 2020
|
| | | | 1,949 | | | | | | 1,557 | | | | | | 2,208 | | |
| | |
VOC Energy Trust
|
| |||||||||||||||
| | |
Oil
(MBbl) |
| |
Natural
Gas (MMcf) |
| |
Oil
Equivalents (MBoe) |
| |||||||||
Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2017
|
| | | | 657 | | | | | | 387 | | | | | | 721 | | |
Proved undeveloped reserves converted to proved developed by drilling
|
| | | | (6) | | | | | | 0 | | | | | | (6) | | |
Additional proved undeveloped reserves added
|
| | | | 321 | | | | | | 0 | | | | | | 321 | | |
Revisions of previous estimates
|
| | | | 0 | | | | | | 317 | | | | | | 53 | | |
Balance, December 31, 2018
|
| | | | 972 | | | | | | 704 | | | | | | 1,089 | | |
Proved undeveloped reserves converted to proved developed by drilling
|
| | | | (165) | | | | | | 0 | | | | | | (165) | | |
Additional proved undeveloped reserves added
|
| | | | 401 | | | | | | 0 | | | | | | 401 | | |
Revisions of previous estimates
|
| | | | (223) | | | | | | (314) | | | | | | (275) | | |
Balance, December 31, 2019
|
| | | | 985 | | | | | | 390 | | | | | | 1,050 | | |
Proved undeveloped reserves converted to proved developed by drilling
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Additional proved undeveloped reserves added
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Revisions of previous estimates
|
| | | | (515) | | | | | | 78 | | | | | | (502) | | |
Balance, December 31, 2020
|
| | | | 470 | | | | | | 468 | | | | | | 548 | | |
|
| | |
Proved
Developed Producing |
| |
Proved
Developed Non-Producing |
| |
Proved
Undeveloped |
| |
Total
Proved |
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Net Reserves | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBbl)
|
| | | | 2,292.1 | | | | | | 143.7 | | | | | | 587.6 | | | | | | 3,023.2 | | |
Gas (MMcf)
|
| | | | 1,566.8 | | | | | | 67.5 | | | | | | 368.9 | | | | | | 2,003.2 | | |
NGL (MBbl)
|
| | | | 69.9 | | | | | | 10.1 | | | | | | 55.3 | | | | | | 135.4 | | |
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil
|
| | | $ | 83,143.6 | | | | | $ | 5,374.9 | | | | | $ | 21,778.6 | | | | | $ | 110,297.1 | | |
Gas
|
| | | | 1,729.7 | | | | | | 32.7 | | | | | | 178.9 | | | | | | 1,941.3 | | |
NGL
|
| | | | 830.3 | | | | | | 120.1 | | | | | | 656.9 | | | | | | 1,607.4 | | |
Severance Taxes
|
| | | | 2,743.5 | | | | | | 258.0 | | | | | | 937.2 | | | | | | 3,938.8 | | |
Ad Valorem Taxes
|
| | | | 2,461.5 | | | | | | 190.3 | | | | | | 731.9 | | | | | | 3,383.7 | | |
Operating Expenses
|
| | | | 42.069.9 | | | | | | 292.9 | | | | | | 1,220.3 | | | | | | 43,583.1 | | |
| | |
Proved
Developed Producing |
| |
Proved
Developed Non-Producing |
| |
Proved
Undeveloped |
| |
Total
Proved |
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Workover Expenses
|
| | | | 4,846.6 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 4,846.6 | | |
COPAS Overhead
|
| | | | 6,006.3 | | | | | | 108.8 | | | | | | 344.9 | | | | | | 6,460.0 | | |
Other Deductions
|
| | | | 569.6 | | | | | | 291.6 | | | | | | 1,009.1 | | | | | | 1,870.3 | | |
Investments
|
| | | | 277.2 | | | | | | 2,132.9 | | | | | | 12,735.0 | | | | | | 15,145.1 | | |
