Executive Summary

The Trust declared a final cash distribution of $4,816,007 ($0.2250471 per unit) payable on or about Oct 20, 2025, funded by the $3,700,000 sale of the overriding royalty interest to GREP V Holdings plus a $1,831,818 reserve release, net of $715,811 sale/other expenses and a $1,000,000 wind‑up reserve .
The asset sale closed effective July 1, 2025; the Trust will not receive any further proceeds from production and will not make any further regular quarterly distributions from royalty operations .
Units will be cancelled following payment of the final distribution; the Trustee intends to file a Form 15 to suspend reporting and expects completion of winding up before year‑end 2025 .
Operationally, royalty economics remained unfavorable before the sale: Q2 2025 WTI averaged $63.95 vs adjusted chargeable costs of $99.63, yielding a negative per‑barrel royalty of $(37.83) .
Trading mechanics: 99.7% of units were held by Cede & Co. as of Sep 22; the Oct 15, 2025 record date applies to holders of record, while FINRA sets the ex‑date determining street‑name eligibility (ex‑date not set at press time) .

What Went Well and What Went Wrong

What Went Well

Monetization and return of capital: The Trust closed the asset sale and declared a final distribution of $0.2250471 per unit, stating “This distribution is expected to be the final distribution made to the Trust’s unitholders” .
Reserve release increased payout: The Trustee released $1,831,818 from prior cash reserves to fund the distribution .
Clear wind‑down plan: The Trustee intends to file Form 15 and expects to complete cancellation/wind‑up before year‑end 2025, providing visibility on the dissolution timeline .

What Went Wrong

Underlying royalty economics deteriorated: Q2 2025 WTI averaged $63.95 while adjusted chargeable costs were $99.63; production taxes were $2.15, resulting in a negative per‑barrel royalty of $(37.83) .
Continued cash losses pre‑sale: Q2 2025 cash earnings (loss) were $(552) thousand with no royalty revenues or distributions, reflecting admin expenses funded from reserves .
Listing downgrade prior to dissolution: The Trust was suspended and delisted from NYSE, moving to OTC Pink on July 1, 2025, reducing trading liquidity ahead of cancellation .

Financial Results

Distribution and Wind‑down Accounting (Q3 2025)

Metric	Q3 2025
Proceeds from sale of Trust assets ($)	3,700,000
Expenses of sale and other accrued expenses ($)	(715,811)
Net proceeds from sale ($)	2,984,189
Release of previously withheld cash reserves ($)	1,831,818
Reserved for remaining wind‑up expenses ($)	(1,000,000)
Distributable income ($)	4,816,007
Distributable income per unit ($/unit)	0.2250471

Royalty Revenues, Cash Earnings, and Distributions (Comparatives)

Metric	Q2 2024	Q2 2025	Q3 2025
Royalty revenues ($)	0	0	N/A (distribution from asset sale)
Cash earnings (loss) ($000s)	(494)	(552)	N/A (distribution from asset sale)
Cash distributions per unit ($)	0.00	0.00	0.2250471

Notes: Q3 2025 payout reflects asset sale proceeds and reserve release rather than royalty operations .

Operating KPIs Driving Royalty (for context)

KPI	Q1 2024	Q1 2025	Q2 2025
Average WTI Price ($/bbl)	77.01	71.50	63.95
Adjusted Chargeable Costs ($/bbl)	89.61	98.89	99.63
Average Production Taxes ($/bbl)	2.69	2.46	2.15
Average Per‑Barrel Royalty ($/bbl)	(15.28)	(29.85)	(37.83)
Average Net Production (mb/d)	66.8	65.6	63.3

Segment breakdown: Not applicable (royalty trust). Non‑GAAP adjustments: Not applicable; statements prepared on modified cash basis .

