Calculation of Net Profits Income
Taxes, transportation and other 2,909,480 1,522,567
(a) Because of the interval between time of production and receipt of net profits
income by the Trust, oil and gas sales for the year ended
generally relate to oil production from November through October and gas
production from October through September, while oil and gas sales for the
quarter ended
through October and gas production from July through September.
(b) Oil and gas sales volumes are allocated to the net profits interests by
dividing Trust net cash inflows by average sales prices. As oil and gas
prices change, the Trust’s allocated production volumes are impacted as the
quantity of production necessary to cover expenses changes inversely with
price. As such, the underlying property production volume changes may not
correlate with the Trust’s allocated production volumes in any given period.
Therefore, comparative discussion of oil and gas sales volumes is based on
the underlying properties.
(c) Production expense includes an overhead charge which is deducted and retained
by the operator.
costs associated with monitoring these interests. See Note 5 to Financial
Statements under Item 8. Financial Statements and Supplementary Data.
(d) See Note 7 to Financial Statements under Item 8. Financial Statements and
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Results of Operations
Years Ended
Volumes
Gas. Underlying gas sales volumes increased 47 percent from 2021 to 2022 primarily because of timing of cash receipts, partially offset by natural production decline.
The estimated rate of natural production decline on the underlying oil and gas properties is approximately 6 to 8 percent a year.
Prices
Costs
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Other Proceeds
The calculation of net profits income for the year ended
Administration expense was
Distributions to unitholders for the quarter ended
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Prices
Costs
Liquidity and Capital Resources
Greenhouse Gas Emissions and Climate Change Regulations
Off-Balance Sheet Arrangements
Related Party Transactions
The underlying properties from which the net profits interests were carved are currently owned by
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Other than these properties,
The calculation of net profits income for the year ended
On
The financial statements of the Trust are significantly affected by its basis of accounting and estimates related to its oil and gas properties and proved reserves, as summarized below.
Basis of Accounting
Impairment of Net Profits Interests
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Net profits interests in oil and gas properties
Oil and Gas Reserves
Forward-Looking Statements
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