Executive Summary

BPT reported no Q2 2024 distribution as the average daily WTI price ($80.62/bbl) sat below the quarter’s “break-even” (WTI less adjusted chargeable costs and production taxes), yielding a negative per-barrel royalty of -$12.89 and a $0.00/unit dividend .
Sequentially, the per-barrel royalty improved (less negative) versus Q1 2024 (-$15.28) on higher WTI, but worsened year over year versus Q2 2023 (-$10.19) as adjusted chargeable costs rose materially; distributions remained $0.00 across all three periods .
The Trust provided no guidance and held no earnings call; the press release reiterated the calculation mechanics and that payments cannot be less than zero when inputs drive a negative result .
Stock-relevant catalysts remain purely mechanical: sustained WTI above adjusted chargeable costs plus production taxes, a moderation in chargeable cost escalators, changes in production taxes, or higher net production; absent these, distributions are likely to remain zero .

What Went Well and What Went Wrong

Sequential improvement in oil pricing reduced the magnitude of the negative per-barrel royalty: Q2 2024 WTI averaged $80.62 vs. $77.01 in Q1 2024, lifting per-barrel royalty from -$15.28 to -$12.89 .
The Trust reaffirmed transparent mechanics for royalty calculations (WTI less adjusted chargeable costs and production taxes), aiding investor modeling and expectations management: “the Per Barrel Royalty for any day is the WTI Price … less … (i) Chargeable Costs … and (ii) Production Taxes” .
The cash distribution formula’s downside floor removes negative carry risk: “the payment … may not be less than zero” .

Distributions remained suspended: Q2 2024 dividend rate was $0.00 per unit (ex-date July 12, record July 15) as per-barrel royalty stayed negative .
Year-over-year pressure from higher adjusted chargeable costs ($90.69 in Q2 2024 vs. $81.38 in Q2 2023) offset higher WTI, worsening the per-barrel royalty to -$12.89 from -$10.19 .
Average net production trended lower versus both Q1 2024 and Q2 2023 (61.5 mb/d in Q2 2024 vs. 66.8 mb/d in Q1 2024 and 65.9 mb/d in Q2 2023), compounding the headwind to potential distributions if pricing remains below break-even .

Royalty calculation and operating inputs

Metric (units)	Q2 2023	Q1 2024	Q2 2024
Average WTI Price ($/bbl)	$73.76	$77.01	$80.62
Average Adjusted Chargeable Costs ($/bbl)	$81.38	$89.61	$90.69
Average Production Taxes ($/bbl)	$2.57	$2.69	$2.83
Average Per Barrel Royalty ($/bbl)	-$10.19	-$15.28	-$12.89
Average Net Production (mb/d)	65.9	66.8	61.5

Distribution and key dates

Item	Q2 2023	Q1 2024	Q2 2024
Dividend Rate ($/Unit)	$0.00	$0.00	$0.00
Ex-Dividend Date	Jul 14, 2023	Apr 12, 2024	Jul 12, 2024
Record Date	Jul 17, 2023	Apr 15, 2024	Jul 15, 2024
Payable Date	None	None	None

Notes:

The Trust reiterated that when the calculation yields a negative value, the quarterly payment “may not be less than zero,” leading to no distributions .

Segment breakdown/KPIs: Not applicable beyond the inputs disclosed above; BPT is a royalty trust without operating segments .

The Trust does not issue formal guidance; the Q2 2024 8‑K/press release contained no forward guidance beyond disclosing inputs and mechanics .

Metric	Period	Previous Guidance	Current Guidance	Change
Cash distribution	N/A	N/A	No formal guidance provided	N/A

No earnings call or transcript was filed for Q2 2024; themes below reflect press-release disclosures across periods.

Topic	Q4 2023 (Q-2)	Q1 2024 (Q-1)	Q2 2024 (Current)	Trend
WTI vs. “break-even”	WTI below break-even; negative per-barrel royalty, $0.00 distribution	WTI below break-even; negative per-barrel royalty, $0.00 distribution	WTI below break-even; negative per-barrel royalty, $0.00 distribution	Unchanged (below break-even)
Adjusted chargeable costs	$82.16/bbl	$89.61/bbl	$90.69/bbl	Up YoY and QoQ
Production taxes	$2.75/bbl	$2.69/bbl	$2.83/bbl	Stable/slightly higher
Average net production	68.0 mb/d	66.8 mb/d	61.5 mb/d	Down sequentially and YoY
Distribution policy	Payment cannot be less than zero; dividend $0.00	Payment cannot be less than zero; dividend $0.00	Payment cannot be less than zero; dividend $0.00	Unchanged

“Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes.”
“The average daily closing WTI price was below the ‘break-even’ price for the quarter, resulting in a negative value for the payment calculation for the quarter.”
“The payment with respect to the Royalty Interest for any calendar quarter may not be less than zero.”

No earnings call or Q&A was provided for Q2 2024; communication was via 8‑K and press release only .

We were unable to retrieve S&P Global (Capital IQ) Wall Street consensus estimates for BPT via our data connector (no CIQ mapping available), so comparisons to consensus EPS/revenue/FCF and estimate revisions are unavailable at this time. As a royalty trust, BPT typically is modeled on the disclosed mechanical formula rather than traditional operating guidance.
Implication: Absent consensus, investor models should key off the reported inputs (WTI, adjusted chargeable costs, production taxes, net production) and scenario analyses for WTI relative to the “break-even” level .

Distribution remains $0.00/unit in Q2 2024 as the per-barrel royalty stayed negative (-$12.89), with WTI ($80.62) below adjusted costs plus taxes ($90.69 + $2.83) .
Sequential dynamics improved modestly (less negative royalty vs. Q1’s -$15.28) on higher WTI, but YoY worsened (from -$10.19) due to higher adjusted chargeable costs; net production fell to 61.5 mb/d, further limiting payout potential .
Core catalyst: a sustained move in WTI above the quarter’s effective “break-even” plus any moderation in adjusted chargeable costs or production taxes could re-open distributions; the calculation is mechanical and transparent .
Risk skew remains to continued $0.00 distributions if WTI lags escalating chargeable costs and/or production taxes, or if net production trends lower .
Trading implications: BPT’s near-term performance is highly levered to front-month WTI levels relative to the disclosed cost/tax stack; options for positioning revolve around oil price scenarios rather than company-specific execution (no operating control at the Trust level) .
With no formal guidance or earnings call, monitoring quarterly 8‑Ks/press releases for updated inputs is the most actionable process for adjusting payout expectations .