Guidance Changes

Metric	Period	Previous Guidance/Disclosure	Current Update	Change
Regular quarterly distributions	Post‑sale 2025+	Trust will not make any further regular quarterly distributions due to sale effective July 1, 2025	Reiterated; no further regular distributions post‑sale	Maintained
Final distribution amount/timing	Oct 2025	Expected distribution of net sale proceeds “on or about October 20, 2025” to holders of record Oct 15, 2025	Final distribution set at $4,816,007 or $0.2250471 per unit; payable on or about Oct 20, 2025	Finalized
Potential subsequent residual distribution	Wind‑up	Possible if reserve cash remains after paying remaining expenses/liabilities	Reiterated; any remaining reserve will be distributed in a subsequent payment	Maintained
SEC reporting status	Post‑final distribution	Intends to file Form 15 to suspend reporting	Trustee intends to file Form 15; cease SEC filings thereafter	Maintained
Units status	Post‑final distribution	N/A	Units will be cancelled after final distribution	New disclosure (timing)

Earnings Call Themes & Trends

No earnings call transcript was found for Q3 2025 in company filings. We searched for “earnings-call-transcript” in Q3 2025 and prior two quarters and found none.

Topic	Previous Mentions (Q‑2 and Q‑1)	Current Period (Q3 2025)	Trend
Royalty economics (WTI vs break‑even)	Q1 and Q2 2025 WTI below break‑even; negative per‑barrel royalties (e.g., Q1 2025: WTI $71.50, adjusted costs $98.89; Q2 2025: WTI $63.95, adjusted costs $99.63)	Operational payments cease post‑sale; no further production‑based proceeds	Deteriorated → moot post‑sale
Termination and asset sale	Trust terminated Dec 31, 2024; marketing process underway mid‑2025	Sale closed for $3.7M; final distribution declared	Concluded
Listing/trading venue	Delisted from NYSE; began OTC Pink trading Jul 1, 2025	Units to be cancelled after final distribution	Trading ceases
Regulatory/filing status	Planned Form 15 post‑termination	Intends to file Form 15 and cease SEC filings post‑distribution	Maintained
Distribution policy	No distributions in 1H25; reserves funding admin costs	Final distribution from sale and reserve release; possible residual	Finalized

Management Commentary

“This distribution is expected to be the final distribution made to the Trust’s unitholders, however, if any cash reserves remain following the payment of the Trust’s estimated remaining expenses and liabilities, the Trustee will make a subsequent distribution to unitholders of such amount.” (Trust press release, Oct 9, 2025) .
“The Trust units will be cancelled following the payment of the final distribution. As part of the winding up process, the Trustee intends to file a Form 15… The Trust will therefore cease making filings with the SEC…” .
“Because the Agreement entitles the Purchaser to revenues from the oil production attributable to the Royalty Interest from July 1, 2025, the Trust will not receive any further proceeds from such production and therefore will not make any further regular quarterly cash distributions…” .

Q&A Highlights

No Q&A this quarter; no earnings call transcript was filed for Q3 2025.

Estimates Context

Wall Street consensus (S&P Global) for Q3 2025 EPS/Revenue/EBITDA/Target Price was not available for BP Prudhoe Bay Royalty Trust; the Trust does not report GAAP EPS and is in dissolution.
Where applicable in prior periods, the Trust’s financial statements are prepared on a modified cash basis (not GAAP) .

Key Takeaways for Investors

Final cash distribution of $0.2250471 per unit has been declared; payment expected on or about Oct 20, 2025, with record date Oct 15, 2025; ex‑date to be set by FINRA (not the Trustee) .
Units will be cancelled after the final distribution; the Trustee intends to file Form 15 and cease SEC reporting; wind‑up expected to complete before year‑end 2025 .
No further regular quarterly distributions will be made from royalty production due to the sale effective July 1, 2025 .
A subsequent small residual distribution is possible if wind‑up leaves excess reserves; entitlement remains with holders of record as of Oct 15, 2025 .
Withholding on distributions to non‑U.S. persons applies under Sections 1446/1441; brokers should withhold at applicable rates per the Trust’s qualified notice .
Mechanical/trading reminder: 99.7% of units are held by Cede & Co.; street‑name eligibility depends on FINRA‑set ex‑date, not the record date .
Pre‑sale operating metrics underscore why dissolution proceeded: WTI persistently below break‑even with negative per‑barrel royalties in 1H25 .

Citations:

Q3 2025 8‑K and press release (final distribution, reserve release, unit cancellation, Form 15):
Sale agreement details and cessation of regular distributions (effective July 1, 2025):
Q2 2025 10‑Q (no royalties, cash losses, WTI vs costs, delisting to OTC Pink, termination background):

BP PRUDHOE BAY ROYALTY TRUST (BPPTU)·Q3 2025 Earnings Summary