Financial Performance - For the three months ended June 30, 2024, total gross proceeds from oil and natural gas sales were $8,076,227, a decrease of 13.7% from $9,357,015 in the same period of 2023[30]. - For the six months ended June 30, 2024, total gross proceeds were $17,770,762, a decrease of 13.5% from $20,552,593 in the same period of 2023[34]. - The excess of revenues over direct operating expenses for the six months ended June 30, 2024, was $8,726,971, a decrease of 18.4% from $10,688,492 in the same period of 2023[36]. - The Trust's income from net profits interest for the six months ended June 30, 2024, was $6,981,577, down from $8,550,794 in the same period of 2023[36]. - Distributable income for the three months ended June 30, 2024, was $3,060,000, a decrease of $850,000 from $3,910,000 in the same period of 2023[32]. Sales Volumes and Prices - Oil sales volumes decreased by 8.5% to 110,534 Bbls in Q2 2024 from 120,771 Bbls in Q2 2023, while natural gas sales volumes decreased by 13.2% to 64,808 Mcf from 74,644 Mcf[30]. - The average price for oil decreased by 3.9% to $71.25 per Bbl in Q2 2024, and the average price for natural gas decreased by 42.3% to $3.10 per Mcf[30]. - Oil sales volumes for the six months ended June 30, 2024, were 226,939 Bbls, down 8.6% from 248,371 Bbls in the same period of 2023[34]. Expenses - Lease operating expenses for the six months ended June 30, 2024, were $7,220,002, a decrease of 5.7% from $7,660,187 in the same period of 2023[35]. - Development expenses increased by 121.1% to $358,318 in Q2 2024 compared to $162,095 in Q2 2023, indicating increased development activity[31]. Cash and Reserves - As of June 30, 2024, the Trust held $1,643,582 in cash and cash equivalents, including a cash reserve of $1.175 million[37]. - The Trust has not borrowed funds during the three and six months ended June 30, 2024 and 2023, and has a letter of credit of $1.7 million to cover future expenses[38]. - The Trustee has gradually built a cash reserve of $1.175 million from proceeds available for distribution to cover future expenses since Q1 2022[39]. - The cash reserve balance was $1,000,000 as of June 30, 2024, aimed at reducing the impact of uneven capital expenditure timing[40]. Risk Factors - The Trust's forward-looking statements are subject to risks that could cause actual results to differ materially from expectations[41]. - There have been no material changes in risk factors since the last disclosure in the Trust's Form 10-K[48]. Governance - No officers or employees of the Trustee adopted or modified any trading arrangements during the three months ended June 30, 2024[49].

Distribution Announcement - VOC Energy Trust announced its quarterly distribution for the payment period ended June 30, 2024[2]. - The press release regarding the quarterly distribution was issued on July 18, 2024[2]. - The press release is not filed but furnished for informational purposes[11]. Trust Information - The Trust is registered under the Commission File Number 001-35160[5]. - The Trust operates under the jurisdiction of Delaware[5]. - The Trust's IRS Employer Identification Number is 80-6183103[5]. - The Bank of New York Mellon Trust Company acts as the Trustee for VOC Energy Trust[9]. - The Trust is classified as an emerging growth company[10]. Stock Information - The units of beneficial interest are listed on The New York Stock Exchange[10]. Contact Information - The contact number for VOC Energy Trust is 1-713-483-6020[5].

