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Sell BP Prudhoe Bay Royalty Trust: Chargeable Costs Schedule Implies 70% Downside [Seeking Alpha]

BP Prudhoe Bay Royalty Trust (BPT)  More Company Research Source: Seeking Alpha
US:NYSE Investor Relations: bpt.investorhq.businesswire.com
PDF Sell BP Prudhoe Bay Royalty Trust: Chargeable Costs Schedule Implies 70% DownsideSummaryAs a trust, BPT's only asset is a royalty interest in BP Alaska's Prudhoe Bay oilfield, and it can't make acquisitions or grow organically.Due largely to rising chargeable costs set forth under the trust formation document, we believe BPT will cease to exist around the end of 2020.BPT rates a sell as only an unrealistic rise in commodity prices can justify the current price near $29.My base case model suggests a fair value of below $7/share. [Read more]
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