BP Prudhoe Bay Royalty Trust

New York, NY United States

  (NYSE: BPT)

Company Description

BP Prudhoe Bay Royalty Trust may not literally be on top of the world, but it's close: It makes its money from assets at the top end of Alaska (the North Slope). The trust was set up in 1989 by The Standard Oil Company and BP Exploration (both part of BP), along with The Bank of New York to passively administer overriding royalty interests. It distributes royalties on 16.4% of the first 90,000 barrels of the average actual daily net production per quarter from BP's working interest in the Prudhoe Bay Field, one of the largest oil-producing areas in North America. BP Prudhoe Bay Royalty Trust owns net interests in proved remaining reserves of 55 million barrels of crude oil and condensate at the site.