80% Net Profits Interest Net Operating Income (NPI)(1)
|
| | | $ | 21,383.3 | | | | | $ | 1,802.5 | | | | | $ | 4,508.8 | | | | | $ | 27,694.6 | | |
80% NPI(2)
|
| | | $ | 15,363.9 | | | | | $ | 952.9 | | | | | $ | 1,163.3 | | | | | $ | 17,480.0 | | |
| | |
Gross
|
| |
Net
|
| ||||||
| | |
(acres)
|
| |||||||||
Developed Acreage: | | | | | | | | | | | | | |
Kansas
|
| | | | 60,639 | | | | | | 35,208.4 | | |
Texas
|
| | | | 23,693 | | | | | | 16,841.3 | | |
Total
|
| | | | 84,332 | | | | | | 52,049.7 | | |
Undeveloped Acreage:
|
| | | | — | | | | | | — | | |
| | |
Operated Wells
|
| |
Non-Operated
Wells |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Oil
|
| | | | 722 | | | | | | 457.3 | | | | | | 30 | | | | | | 7.3 | | | | | | 752 | | | | | | 464.6 | | |
Natural gas
|
| | | | 10 | | | | | | 5.0 | | | | | | 3 | | | | | | 0.7 | | | | | | 13 | | | | | | 5.7 | | |
Total
|
| | | | 732 | | | | | | 462.3 | | | | | | 33 | | | | | | 8.0 | | | | | | 765 | | | | | | 470.3 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Completed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil wells
|
| | | | 2 | | | | | | 0.7 | | | | | | 9 | | | | | | 3.6 | | | | | | — | | | | | | — | | |
Natural gas wells
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-productive
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 2 | | | | | | 0.7 | | | | | | 9 | | | | | | 3.6 | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Sales prices: | | | | | | | | | | | | | | | | | | | |
Oil (per Bbl)
|
| | | $ | 59.18 | | | | | $ | 56.11 | | | | | $ | 43.22 | | |
Natural gas (per Mcf)
|
| | | $ | 3.26 | | | | | $ | 2.90 | | | | | $ | 1.80 | | |
Lease operating expense (per Boe)
|
| | | $ | 21.40 | | | | | $ | 20.29 | | | | | $ | 17.40 | | |
Production and property taxes (per Boe)
|
| | | $ | 3.56 | | | | | $ | 2.81 | | | | | $ | 2.78 | | |
| | |
Proved Reserves(1)
|
| |||||||||||||||||||||||||||||||||
Operating Area
|
| |
Oil
(MBbls) |
| |
Natural
Gas (MMcf) |
| |
Total
(MBoe) |
| |
% of
Total Reserves |
| |
Pre-Tax
PV-10% Value(2) |
| |
% of
Pre-Tax PV-10% Value |
| ||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||
Kansas (157 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fairport
|
| | | | 470 | | | | | | 0 | | | | | | 470 | | | | | | 10.1% | | | | | $ | 3,226 | | | | | | 13.0% | | |
Marcotte
|
| | | | 98 | | | | | | 0 | | | | | | 98 | | | | | | 2.1 | | | | | | 778 | | | | | | 3.1 | | |
Chase-Silica
|
| | | | 89 | | | | | | 0 | | | | | | 89 | | | | | | 1.9 | | | | | | 654 | | | | | | 2.6 | | |
Codell
|
| | | | 71 | | | | | | 0 | | | | | | 71 | | | | | | 1.5 | | | | | | 618 | | | | | | 2.5 | | |
Mueller
|
| | | | 62 | | | | | | 0 | | | | | | 62 | | | | | | 1.3 | | | | | | 489 | | | | | | 2.0 | | |
Rosa Northwest
|
| | | | 39 | | | | | | 0 | | | | | | 39 | | | | | | 0.8 | | | | | | 388 | | | | | | 1.6 | | |
Zurich
|
| | | | 38 | | | | | | 0 | | | | | | 38 | | | | | | 0.8 | | | | | | 334 | | | | | | 1.3 | | |
Griston SW
|
| | | | 27 | | | | | | 0 | | | | | | 27 | | | | | | 0.6 | | | | | | 329 | | | | | | 1.3 | | |
Wesley
|
