Executive Summary

VOC Energy Trust announced Q3 2025 distribution of $1.87M, or $0.11 per unit, payable November 14, 2025; distribution was flat sequentially vs Q2 2025 and down from $0.18 in Q3 2024 .
Gross proceeds fell year over year on lower oil prices: oil sales price declined 22.0% to $61.11/Bbl while gas price rose 35.9% to $3.72/Mcf; oil volumes were roughly flat and gas volumes declined 20.2% .
The Trust operates on a modified cash basis; Q3 distribution reflects net cash receipts and expense holdbacks from production periods and is driven primarily by commodity pricing and operating cost trends, not management actions .
No earnings call was held; the Trust has no management team or board and typically furnishes results via 8-K distribution announcements and 10-Qs, limiting real-time guidance catalysts .

What Went Well and What Went Wrong

What Went Well

Lease operating expenses declined 7.2% YoY to $3.51M in the quarter; development expenses decreased 35.2% YoY, supporting cash margins despite weaker oil prices .
Natural gas pricing increased 35.9% YoY to $3.72/Mcf, providing a partial offset to weaker oil realizations .
Administrative expenses were managed lower vs prior year, contributing to distributable income stability on a sequential basis (Q2 to Q3 distribution held at $0.11) .

Quote: “Oil and natural gas sales were $7,225,060… a decrease… due to a decrease in the market price for oil sales partially offset by an increase in the market price for natural gas sales… average price for oil decreased 22.0%… average price for natural gas increased 35.9%” .

What Went Wrong

Gross proceeds declined 22.1% YoY to $7.23M on lower oil prices; net proceeds fell 36.5% YoY, compressing distributable income vs prior year .
Gas volumes decreased 20.2% YoY; combined BOE volumes were modestly lower, limiting leverage to improved gas prices .
Distributions per unit fell YoY to $0.11 (from $0.18), reflecting lower commodity realizations and reduced net cash available for distribution .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Oil Volume (Bbl)	116,006	109,667	115,025	106,172
Gas Volume (Mcf)	65,815	58,971	52,514	59,388
Total Volume (BOE)	126,975	119,496	123,777	116,070
Oil Price ($/Bbl)	$78.36	$69.32	$61.11	$63.79
Gas Price ($/Mcf)	$2.74	$3.57	$3.72	$3.14
Oil Sales ($)	$9,090,488	$7,601,741	$7,029,457	$6,772,788
Gas Sales ($)	$180,419	$210,767	$195,603	$186,521
Total Gross Proceeds ($)	$9,270,907	$7,812,508	$7,225,060	$6,959,309
Lease Operating Expenses ($)	$3,784,091	$3,687,150	$3,510,384	$3,480,844
Production & Property Taxes ($)	$539,469	$205,576	$564,734	$168,680
Development Expenses ($)	$699,074	$813,595	$453,043	$711,466
Total Costs ($)	$5,022,634	$4,706,321	$4,528,161	$4,360,990
Net Proceeds ($)	$4,248,273	$3,106,187	$2,696,899	$2,598,319
Net Profits Interest ($)	$3,398,618	$2,484,950	$2,157,519	$2,078,655
Provision for Trust Expenses ($)	$(338,618)	$(274,950)	$(287,519)	$(208,655)
Net Cash Proceeds Available ($)	$3,060,000	$2,210,000	$1,870,000	$1,870,000
Distribution per Unit ($)	$0.18	$0.13	$0.11	$0.11
Net Proceeds Margin (%)	45.8% (4,248,273/9,270,907)	39.8% (3,106,187/7,812,508)	37.3% (2,696,899/7,225,060)	37.3% (2,598,319/6,959,309)

Notes:

The Trust reports on a modified cash basis; quarterly distributable income aligns with cash receipts timing from VOC Brazos .

Segment breakdown: single segment (investment in 80% net profits interest in underlying properties) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Distribution (cash)	Q3 2025	N/A	$1,870,000 ($0.11 per unit), payable Nov 14, 2025	Maintained sequentially (vs Q2 2025)
Cash Reserve (Trustee)	Ongoing	$1.175M reserve previously established	Maintained; $1.175M included in cash & equivalents	Maintained
Operating/Financial Guidance	Q4 forward	None provided	None provided	N/A

The Trust does not issue forward revenue/EPS guidance; distributions depend on VOC Brazos net proceeds and Trustee expense holdbacks .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1–Q2 2025)	Current Period (Q3 2025)	Trend
Earnings Call / Prepared Remarks	Not applicable (Trust structure; no management team/board)	No call; results furnished via 8-K press release and 10-Q	Unchanged
Distribution Policy	Distributions per unit varied with commodity prices ($0.13 in Q1; $0.11 in Q2)	$0.11 per unit in Q3	Stable sequentially
Commodity Price Sensitivity	Oil down YoY; gas up slightly; costs manageable	Oil down YoY 22%; gas up 36%; lower volumes, lower costs	Continued oil price headwind

Management Commentary

The Trustee explains that results reflect modified cash basis: “The net profits interest represents the right to receive revenues… less direct operating expenses… times 80%… income… is based upon the cash receipts” .
Pricing/volume drivers: “Oil and natural gas sales were $7,225,060… decrease… due to a decrease in the market price for oil… average price for oil decreased 22.0%… average price for natural gas increased 35.9%… oil sales volumes… decreased 0.8%… natural gas sales volumes… decreased 20.2%” .
Cost discipline: “Lease operating expenses were $3,510,384… a decrease of 7.2%… Development expenses… a decrease of 35.2%… due to decreased development activity” .
Structural context: The Trust is passive, holds a term net profits interest, and has no principal executive officer or board; operations are controlled by VOC Brazos .

Q&A Highlights

No analyst Q&A; VOC Energy Trust did not hold an earnings call and furnishes results via filings .

Estimates Context

S&P Global consensus estimates for EPS and revenue for Q3 2025 appear unavailable; no consensus counts were returned for EPS or revenue. This limits beat/miss analysis for the quarter. Values retrieved from S&P Global.*
Actual “income from net profits interest” aligns with reported $2,157,519 for the period included in the 10-Q (reflecting the July distribution timing), while the Q3 2025 distribution press release shows net profits interest of $2,078,655 for the payment period ended September 30, 2025 .

Metric	Q3 2025 Consensus Mean	# of Estimates
Primary EPS	N/A*	N/A*
Revenue	N/A*	N/A*

Key Takeaways for Investors

Distributions held flat sequentially at $0.11 per unit; YoY decline reflects weaker oil pricing, partially offset by higher gas pricing and lower operating/development costs .
Net proceeds margin remained ~37% in Q3, consistent with Q2; cost management is cushioning price volatility, but oil price is the primary driver of distributable income .
With no forward guidance and no earnings calls, trade the units around commodity price moves and distribution announcements; watch WTI trends for near-term distribution sensitivity .
Cash reserve of $1.175M and $1.7M VOC Brazos LOC provide downside protection for Trust expenses; distribution variability remains tied to VOC Brazos net proceeds .
Sequential stability and YoY pressure frame expectations for upcoming quarters; improved oil realizations could restore distributions toward prior-year levels; conversely, further oil weakness risks additional compression .
Volumes were largely stable for oil but weaker for gas YoY; volume trends have less impact than pricing under the Trust’s structure .
Given lack of consensus estimates, model distributions using disclosed price/volume/cost drivers and Trustee holdback patterns rather than Street EPS frameworks .

VOC Energy Trust (VOC)·Q3 2025 Earnings Summary