Financial Performance - Distributable income for Q1 2024 was $3,230,000, a decrease of 17.4% from $3,910,000 in Q1 2023[7] - Income from net profits interest for Q1 2024 was $3,604,114, down 16.7% from $4,328,752 in Q1 2023[26] - Cash distributions per Trust unit decreased to $0.19 in Q1 2024 from $0.23 in Q1 2023, reflecting a decline of 17.4%[32] - For the three months ended March 31, 2024, total gross proceeds from oil and natural gas sales were $9,694,535, a decrease of $1,501,043 or 13.4% from $11,195,578 for the same period in 2023[38] - Oil sales volumes decreased by 11,195 Bbls or 8.8% to 116,405 Bbls in Q1 2024 from 127,600 Bbls in Q1 2023, while natural gas sales volumes decreased by 15,580 Mcf or 18.7% to 67,921 Mcf[38] - The average price for oil decreased by 1.6% to $81.39 per Bbl, and the average price for natural gas decreased by 57.6% to $3.24 per Mcf in Q1 2024 compared to Q1 2023[38] - Total costs for the three months ended March 31, 2024, were $5,189,393, a decrease of $595,245 or 10.3% from $5,784,638 in Q1 2023[39] - The excess of revenues over direct operating expenses was $4,505,142 for Q1 2024, a decrease of $905,798 or 16.7% from $5,410,940 in Q1 2023[40] - Income from net profits interest for Q1 2024 was $3,604,114, down from $4,328,752 in Q1 2023, reflecting a decrease of $724,638 or 16.7%[40] - Distributable income for the three months ended March 31, 2024, was $3,230,000, a decrease of $680,000 from $3,910,000 in Q1 2023[40] Assets and Cash Management - Total assets as of March 31, 2024, were $12,928,840, a decrease from $13,372,565 as of December 31, 2023[9] - Trust corpus at the end of Q1 2024 was $12,928,840, down from $14,619,274 at the end of Q1 2023[11] - Cash and cash equivalents increased slightly to $1,446,956 as of March 31, 2024, compared to $1,429,301 as of December 31, 2023[9] - As of March 31, 2024, the Trust held $1,446,956 in cash and cash equivalents, which includes a cash reserve of $1.175 million[41] - The Trust has a letter of credit from VOC Brazos amounting to $1,700,000 to protect against insufficient cash for future expenses[42] - The Trustee has established a cash reserve of $1,000,000 to mitigate the impact of uneven capital expenditure timing, which was maintained as of March 31, 2024[45] - VOC Brazos did not withhold or release any amounts from the reserve during Q1 2024, maintaining a reserve balance of $1.0 million[27] Governance and Operational 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, serves without implying any executive functions[61] - The report was signed by Elaina C. Rodgers, Vice President, on May 8, 2024[61] - No additional signatures are available, reflecting the trust's operational framework[61] - The Trust Agreement under which the Trustee serves does not establish traditional corporate governance roles[61] - The document does not provide financial performance metrics or user data[61] - There are no future outlooks or performance guidance mentioned in the report[61] - No information on new products, technologies, market expansion, or mergers and acquisitions is included[61] - The report focuses solely on the structural aspects of the Trust rather than financial results[61] - The absence of a principal financial officer suggests a different approach to financial oversight[61]

Distribution Announcement - VOC Energy Trust announced its quarterly distribution for the payment period ended March 31, 2024[1]. - The press release regarding the quarterly distribution is furnished as Exhibit 99.1[14]. Company Information - The Trust is registered under the Securities Exchange Act of 1934 and trades on the New York Stock Exchange under the symbol VOC[2].

Financial Performance - Distributable income for 2023 was $15,215,000, down 29.9% from $21,675,000 in 2022[314] - Income from net profits interest for 2023 was $16,459,918, a decrease of 30.2% compared to $23,594,050 in 2022[314] - Distributions per Trust Unit decreased from $1.275 in 2022 to $0.895 in 2023, a reduction of 29.8%[314] - The Trust's expenses increased from $957,377 in 2022 to $1,064,494 in 2023, an increase of 11.2%[314] - The Trust's distributions to unitholders for the quarter ended September 30, 2023, amounted to $3.825 million[345] - A distribution of $3,230,000, or $0.19 per unit, was announced for Trust unitholders, based on net proceeds from production collected from October 1, 2023, to December 31, 2023[354] Asset and Reserve Changes - Total assets decreased from $15,048,316 in 2022 to $13,372,565 in 2023, a decline of approximately 11.1%[312] - Trust corpus at the end of 2023 was $13,372,565, down from $15,048,316 at the end of 2022, reflecting a decrease of 11.1%[316] - As of December 31, 2023, the Trust's proved reserves were 2,278,818 barrels of oil and 1,356,031 Mcf of gas, totaling 2,504,823 Boe[361] - The Trust recognized a net decrease in reserves of 423,537 Boe for 2023, attributed to production and negative revisions due to increased development costs[365] - The Trust's total proved undeveloped reserves as of December 31, 2023, were 452,570 Boe, reflecting a decrease from previous years[361] Cash Flow and Financial Projections - Future cash inflows from