| | | | 32 | | | | | | 0 | | | | | | 32 | | | | | | 0.7 | | | | | | 245 | | | | | | 1.0 | | |
Bindley
|
| | | | 28 | | | | | | 0 | | | | | | 28 | | | | | | 0.6 | | | | | | 239 | | | | | | 1.0 | | |
Alford
|
| | | | 23 | | | | | | 39 | | | | | | 30 | | | | | | 0.6 | | | | | | 222 | | | | | | 0.9 | | |
Other
|
| | | | 476 | | | | | | 358 | | | | | | 535 | | | | | | 11.7 | | | | | | 46 | | | | | | 0.2 | | |
Kansas Total
|
| | | | 1,453 | | | | | | 397 | | | | | | 1,519 | | | | | | 32.7 | | | | | | 7,568 | | | | | | 30.5 | | |
Texas (5 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kurten
|
| | | | 2,125 | | | | | | 2,976 | | | | | | 2,621 | | | | | | 56.6 | | | | | | 12,740 | | | | | | 51.3 | | |
Hitts Lake North
|
| | | | 446 | | | | | | 0 | | | | | | 446 | | | | | | 9.6 | | | | | | 4,362 | | | | | | 17.6 | | |
Madisonville West
|
| | | | 15 | | | | | | 35 | | | | | | 21 | | | | | | 0.5 | | | | | | 139 | | | | | | 0.5 | | |
Other
|
| | | | 24 | | | | | | 3 | | | | | | 25 | | | | | | 0.6 | | | | | | 30 | | | | | | 0.1 | | |
Texas Total
|
| | | | 2,610 | | | | | | 3,014 | | | | | | 3,113 | | | | | | 67.3 | | | | | | 17,270 | | | | | | 69.5 | | |
Total
|
| | | | 4,063 | | | | | | 3,411 | | | | | | 4,632 | | | | | | 100.0% | | | | | $ | 24,838 | | | | | | 100.0% | | |
| | |
Oil
(MBbl) |
| |
Natural
Gas (MMcf) |
| |
Oil
Equivalents (MBoe) |
| |||||||||
2018
|
| | | | 95 | | | | | | 141 | | | | | | 119 | | |
2019
|
| | | | 169 | | | | | | 193 | | | | | | 201 | | |
2020
|
| | | | 148 | | | | | | 202 | | | | | | 182 | | |
| | |
December 31,
|
| |||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||
Net profits income
|
| | | $ | 5,749,845 | | | | | $ | 9,209,023 | | | | | $ | 12,938,703 | | | | | $ | 12,661,799 | | | | | $ | 5,006,227 | | |
Distributable income
|
| | | $ | 4,845,000 | | | | | $ | 8,415,000 | | | | | $ | 12,070,000 | | | | | $ | 11,815,000 | | | | | $ | 3,825,000 | | |
Distributions per trust unit
|
| | | $ | 0.285 | | | | | $ | 0.495 | | | | | $ | 0.710 | | | | | $ | 0.695 | | | | | $ | 0.225 | | |
Total assets at year end
|
| | | $ | 85,466,531 | | | | | $ | 77,711,186 | | | | | $ | 70,013,155 | | | | | $ | 63,345,900 | | | | | $ | 19,012,202 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Sales volumes: | | | | | | | | | | | | | | | | | | | |
Oil (Bbl)
|
| | | | 528,049(1) | | | | | | 570,216(2) | | | | | | 577,838(3) | | |
Natural gas (Mcf)
|
| | | | 330,982(1) | | | | | | 330,906(2) | | | | | | 358,455(3) | | |
Total (BOE)
|
| | | | 583,213 | | | | | | 625,367 | | | | | | 637,581 | | |
Average sales prices: | | | | | | | | | | | | | | | | | | | |
Oil (per Bbl)
|
| | | $ | 59.18 | | | | | $ | 56.11 | | | | | $ | 43.22 | | |
Natural gas (per Mcf)
|
| | | $ | 3.26 | | | | | $ | 2.90 | | | | | $ | 1.80 | | |
Gross proceeds: | | | | | | | | | | | | | | | | | | | |
Oil sales
|
| | | $ | 31,248,796(1) | | | | | $ | 31,992,019(2) | | | | | $ | 24,976,564(3) | | |
Natural gas sales
|
| | | | 1,079,120(1) | | | | | | 959,126(2) | | | | | | 645,569(3) | | |
Total gross proceeds
|
