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Mar 24, 2026 4:20 PM Eastern Daylight Time VOC Energy Trust Files 2025 Annual Report on Form 10-K VOC Energy Trust Files 2025 Annual Report on Form 10-K VOC Energy Trust NYSE:VOC Release Versions Share HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (the "Trust†) (NYSE Symbol — VOC) on March 24, 2026 filed its Annual Report on Form 10-K for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC†). The Annual Report on Form 10-K is available in the "SEC Filings†section of ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35160 VOC ENERGY TRUST (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) The Bank of ...

Distribution Announcement - VOC Energy Trust announced its quarterly distribution for the payment period ended December 31, 2025[5]. - The press release regarding the quarterly distribution was issued on January 20, 2026[8]. Financial Performance - The Trust's financial results and operational performance details are included in the press release[5]. - The financial statements and exhibits related to the Trust's performance are included in the filing[7]. - No specific financial metrics or performance indicators were disclosed in the provided content[5]. Regulatory Information - The document indicates that VOC Energy Trust is registered under the Securities Exchange Act of 1934[3]. - The Trust's units of beneficial interest are traded on The New York Stock Exchange under the symbol VOC[3]. - The report does not specify any emerging growth company status or election regarding financial accounting standards[4]. - The filing is not considered "filed" for purposes of the Exchange Act but is "furnished" for informational purposes[6]. Signatory Information - The report was signed by Elaina C. Rodgers, Vice President of The Bank of New York Mellon Trust Company, N.A.[11].

Financial Performance - Distributable income for the three months ended September 30, 2025, was $1,870,000, a decrease of 38.9% compared to $3,060,000 for the same period in 2024[8] - Cash distributions per Trust unit decreased to $0.11 for the three months ended September 30, 2025, down from $0.18 in 2024, reflecting a 38.9% decline[8] - Income from net profits interest for the three months ended September 30, 2025, was $2,157,519, down 36.5% from $3,398,618 in 2024[27] - The excess of revenues over direct operating expenses for the three months ended September 30, 2025 was $2,696,899, a decrease of 36.5% from $4,248,273 in 2024[44] - Distributable income for the nine months ended September 30, 2025, was $5,525,000, down from $9,350,000 for the same period in 2024[49] Asset and Cash Management - Total assets as of September 30, 2025, were $10,770,116, a decrease of 9.3% from $11,871,877 as of December 31, 2024[10] - The Trust corpus at the end of the period was $10,770,116, unchanged from the previous period's ending balance[12] - Cash on hand withheld for Trust expenses was $131,327 for the three months ended September 30, 2025, compared to $136,130 in 2024[8] - As of September 30, 2025, the Trustee held $1,978,362 in cash and cash equivalents, including a cash reserve of $1.175 million[50] - The cash reserve balance was $1,000,000 at September 30, 2025, and 2024, to mitigate the impact of uneven capital expenditure timing[54] Revenue and Sales - Gross proceeds from oil and natural gas sales for the three months ended September 30, 2025 were $7,225,060, a decrease of 22.1% from $9,270,907 in the same period of 2024[42] - Oil sales volumes for the three months ended September 30, 2025 were 115,025 Bbls, a decrease of 0.8% from 116,006 Bbls in 2024[42] - Average oil price decreased by 22.0% to $61.11 per Bbl for the three months ended September 30, 2025[42] - Oil and natural gas sales for the nine months ended September 30, 2025, were $22,599,186, a decrease of $4,442,483 or 16.4% from $27,041,669 for the same period in 2024[47] - Oil sales volumes were 333,850 Bbls, a decrease of 2.7% from 342,945 Bbls for the same period in 2024, and natural gas sales volumes were 178,083 Mcf, a decrease of 10.3% from 198,544 Mcf[47] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $156,192, a decrease from $202,488 in 2024[8] - Total costs for the three months ended September 30, 2025 were $4,528,161, a decrease of 9.8% from $5,022,634 in 