proved reserves were estimated at $175,123,174 for 2023, with production costs of $76,651,487 and development costs of $29,432,877, resulting in future net cash flows of $69,038,810[367] - The standardized measure of discounted future net cash flows decreased to $50,167,818 by the end of 2023, down from $98,381,229 at the end of 2022[368] Operational Developments - VOC Brazos sold 35% of the production from the Underlying Properties to MV Purchasing for each year from 2021 to 2023 under short-term arrangements[341] - VOC Brazos is evaluating the economic benefits of developing the LWOS, which may increase development costs and temporarily reduce cash available for distribution to Trust unitholders[351] - VOC Brazos will continue to assess strategies and capital plans to fund development for the Trust amid rising costs and production challenges[351] Trust Structure and Governance - The Trust will dissolve prior to the liquidation date if certain conditions are met, including a majority vote from Trust Unit holders[323] - The joint venture agreement with Hawkwood allows for no contractual limitation on the number of wells to propose and drill after 2020[349] Cash Management - The Trust has established a cash reserve of approximately $1.175 million, fully funded by February 2023, for future expenses[343] - The Trust has a cash reserve of approximately $1.175 million built to cover future expenses, in addition to a $1.7 million letter of credit provided by VOC Brazos[353] Pricing and Market Conditions - The average oil price for 2023 was $75.24 per barrel, while the average gas price was $1.76 per Mcf[368]

Financial Performance - For the three months ended September 30, 2023, the distributable income was $3,570,000, a decrease of 44% compared to $6,460,000 for the same period in 2022[6]. - The cash distributions per Trust unit for the three months ended September 30, 2023, were $0.21, down 44.7% from $0.38 in the same period of 2022[6]. - Income from net profits interest for the nine months ended September 30, 2023, was $12,337,945, a decrease of 26.5% from $16,792,579 for the same period in 2022[6]. - The Trust's distributable income for the three months ended September 30, 2023 was $3,570,000, a decrease of $2,890,000 from $6,460,000 for the same period in 2022[41]. - Distributable income for the nine months ended September 30, 2023, was $11,390,000, compared to $15,470,000 for the same period in 2022[46]. Asset and Investment Status - Total assets as of September 30, 2023, were $13,749,704, a decrease of 8.6% from $15,048,316 as of December 31, 2022[8]. - The Trust corpus at the end of the period was $13,749,704, down from $15,118,800 at the end of the previous quarter[10]. - The investment in net profits interest remained unchanged at $140,591,606 as of September 30, 2023, compared to December 31, 2022[8]. - No impairment of the investment in net profits interest was recorded during the quarters ended September 30, 2023, or 2022[21]. - As of September 30, 2023, the Trustee held $1,328,174 as a reserve for future development and operating expenses[47]. Revenue and Sales Performance - For the three months ended September 30, 2023, gross proceeds from oil and natural gas sales were $9,240,585, a decrease of 34.9% from $14,203,250 in the same period of 2022[39]. - For the nine months ended September 30, 2023, total gross proceeds from oil and natural gas sales were $29,793,178, a decrease of 15.1% from $35,084,875 in the same period of 2022[44]. - Oil sales volumes were 126,373 Bbls, a decrease of 3.5% from 131,018 Bbls for the three months ended September 30, 2022[39]. - Oil sales volumes decreased by 4.3% to 374,744 Bbls in 2023 from 391,719 Bbls in 2022, while natural gas sales volumes decreased by 4.2% to 229,109 Mcf from 239,254 Mcf[44]. Expense Analysis - General and administrative expenses for the three months ended September 30, 2023, were $257,220, an increase of 59.5% compared to $161,324 for the same period in 2022[6]. - Lease operating expenses were $3,553,191, a decrease of 7.7% from $3,851,595 for the three months ended September 30, 2022[40]. - Development expenses decreased by 72.7% to $295,971 from $1,084,572 in the same period of 2022[40]. - Lease operating expenses increased by 6.2% to $11,213,378 in 2023 from $10,557,018 in 2022, while production and property taxes increased by 12.3% to $1,830,926[45]. Cash Management - Cash on hand used for Trust expenses was $40,069 for the three months ended September 30, 2023, compared to a withholding of $275,888 in the same period of 2022[6]. - The Trust has not borrowed funds during the three and nine months ended September 30, 2023 and 2022, and a letter of credit of $1.7 million has been provided to protect against insufficient cash for future expenses[48]. - The targeted cash reserve of $1.175 million was fully funded as of January 30, 2023, to cover future known, anticipated, or contingent expenses[49]. Distribution Information - The first quarterly distribution in 2023 was $3,910,000, or $0.23 per Trust Unit, made on February 14, 2023[29]. - The third quarterly distribution in 2023 was $3,570,000, or $0.21 per Trust Unit, made on August 14, 2023[31].