| | | | 32,327,916 | | | | | | 32,951,145 | | | | | | 25,622,133 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Costs: | | | | | | | | | | | | | | | | | | | |
Production and development costs:
|
| | | | |||||||||||||||
Lease operating expenses
|
| | | | 12,481,714 | | | | | | 12,688,464 | | | | | | 11,094,881 | | |
Production and property taxes
|
| | | | 2,073,953 | | | | | | 1,755,076 | | | | | | 1,774,462 | | |
Development expenses
|
| | | | 1,598,870 | | | | | | 2,680,356 | | | | | | 6,495,006 | | |
Total costs
|
| | | | 16,154,537 | | | | | | 17,123,896 | | | | | | 19,364,349 | | |
Excess of revenues over direct operating expenses and lease equipment and development costs
|
| | | | 16,173,379 | | | | | | 15,827,249 | | | | | | 6,257,784 | | |
Times net profits interest over the term of the Trust
|
| | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments
|
| | | | 12,938,703 | | | | | | 12,661,799 | | | | | | 5,006,227 | | |
Cash reserve
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Income from net profits interest
|
| | | $ | 12,938,703 | | | | | $ | 12,661,799 | | | | | $ | 5,006,227 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Cash
|
| | | $ | 326,132 | | | | | $ | 603,004 | | |
Investment in net profits interest
|
| | | | 140,591,606 | | | | | | 140,591,606 | | |
Accumulated amortization and impairment
|
| | | | (77,571,838) | | | | | | (122,182,408) | | |
Total assets
|
| | | $ | 63,345,900 | | | | | $ | 19,012,202 | | |
TRUST CORPUS
|
| | | | | | | | | | | | |
Trust corpus, 17,000,000 Trust units issued and outstanding at December 31, 2019 and 2020, respectively
|
| | | $ | 63,345,900 | | | | | $ | 19,012,202 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Income from net profits interest
|
| | | $ | 12,938,703 | | | | | $ | 12,661,799 | | | | | $ | 5,006,227 | | |
Cash on hand used (withheld) for Trust expenses
|
| | | | (43,645) | | | | | | 34,033 | | | | | | (276,872) | | |
General and administrative expenses(1)
|
| | | | (825,058) | | | | | | (880,832) | | | | | | (904,355) | | |
Distributable income
|
| | | $ | 12,070,000 | | | | | $ | 11,815,000 | | | | | $ | 3,825,000 | | |
Distributions per Trust unit (17,000,000 Trust units issued and outstanding at December 31, 2018, 2019 and 2020, respectively)
|
| | | $ | 0.710 | | | | | $ | 0.695 | | | | | $ | 0.225 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Trust corpus, beginning of year
|
| | | $ | 77,711,186 | | | | | $ | 70,013,155 | | | | | $ | 63,345,900 | | |
Income from net profits interest
|
| | | | 12,938,703 | | | | | | 12,661,799 | | | | | | 5,006,227 | | |
Cash distributions
|
| | | | (12,070,000) | | | | | | (11,815,000) | | | | | | (3,825,000) | | |
Trust expenses
|
| | | | (825,058) | | | | | | (880,832) | | | | | | (904,355) | | |
Amortization of net profits interest (includes impairment expense of $41,261,354 for the year ended December 31, 2020)
|
| | | | (7,741,676) | | | | | | (6,633,222) | | | | | | (44,610,570) | | |
Trust corpus, end of year
|
| | | $ | 70,013,155 | | | | | $ | 63,345,900 | | | | | $ | 19,012,202 | | |
|
Oil and gas properties
|
| | | $ | 197,270,173 | | |