2024[43] - Lease operating expenses were $10,628,735, a decrease of $375,358 or 3.4% from $11,004,093 for the nine months ended September 30, 2024[48] - Development expenses increased by 45.0% to $2,181,181 for the nine months ended September 30, 2025, compared to $1,504,651 for the same period in 2024[48] Distributions - The first quarterly distribution in 2025 was $1,445,000, or $0.085 per Trust Unit, made on February 13, 2025[32] - The second quarterly distribution in 2025 was $2,210,000, or $0.13 per Trust Unit, made on May 15, 2025[33] - The third quarterly distribution in 2025 was $1,870,000, or $0.11 per Trust Unit, made on August 14, 2025[34] Investment and Impairment - The Trust has cumulatively received payments for 80% of the net proceeds from the sale of 9.5 million barrels of oil equivalent (MMBoe) since inception[17] - The Trust's investment in net profits interest remained stable at $140,591,606 as of September 30, 2025, consistent with the previous year[10] - No impairment of the investment in net profits interest was recorded during the quarters ended September 30, 2025, or 2024[23] - The Trust has not borrowed funds during the three and nine months ended September 30, 2025, and 2024[51]

Financial Distribution - VOC Energy Trust announced a quarterly distribution of net profits amounting to $1,870,000 or $0.11 per unit, payable on November 14, 2025[1]. - After accounting for estimated Trust expenses, the net cash proceeds available for distribution were $1,870,000[2]. - The Trust's distribution is based on cash received or expected to be received by the Trustee from underlying properties prior to the record date[2]. Sales Performance - Total sales volumes for the period included 106,172 barrels of oil and 59,388 Mcf of natural gas, totaling 116,070 BOE[2]. - Average sales prices were $63.79 per barrel for oil and $3.14 per Mcf for natural gas[2]. - Total gross proceeds from oil sales were $6,772,788 and from natural gas sales were $186,521, leading to total gross proceeds of $6,959,309[2]. Costs and Expenses - Total costs incurred were $4,360,990, which included lease operating expenses of $3,480,844 and development expenses of $711,466[2]. - Net proceeds available for the Trust were $2,598,319, with 80% applicable to the Trust's Net Profits Interest, resulting in a net profits interest of $2,078,655[2]. Risk Factors - The Trust cautions that actual cash receipts may differ from expectations due to various risk factors, including drilling operations and commodity purchaser payments[2]. - VOC Energy Trust does not intend to update any statements included in the press release[2].

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Financial Statements.](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents the Trust's unaudited interim financial statements, covering distributable income, assets, trust corpus, and key notes [STATEMENTS OF DISTRIBUTABLE INCOME](index=3&type=section&id=STATEMENTS%20OF%20DISTRIBUTABLE%20INCOME) Distributable Income Summary | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Income from net profits interest | $2,484,950 | $3,377,463 | $4,383,770 | $6,981,577 | | Cash on hand withheld for Trust expenses | (61,059) | (196,626) | (102,358) | (214,281) | | General and administrative expenses | (213,891) | (120,837) | (626,412) | (477,296) | | **Distributable income** | **$2,210,000** | **$3,060,000** | **$3,655,000** | **$6,290,000** | | Distributions per Trust unit | $0.13 | $0.18 | $0.215 | $0.37 | [STATEMENTS OF ASSETS AND TRUST CORPUS](index=3&type=section&id=STATEMENTS%20OF%20ASSETS%20AND%20TRUST%20CORPUS) Assets and Trust Corpus | Item | June 30, 2025 (Unaudited) | December 31, 2024 | | :-------------------------------- | :------------------------ | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $1,847,035 | $1,744,677 | | Investment in net profits interest | 140,591,606 | 140,591,606 | | Accumulated amortization and impairment | (131,345,148) | (130,464,406) | | **Total assets** | **$11,093,493** | **$11,871,877** | | **TRUST CORPUS** | | | | Trust corpus | **$11,093,493** | **$11,871,877** | [STATEMENTS OF CHANGES IN TRUST CORPUS](index=3&type=section&id=STATEMENTS%20OF%20CHANGES%20IN%20TRUST%20CORPUS) Changes in Trust Corpus Summary | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Trust