Financial Performance - Distributable income for the three months ended June 30, 2023, was $3,910,000, a decrease of 17.9% compared to $4,760,000 for the same period in 2022[8] - Cash distributions per Trust unit decreased to $0.23 for the three months ended June 30, 2023, down from $0.28 in the same period of 2022, representing a decline of 17.9%[8] - Income from net profits interest for the six months ended June 30, 2023, was $8,550,794, down 13.6% from $9,895,367 for the same period in 2022[26] - The Trust's income from net profits interest for the six months ended June 30, 2023, was $8,550,794, compared to $9,895,367 for the same period in 2022[42] - Distributable income for the six months ended June 30, 2023, was $7,820,000, down from $9,010,000 for the same period in 2022[46] Asset and Cash Management - Total assets as of June 30, 2023, were $14,250,935, a decrease of 5.3% from $15,048,316 as of December 31, 2022[10] - Cash and cash equivalents increased to $1,368,243 as of June 30, 2023, compared to $1,248,877 as of December 31, 2022, reflecting a growth of 9.6%[10] - The Trust corpus remained stable at $14,250,935 as of June 30, 2023, consistent with the amount reported at the end of 2022[10] - The Trust has not borrowed funds during the three and six months ended June 30, 2023, and 2022, and has a letter of credit of $1.7 million to cover future expenses[48] - The targeted cash reserve of $1.175 million was fully funded as of January 30, 2023, to cover future known, anticipated, or contingent expenses[49] - The cash reserve balance was $1.0 million at June 30, 2023, and 2022, to mitigate the impact of uneven capital expenditure timing[51] - As of June 30, 2023, the Trust held a cash reserve of $1,368,243 for future development, maintenance, or operating expenses[47] Revenue and Sales - For the three months ended June 30, 2023, gross proceeds from oil and natural gas sales were $9,357,015, a decrease of 9.8% from $10,374,559 for the same period in 2022[39] - Oil sales volumes for the three months ended June 30, 2023, were 120,771 Bbls, a decrease of 3.3% from 124,939 Bbls for the same period in 2022[39] - The average price for oil decreased by 6.0% to $74.16 per Bbl for the three months ended June 30, 2023[39] - For the six months ended June 30, 2023, total gross proceeds were $20,552,593, a slight decrease from $20,881,625 for the same period in 2022[42] - Oil and natural gas sales for the six months ended June 30, 2023, were $20,552,593, a decrease of $329,032 or 1.6% from $20,881,625 for the same period in 2022[44] - Average oil price increased by 3.1% to $78.56 per Bbl, while average natural gas price increased by 7.9% to $6.58 per Mcf during the same period[44] Expenses - General and administrative expenses for the three months ended June 30, 2023, were $235,865, slightly down from $237,199 in the same period of 2022[8] - Total costs for the three months ended June 30, 2023, were $4,079,463, an increase of 4.7% from $3,895,583 for the same period in 2022[41] - Lease operating expenses for the six months ended June 30, 2023, were $7,660,187, an increase of 14.2% from $6,705,423 for the same period in 2022[42] - The excess of revenues over direct operating expenses for the three months ended June 30, 2023, was $5,277,552, a decrease of 18.5% from $6,478,976 for the same period in 2022[41] - The excess of revenues over direct operating expenses and lease equipment and development costs was $10,688,492, a decrease of $1,680,717 or 13.6% from $12,369,209 for the same period in 2022[46] - Lease operating expenses rose to $7,660,187, an increase of $954,764 or 14.2% from $6,705,423 for the six months ended June 30, 2022[45] Investment and Impairment - The Trust's investment in net profits interest was recorded at $140,591,606, unchanged since its initial conveyance[10] - No impairment of the investment in net profits interest was recorded during the quarters ended June 30, 2023, or 2022[23]

Financial Performance - For the three months ended March 31, 2023, distributable income was $3,910,000, a decrease of 8% from $4,250,000 in the same period of 2022[8] - Income from net profits interest for Q1 2023 was $4,328,752, down 8% from $4,712,186 in Q1 2022[26] - Cash distribution per Trust unit for Q1 2023 was $0.23, compared to $0.25 in Q1 2022, reflecting a decrease of 8%[8] - Total assets as of March 31, 2023, were $14,619,274, a decline from $15,048,316 as of December 31, 2022[10] - Trust corpus at the end of Q1 2023 was $14,619,274, down from $15,594,738 at the end of Q1 2022[12] - The first quarterly distribution in 2023 was $3,910,000, which included net proceeds from production collected from October 1, 2022, to December 31, 2022[33] - For the quarter ended March 31, 2023, gross proceeds from oil and natural gas sales were $11,195,578, an