|
Accumulated depreciation and depletion
|
| | | | (17,681,155) | | |
|
Hedge liability
|
| | | | (1,717,713) | | |
|
20-year asset retirement liability
|
| | | | (2,131,797) | | |
|
Net property value to be conveyed
|
| | | | 175,739,508 | | |
|
Times 80% net profits interest to Trust
|
| | | $ | 140,591,606 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Excess of revenues over direct operating expenses and lease equipment and development costs(1)
|
| | | $ | 16,173,379 | | | | | $ | 15,827,249 | | | | | $ | 6,257,784 | | |
Times net profits interest over the term of the Trust
|
| | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments
|
| | | | 12,938,703 | | | | | | 12,661,799 | | | | | | 5,006,227 | | |
Cash reserve(2)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Income from net profits interest
|
| | | $ | 12,938,703(3) | | | | | $ | 12,661,799(4) | | | | | $ | 5,006,227(5) | | |
Date paid
|
| |
Period covered
|
| |
Distribution
per unit |
| |
Available
distribution before reserve change |
| |
Reserve
released (established) to (from) distribution(1) |
| |
Total
distribution |
| |||
February 14, 2018
|
| |
October 1, 2017 through December 31, 2017
|
| | | $ | 0.11 | | | |
$1.87 million
|
| |
$0
|
| |
$1.87 million
|
|
May 15, 2018
|
| | January 1, 2018 through March 31, 2018 | | | | $ | 0.18 | | | |
$3.06 million
|
| |
$0
|
| |
$3.06 million
|
|
August 14, 2018
|
| | April 1, 2018 through June 30, 2018 | | | | $ | 0.20 | | | |
$3.4 million
|
| |
$0
|
| |
$3.4 million
|
|
November 14, 2018
|
| | July 1, 2018 through September 30, 2018 | | | | $ | 0.22 | | | |
$3.74 million
|
| |
$0
|
| |
$3.74 million
|
|
February 14, 2019
|
| |
October 1, 2018 through December 31, 2018
|
| | | $ | 0.145 | | | |
$2.465 million
|
| |
$0
|
| |
$2.465 million
|
|
May 15, 2019
|
| | January 1, 2019 through March 31, 2019 | | | | $ | 0.16 | | | |
$2.72 million
|
| |
$0
|
| |
$2.72 million
|
|
August 14, 2019
|
| | April 1, 2019 through June 30, 2019 | | | | $ | 0.205 | | | |
$3.485 million
|
| |
$0
|
| |
$3.485 million
|
|
November 14, 2019
|
| | July 1, 2019 through September 30, 2019 | | | | $ | 0.185 | | | |
$3.145 million
|
| |
$0
|
| |
$3.145 million
|
|
February 14, 2020
|
| |
October 1, 2019 through December 31, 2019
|
| | | $ | 0.11 | | | |
$1.87 million
|
| |
$0
|
| |
$1.87 million
|
|
May 15, 2020
|
| | January 1, 2020 through March 31, 2020 | | | | $ | 0.03 | | | |
$0.51 million
|
| |
$0
|
| |
$0.51 million
|
|
August 14, 2020
|
| | April 1, 2020 through June 30, 2020 | | | | $ | 0.00 | | | |
$(0.007 million)
|
| |
$0.007 million
|
| |
$0.00(2)
|
|
November 13, 2020
|
| | July 1, 2020 through September 30, 2020 | | | | $ | 0.085 | | | |
$1.452 million
|
| |
$(0.007 million)
|
| |
$1.445 million
|
|
| | |
Oil (Bbls)
|
| |
Gas (Mcf)
|
| |
Oil
Equivalents (Boe) |
| |||||||||
Proved reserves | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2017
|
| | | | 4,000,442 | | | | | | 1,706,993 | | | | | | 4,284,940 | | |
Revisions of previous estimates
|
| | | | 808,483 | | | | | | 824,461 | | | | | | 945,893 | | |
Production
|