corpus, beginning of period | $11,471,407 | $12,928,840 | $11,871,877 | $13,372,565 | | Income from net profits interest | 2,484,950 | 3,377,463 | 4,383,770 | 6,981,577 | | Cash distributions | (2,210,000) | (3,060,000) | (3,655,000) | (6,290,000) | | Trust expenses | (213,891) | (120,837) | (626,412) | (477,296) | | Amortization of net profits interest | (438,973) | (438,298) | (880,742) | (899,678) | | **Trust corpus, end of period** | **$11,093,493** | **$12,687,168** | **$11,093,493** | **$12,687,168** | [NOTES TO FINANCIAL STATEMENTS](index=4&type=section&id=NOTES%20TO%20FINANCIAL%20STATEMENTS) These notes explain the Trust's financial statements, covering organization, accounting policies, investment, and distributions - The Trust was formed on November 3, 2010, to acquire and hold a term net profits interest representing the right to receive **80% of the net proceeds** from production from oil and natural gas properties held by VOC Brazos and VOC Kansas[14](index=14&type=chunk)[16](index=16&type=chunk) - The net profits interest is passive and terminates on the later of December 31, 2030, or when **8.5 MMBoe** (net profits interest equivalent) have been produced from the underlying properties[16](index=16&type=chunk) - As of June 30, 2025, **7.5 MMBoe** (unaudited) in respect of the net profits interest have been cumulatively produced since inception[17](index=17&type=chunk) - The Trust uses a modified cash basis of accounting, permitted for royalty trusts by SEC Staff Accounting Bulletin Topic 12:E, where revenues and expenses are recognized when cash is received or paid[21](index=21&type=chunk)[22](index=22&type=chunk) - No impairment of the investment in net profits interest was recorded during the quarters ended June 30, 2025, or 2024[23](index=23&type=chunk) - The Trust is a Delaware statutory trust and is not required to pay federal or state income taxes[29](index=29&type=chunk) [Note 1. Organization of the Trust](index=4&type=section&id=Note%201.%20Organization%20of%20the%20Trust) - The Trust was formed on November 3, 2010, to acquire and hold a term net profits interest representing the right to receive **80% of the net proceeds** from production from oil and natural gas properties held by VOC Brazos and VOC Kansas[14](index=14&type=chunk)[16](index=16&type=chunk) - The net profits interest is passive and terminates on the later of December 31, 2030, or when **8.5 MMBoe** (net profits interest equivalent) have been produced from the underlying properties[16](index=16&type=chunk) - As of June 30, 2025, **7.5 MMBoe** (unaudited) in respect of the net profits interest have been cumulatively produced since inception[17](index=17&type=chunk) [Note 2. Basis of Presentation](index=4&type=section&id=Note%202.%20Basis%20of%20Presentation) - The unaudited interim financial statements are prepared pursuant to SEC rules, omitting certain annual disclosures[19](index=19&type=chunk) - Financial statements require estimates and assumptions, and actual results may differ from these estimates[20](index=20&type=chunk) [Note 3. Trust Accounting Policies](index=5&type=section&id=Note%203.%20Trust%20Accounting%20Policies) - The Trust uses the modified cash basis of accounting, recognizing receipts and expenses when paid, which aligns with SEC guidance for royalty trusts[21](index=21&type=chunk)[22](index=22&type=chunk) - Amortization of the investment in net profits interest is recorded on a unit-of-production method and charged directly to Trust corpus, not reducing distributable income[21](index=21&type=chunk) - No impairment of the investment in net profits interest was identified during the quarters ended June 30, 2025, or 2024[23](index=23&type=chunk) [Note 4. Investment in Net Profits Interest](index=5&type=section&id=Note%204.%20Investment%20in%20Net%20Profits%20Interest) - The net profits interest was recorded at VOC Brazos' historical cost of **$140,591,606** on May 10, 2011[26](index=26&type=chunk) Initial Investment in Net Profits Interest Calculation | Item | Amount | | :-------------------------------- | :------------- | | Oil and gas properties | $197,270,173 | | Accumulated depreciation and depletion | (17,681,155) | | Hedge liability | (1,717,713) | | 20-year asset retirement liability | (2,131,797) | | Net property to be conveyed | 175,739,508 | | Times 80% net profits interest to Trust | $140,591,606 | [Note 5. Income from Net Profits Interest](index=6&type=section&id=Note%205.%20Income%20from%20Net%20Profits%20Interest) Income from Net Profits Interest | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Excess of revenues over direct operating expenses

