Re: WHX - Whiting USA Trust I (NYSE Stock)
Whiting USA Trust I Announces Trust Quarterly Distribution
4:53p ET February 7, 2013 (Business Wire) Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in 2013, which relates to net profits generated during the fourth quarterly payment period of 2012.
Unitholders of record on February 19, 2013 will receive a distribution amounting to $8,008,030 or $0.577618 per unit, which is payable on or before March 1, 2013.
Volumes, average sales prices and net profits for the quarterly payment period were:
Sales volumes:
Oil (Bbl) 184,257
Natural gas (Mcf) 647,344
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Total (BOE) 292,148
Average sales prices:
Oil (per Bbl) $ 77.86
Natural gas (per Mcf) $ 3.08
Gross proceeds:
Oil sales $ 14,347,061
Natural gas sales 1,992,164
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Total gross proceeds $ 16,339,225
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Costs:
Lease operating expenses(1) $ 7,471,849
Production taxes 1,166,362
Realized gains on hedging settlements (1,380,969 )
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Total costs $ 7,257,242
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Net profits $ 9,081,983
Percentage allocable to Trust's Net Profits Interest 90 %
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Total cash available for the Trust $ 8,173,785
Provision for estimated Trust expenses (100,000 )
Montana state income taxes withheld (65,755 )
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Net cash proceeds available for distribution $ 8,008,030
Trust units outstanding 13,863,889
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Cash distribution per Trust unit $ 0.577618
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(1) The Trust's underlying properties incurred increases in lease operating expenses during 2012 related to a higher level of workover activity and increased costs of oil field goods and services associated with higher demand in the industry.
The net profits interest represents the right to receive 90% of the net proceeds from Whiting Petroleum Corporation's interests in certain existing oil and natural gas producing properties located primarily in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United States. The net profits interest will terminate when 9.11 MMBOE have been produced and sold from the underlying properties (which amount is equivalent to 8.20 MMBOE attributable to the net profits interest), and the Trust will soon thereafter wind up its affairs and terminate, after which it will pay no further distributions.
As of December 31, 2012, on a cumulative accrual basis, 6.10 MMBOE (74%) of the Trust's total 8.20 MMBOE have been produced and sold. Based on the Trust's reserve report for the underlying properties as of December 31, 2012, the 9.11 MMBOE of reserves (8.20 MMBOE to the 90% net profits interest) are projected to be produced from the underlying properties by June 30, 2015, which reflects expected year over year decline rates ranging from approximately 9% to 11% between 2013 and 2015. However, the rate of future production cannot be predicted with certainty, and 9.11 MMBOE (8.20 MMBOE to the 90% net profits interest) may be produced before or after the currently projected date. In addition, cash distributions to unitholders may decline at a faster rate than the rate of production due to fixed and semi-variable costs attributable to the underlying properties.
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Last edited by BadThad; 02-08-2013 at 09:58 AM.
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