| Business Summary | | BP
Prudhoe
Bay
Royalty
Trust
is
a
grantor
trust
that
was
created
as
a
business
trust
pursuant
to
the
BP
Prudhoe
Bay
Royalty
Trust
Agreement
among
The
Standard
Oil
Company,
BP
Exploration
(Alaska)
Inc.,
The
Bank
of
New
York,
as
trustee
(the
Trustee),
and
F.
James
Hutchinson,
co-trustee
(The
Bank
of
New
York
(Delaware),
successor
co-trustee).
BP
Exploration
and
Standard
Oil
are
indirect,
wholly
owned
subsidiaries
of
BP
Amoco
p.l.c.
Upon
creation
of
the
Trust,
BP
Exploration
conveyed
to
Standard
Oil,
and
Standard
Oil,
in
turn,
conveyed
to
the
Trust
an
overriding
royalty
interest
(the
Royalty
Interest),
which
entitles
the
Trust
to
a
royalty
on
16.4246
%
of
the
first
90,000
barrels
of
the
average
actual
daily
net
production
of
oil
and
condensate
per
quarter
from
the
working
interest
of
BP
Exploration
as
of
February
28,
1989
in
the
Prudhoe
Bay
Unit
located
on
the
North
Slope
in
Alaska. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | BP
Prudhoe
Bay
Royalty
Trust
owns
and
administers
a
royalty
interest
in
the
daily
net
production
of
oil
and
condensate
from
the
Prudhoe
Bay
Field
located
on
the
North
Slope
of
Alaska.
For
the
six
months
ended
6/30/01,
revenues
rose
19%
to
$34.4
million.
Net
income
rose
21%
to
$34
million.
Revenues
benefitted
from
an
increase
in
average
WTI
prices.
Higher
income
also
reflects
the
absence
of
a
$500
thousand
expense
reserve. | More
from
Market Guide: Significant
Developments |
| Officers | |
| Position | Marie Trimboli | Assistant
Treasurer |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|