[Trust Distribution Announcement](index=1&type=section&id=Trust%20Distribution%20Announcement) VOC Energy Trust announces quarterly distribution, financial performance, risk factors, and contact information [Quarterly Distribution Details](index=1&type=section&id=Quarterly%20Distribution%20Details) VOC Energy Trust announced a **$0.11 per unit** quarterly distribution, totaling **$1,870,000**, for the quarter ended June 30, 2025 Quarterly Distribution Summary | Metric | Value | | :--- | :--- | | **Distribution Amount:** | | | Per unit | $0.11 | | Total | $1,870,000 | | **Key Dates:** | | | Payment Period Ended | June 30, 2025 | | Record Date | July 30, 2025 | | Payable Date | August 14, 2025 | [Financial Performance for the Quarter Ended June 30, 2025](index=1&type=section&id=Financial%20Performance%20for%20the%20Quarter%20Ended%20June%2030%2C%202025) VOC Energy Trust generated **$7,225,060** gross proceeds from oil and gas sales, resulting in **$1,870,000** net cash available for distribution Financial Performance Metrics | Metric | Value | | :--- | :--- | | **Sales Volumes:** | | | Oil (Bbl) | 115,025 | | Natural gas (Mcf) | 52,514 | | Total (BOE) | 123,777 | | **Average Sales Prices:** | | | Oil (per Bbl) | $61.11 | | Natural gas (per Mcf) | $3.72 | | **Gross Proceeds:** | | | Oil sales | $7,029,457 | | Natural gas sales | $195,603 | | Total gross proceeds | $7,225,060 | | **Costs:** | | | Lease operating expenses | $3,510,384 | | Production and property taxes | $564,734 | | Development expenses | $453,043 | | Total costs | $4,528,161 | | **Net Proceeds & Distribution:** | | | Net proceeds | $2,696,899 | | Percentage applicable to Trust's Net Profits Interest | 80% | | Net profits interest | $2,157,519 | | Increase in cash reserve | $0 | | Total cash proceeds available for the Trust | $2,157,519 | | Provision for current estimated Trust expenses | ($287,519) | | Net cash proceeds available for distribution | $1,870,000 | [Forward-Looking Statements and Risk Factors](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) Forward-looking statements are subject to inherent uncertainties, with actual distributions potentially differing due to operational, market, and regulatory risks - The press release includes forward-looking statements, and while expectations are believed to be reasonable, no assurances are provided that they will materialize as predicted[4](index=4&type=chunk) - Actual distributable amounts may vary from the announced figures due to differences in cash receipts and other significant risk factors[4](index=4&type=chunk) - Key risk factors influencing actual results include drilling operations, inherent risks in oil and gas production, commodity purchaser payment ability, actions by OPEC members, and other factors outlined in the Trust's Annual Report on Form 10-K[4](index=4&type=chunk) [Contact Information](index=2&type=section&id=Contact%20Information) For VOC Energy Trust inquiries, contact Elaina Rodgers at The Bank of New York Mellon Trust Company, N.A., via phone or their Houston office - Contact Person: Elaina Rodgers, The Bank of New York Mellon Trust Company, N.A., as Trustee[5](index=5&type=chunk) - Phone: (713) 483-6020[5](index=5&type=chunk) - Address: 601 Travis Street, Floor 16, Houston, TX 77002[5](index=5&type=chunk)

Financial Performance - Distributable income for Q1 2025 was $1,445,000, a decrease of 55.3% from $3,230,000 in Q1 2024[7] - Income from net profits interest for Q1 2025 was $1,898,820, down 47.3% from $3,604,114 in Q1 2024[26] - Cash distributions per Trust unit decreased to $0.085 in Q1 2025 from $0.190 in Q1 2024, representing a decline of 55.3%[7] - The Trust's gross proceeds from oil and natural gas sales for the three months ended March 31, 2025, were $7,561,618, a decrease of $2,132,917 or 22.0% from $9,694,535 for the same period in 2024[38] - Oil sales volumes decreased by 7,247 Bbls or 6.2% to 109,158 Bbls in Q1 2025 from 116,405 Bbls in Q1 2024, while natural gas sales volumes decreased by 1,323 