| | | | (419,865) | | | | | | (252,933) | | | | | | (462,021) | | |
Balance at December 31, 2018
|
| | | | 4,389,060 | | | | | | 2,278,521 | | | | | | 4,768,812 | | |
Revisions of previous estimates
|
| | | | 263,151 | | | | | | (40,546) | | | | | | 256,393 | | |
Production
|
| | | | (489,538) | | | | | | (286,688) | | | | | | (537,319) | | |
Balance at December 31, 2019
|
| | | | 4,162,673 | | | | | | 1,951,287 | | | | | | 4,487,886 | | |
Revisions of previous estimates
|
| | | | (1,310,389) | | | | | | 363,950 | | | | | | (1,249,731) | | |
Production
|
| | | | (433,555) | | | | | | (290,246) | | | | | | (481,929) | | |
Balance at December 31, 2020
|
| | | | 2,418,729 | | | | | | 2,024,991 | | | | | | 2,756,226 | | |
Proved developed reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| | | | 3,343,604 | | | | | | 1,319,961 | | | | | | 3,563,598 | | |
December 31, 2018
|
| | | | 3,417,252 | | | | | | 1,574,826 | | | | | | 3,679,723 | | |
December 31, 2019
|
| | | | 3,178,009 | | | | | | 1,561,446 | | | | | | 3,438,250 | | |
December 31, 2020
|
| | | | 1,948,646 | | | | | | 1,557,190 | | | | | | 2,208,178 | | |
Proved undeveloped reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| | | | 656,838 | | | | | | 387,032 | | | | | | 721,348 | | |
Proved undeveloped reserves converted to proved developed by drilling
|
| | | | (6,138) | | | | | | 0 | | | | | | (6,138) | | |
Additional proved undeveloped reserves added
|
| | | | 321,318 | | | | | | 0 | | | | | | 321,318 | | |
Revisions of previous estimates
|
| | | | (210) | | | | | | 316,663 | | | | | | 52,563 | | |
December 31, 2018
|
| | | | 971,808 | | | | | | 703,695 | | | | | | 1,089,091 | | |
Proved undeveloped reserves converted to proved developed by drilling
|
| | | | (165,102) | | | | | | 0 | | | | | | (165,102) | | |
Additional proved undeveloped reserves added
|
| | | | 400,768 | | | | | | 0 | | | | | | 400,768 | | |
Revisions of previous estimates
|
| | | | (222,810) | | | | | | (313,854) | | | | | | (275,121) | | |
December 31, 2019
|
| | | | 984,664 | | | | | | 389,841 | | | | | | 1,049,636 | | |
Revisions of previous estimates
|
| | | | (514,581) | | | | | | 77,960 | | | | | | (501,588) | | |
December 31, 2020
|
| | | | 470,083 | | | | | | 467,801 | | | | | | 548,048 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Future cash inflows
|
| | | $ | 281,011,675 | | | | | $ | 224,171,275 | | | | | $ | 91,076,687 | | |
Future costs | | | | | | | | | | | | | | | | | | | |
Production
|
| | | | (119,188,552) | | | | | | (102,515,687) | | | | | | (51,266,008) | | |
Development
|
| | | | (18,366,023) | | | | | | (26,173,044) | | | | | | (12,116,113) | | |
Future net cash flows
|
| | | | 143,457,100 | | | | | | 95,482,544 | | | | | | 27,694,566 | | |
Less 10% discount factor
|
| | | | (49,306,650) | | | | | | (33,353,400) | | | | | | (10,214,536) | | |
Standardized measure of discounted future net cash flows
|
| | | $ | 94,150,450 | | | | | $ | 62,129,144 | | | | | $ | 17,480,030 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Standardized measure at beginning of year
|
