Pacific Coast Oil Trust (NYSE: ROYT) declared a cash distribution to the holders of its units of beneficial interest of $0.15761 per unit payable on Oct. 14 to unitholders of record on Oct. 4.
The trust’s distribution relates to net profits and overriding royalties generated during August as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $6.1 million is lower than the previous month ($0.15761 per unit vs. $0.16990 per unit) principally due to higher capital expenditures, lower average realized oil prices, which was partially offset by higher production. Production was 6.8 thousand barrels of oil equivalent (MBOE), or 5% higher than July. Average realized prices were $100.61, or less than 1% lower than prior month.
The current net profits amount from the developed properties was approximately $6 million, after receipt by PCEC from its counterparties of $0.3 million related to the settlement of applicable hedge contracts during the period. The current month’s lease operating expenses were in-line with prior month. The current month’s capital expenditures for the developed properties were $1 million compared to $0.5 million from the prior month. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the remaining properties which produced 31,129 BOE from 37 Orcutt Diatomite wells and two Orcutt Field wells. The cumulative deficit of the net profits interest on the remaining properties, including the 7.5% overriding royalty payments, decreased from $3.9 million to $3.5 million during the month.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled $0.1 million and were deducted in the calculation of the total distribution.
PCEC’s Sales Volumes & Prices For August
Developed Properties (a)
Remaining Properties (b)
(a) Crude oil sales represented 97% of sales volumes.
(b) Crude oil sales represented 100% of sales volumes.
Source: Pacific Coast Oil Trust
Pacific Coast Oil Trust is an independent energy company owning net profits interests in the sale of oil and natural gas production. The company is based in Austin, Texas.