Mcf or 1.9% to 66,598 Mcf[38] - The average price for oil decreased by 16.8% to $67.71 per Bbl, and the average price for natural gas decreased by 20.7% to $2.57 per Mcf in Q1 2025 compared to Q1 2024[38] - Total costs for the three months ended March 31, 2025, were $5,188,093, slightly decreased from $5,189,393 in Q1 2024[39] - The excess of revenues over direct operating expenses decreased by $2,131,617 or 47.3% to $2,373,525 in Q1 2025 from $4,505,142 in Q1 2024[40] - Distributable income for the three months ended March 31, 2025, was $1,445,000, a decrease of $1,785,000 from $3,230,000 in Q1 2024[40] Asset and Cash Management - Total assets as of March 31, 2025, were $11,471,407, down from $11,871,877 as of December 31, 2024, a decrease of 3.4%[9] - Trust corpus at the end of Q1 2025 was $11,471,407, down from $12,928,840 at the end of Q1 2024, a decline of 11.3%[11] - Cash and cash equivalents increased to $1,785,976 as of March 31, 2025, compared to $1,744,677 as of December 31, 2024, an increase of 2.4%[9] - As of March 31, 2025, the Trustee held $1,785,976 in cash and cash equivalents, including a cash reserve of $1.175 million[41] - VOC Brazos provided a letter of credit amounting to $1,700,000 to protect the Trust against insufficient cash for future expenses[33] Governance and Structure - VOC Energy Trust has no principal executive officer or board of directors, indicating a unique governance structure[61] - The Trustee, The Bank of New York Mellon Trust Company, N.A., does not imply any executive functions are performed[61] - No additional signatures are available for the financial report, reflecting the trust's operational framework[61] - The Trust Agreement under which the Trustee serves does not establish traditional corporate governance roles[61] - The absence of a principal financial officer may impact financial reporting and oversight[61] - The structure may limit investor insights into operational performance and strategic direction[61] Operational Insights - Cumulatively, the Trust has received payments for 80% of the net proceeds from the sale of 9.3 million barrels of oil equivalent (MMBoe) since inception[16] - The first quarterly distribution in 2025 was made on February 13, 2025, totaling $1,445,000, which included net proceeds from production collected from October 1, 2024, to December 31, 2024[30] - No impairment of the investment in net profits interest was recorded during the quarters ended March 31, 2025, or 2024[22] - The Trust is not required to pay federal or state income taxes, thus no provision for income taxes has been made[28] - The Trust's net profits interest remains at 80% over the term of the Trust[37] Reporting and Future Outlook - The report is dated May 8, 2025, suggesting the timing of financial disclosures[61] - There are no performance metrics or financial data provided in the document[61] - The document does not provide any user data or market expansion strategies[61] - Future outlook and performance guidance are not addressed in the report[61]

Financial Distribution - VOC Energy Trust announced a quarterly distribution of net profits amounting to $2,210,000 or $0.13 per unit, payable on May 15, 2025[2]. - Net proceeds available for distribution to the Trust amounted to $2,210,000 after accounting for estimated Trust expenses[3]. Sales Performance - Total sales volumes for the payment period included 109,667 barrels of oil and 58,971 Mcf of natural gas, totaling 119,496 BOE[3]. - Average sales prices were $69.32 per barrel for oil and $3.57 per Mcf for natural gas[3]. - Total gross proceeds from oil and natural gas sales reached $7,812,508, with oil sales contributing $7,601,741[3]. Costs and Expenses - Total costs incurred during the period were $4,706,321, including lease operating expenses of $3,687,150[3]. Trust Operations - The percentage applicable to the Trust's Net Profits Interest was 80%, resulting in a net profits interest of $2,484,950[3]. - The Trust's distributable amount is based on cash received or expected to be received by the Trustee from underlying properties[3]. - There was no increase in cash reserves held by VOC Brazos Energy Partners, L.P.[3]. - The Trust cautions that actual results may differ due to various risk factors, including drilling operations and commodity purchaser payments[3].