| | | $ | 45,242,034 | | | | | $ | 94,150,450 | | | | | $ | 62,129,144 | | |
Net proceeds to the Trust
|
| | | | (12,938,703) | | | | | | (12,661,799) | | | | | | (5,006,227) | | |
Net changes in price and production costs
|
| | | | 36,547,709 | | | | | | (22,184,499) | | | | | | (32,370,351) | | |
Changes in estimated future development costs
|
| | | | (1,475,007) | | | | | | (6,456,104) | | | | | | 7,551,718 | | |
Development costs incurred during the year
|
| | | | 102,765 | | | | | | 431,120 | | | | | | 4,283,614 | | |
Revisions of quantity estimates
|
| | | | 19,194,422 | | | | | | 5,202,758 | | | | | | (15,274,648) | | |
Accretion of discount
|
| | | | 4,524,203 | | | | | | 9,415,045 | | | | | | 6,212,914 | | |
Changes in production rates, timing and other
|
| | | | 2,953,027 | | | | | | (5,767,827) | | | | | | (10,046,134) | | |
Standardized measure at end of year
|
| | | $ | 94,150,450 | | | | | $ | 62,129,144 | | | | | $ | 17,480,030 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Oil (per Bbl)
|
| | | $ | 62.58 | | | | | $ | 52.94 | | | | | $ | 36.48 | | |
Gas (per Mcf)
|
| | | $ | 2.78 | | | | | $ | 1.90 | | | | | $ | 0.97 | | |
| | |
Summarized Quarterly Results
Three Months Ended |
| |||||||||||||||||||||
| | |
March 31
|
| |
June 30
|
| |
September 30
|
| |
December 31
|
| ||||||||||||
| | |
(All numbers in thousands except per unit amounts)
|
| |||||||||||||||||||||
2019: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from net profits interest
|
| | | $ | 2,610 | | | | | $ | 2,959 | | | | | $ | 3,752 | | | | | $ | 3,341 | | |
Distributable income
|
| | | $ | 2,465 | | | | | $ | 2,720 | | | | | $ | 3,485 | | | | | $ | 3,145 | | |
Distributions per unit
|
| | | $ | 0.1450 | | | | | $ | 0.1600 | | | | | $ | 0.2050 | | | | | $ | 0.1850 | | |
2020: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from net profits interest
|
| | | $ | 2,073 | | | | | $ | 1,438 | | | | | $ | 0 | | | | | $ | 1,495 | | |
Distributable income
|
| | | $ | 1,870 | | | | | $ | 510 | | | | | $ | 0 | | | | | $ | 1,445 | | |
Distributions per unit
|
| | | $ | 0.1100 | | | | | $ | 0.0300 | | | | | $ | 0.0000 | | | | | $ | 0.0850 | | |
Beneficial Owner
|
| |
Trust Units
Beneficially Owned |
| |
Percent of
Class(1) |
| ||||||
VOC Partners, LLC(2)
|
| | | | 4,252,250 | | | | | | 25.0% | | |
Robert J. Raymond(3)
|
| | | | 1,856,962 | | | | | | 10.9% | | |
| | |
2019
|
| |
2020
|
| ||||||
Audit fees
|
| | | $ | 210,000 | | | | | $ | 220,500 | | |
Audit related fees
|
| | | | — | | | | | | — | | |
Tax fees
|
| | | | — | | | | | | — | | |
All other fees
|
| | | | — | | | | | | — | | |
Total fees
|
| | | $ | 210,000 | | | | | $ | 220,500 | | |
| | |
Page in this
Form 10-K |
| |||
VOC Energy Trust | | | | | | | |
| | | | 52 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 54 | | |
| | | | VOC ENERGY TRUST | | |||
| | | | By: | | |
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., AS TRUSTEE |
|
| | | | By | | |
/s/ ELAINA C. RODGERS
Elaina C. Rodgers
Vice President |
|
1 Year Voc Energy Chart |
1 Month Voc Energy Chart |
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