BP Prudhoe Bay Royalty Trust Announces Planned Increase in Existing Cash Reserve
BP Prudhoe Bay Royalty Trust (BPT)
US:NYSE Investor Relations:
bpt.investorhq.businesswire.com
Company Research
Source: Business Wire
HOUSTON--(BUSINESS WIRE)-- BP Prudhoe Bay Royalty Trust (NYSE: BPT) today announced that its trustee, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), has determined to gradually increase the Trustee’s existing cash reserve for the payment of future expenses and liabilities of the Trust, as permitted by the trust agreement. Commencing with the distribution to unitholders payable in January, 2019, the Trustee intends to begin withholding the greater of $33,750 or 0.17% of the funds otherwise available for distribution each quarter to gradually increase existing cash reserves by a total of approximately $270,000. The Trustee may increase or decrease the targeted amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the tr
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Sec Filings
- 4/5/24 - Form 8-K
- 3/14/24 - Form 10-K
- BPT's page on the SEC website