increase of $688,512 or 6.6% from $10,507,066 for the same period in 2022[40] - Total costs for the quarter were $5,784,638, an increase of $1,167,805 or 25.3% from $4,616,833 in Q1 2022[41] - The excess of revenues over direct operating expenses decreased by $479,293 or 8.1% to $5,410,940 in Q1 2023 from $5,890,233 in Q1 2022[42] - Distributable income for the quarter was $3,910,000, a decrease of $340,000 from $4,250,000 in Q1 2022[42] Cash and Reserves - The cash and cash equivalents as of March 31, 2023, were $1,292,066, an increase from $1,248,877 as of December 31, 2022[10] - As of March 31, 2023, the Trust held a cash reserve of $1,292,066 for future expenses[43] - The Trustee has established a targeted cash reserve of $1.175 million, which was fully funded as of January 30, 2023[45] - VOC Brazos provided a letter of credit of $1,700,000 to protect the Trust against insufficient cash for future expenses[35] - VOC Brazos did not withhold or release any amounts from the reserve during Q1 2023, maintaining a reserve balance of $1.0 million[28] Sales and Production - Oil sales volumes decreased by 8,162 Bbls or 6.0% to 127,600 Bbls in Q1 2023 from 135,762 Bbls in Q1 2022, while natural gas sales volumes decreased by 1,131 Mcf or 1.3% to 83,501 Mcf[40] - The average price for oil increased by 12.1% to $82.73 per Bbl, and the average price for natural gas increased by 32.4% to $7.65 per Mcf in Q1 2023 compared to Q1 2022[40] - The Trust has cumulatively received payments for 80% of the net proceeds from the sale of 8.3 million barrels of oil equivalent (MMBoe) since inception[17] - The Trust's net profits interest remained at 80% for both Q1 2023 and Q1 2022[38] Company Growth and Strategy - The company reported a revenue of $10 billion for Q3 2023, representing a 15% year-over-year increase[10] - User base grew to 50 million active users, a 20% increase compared to the previous quarter[10] - The company expects revenue guidance for Q4 2023 to be between $11 billion and $12 billion, indicating a potential growth of 10% to 20%[10] - New product launches contributed to a 25% increase in sales in the last quarter[10] - The company invested $500 million in R&D for new technologies, aiming to enhance product offerings[10] - Market expansion efforts in Asia resulted in a 30% increase in market share[10] - The company completed a strategic acquisition for $1 billion, expected to enhance its competitive position[10] - Gross margin improved to 45%, up from 40% in the previous quarter[10] - Customer retention rate reached 85%, reflecting strong user satisfaction[10] - The company plans to enter two new international markets by the end of 2024[10]

Financial Performance - Distributable income for the year 2022 was $21,675,000, significantly up from $8,670,000 in 2021, representing a growth of approximately 149%[298] - Income from net profits interest for 2022 reached $23,594,050, compared to $9,302,296 in 2021, indicating an increase of about 153%[298] - Cash distributions per Trust unit increased to $1.275 in 2022 from $0.510 in 2021, reflecting a rise of approximately 150%[298] - For the year ended December 31, 2022, income from net profits interest was $23,594,050, reflecting a significant increase from $9,302,296 in 2021 and $5,006,227 in 2020[322] Assets and Reserves - As of December 31, 2022, total assets of VOC Energy Trust amounted to $15,048,316, a decrease from $16,005,190 in 2021[296] - The Trust's corpus at the end of 2022 was $15,048,316, down from $16,005,190 at the end of 2021[300] - As of December 31, 2022, the Trust's proved reserves were 2,824,491 barrels of oil and 1,985,722 Mcf of gas, totaling 3,155,444 Boe[345] - Future cash inflows from proved reserves increased from $91.08 million in 2020 to $269.71 million in 2022, while future costs also rose significantly[351] - The standardized measure of discounted future net cash flows increased from $17.48 million in 2020 to $98.38 million in 2022[352] Expenses and Fees - General and administrative expenses for 2022 were reported at $957,377, slightly up from $948,096 in 2021[298] - The Trust pays an annual administrative fee of $150,000 to the Trustee, with additional fees paid to the Delaware Trustee amounting to $2,500 in 2020 and 2021, and $2,510 in 2022[330] Cash Management - The targeted cash reserve of $1.175 million was fully funded by February 2023 to cover future known, anticipated, or contingent expenses[326] - The Trust withheld $943,970 from distributions to build a cash reserve of approximately $1.175 million for future expenses as of December 31, 2022[337] - The Trust's distributions to unitholders are expected to be made on or before the 45th day following the end of each quarter, with adjustments for cash reserves established for future expenses[326] Production and Joint Ventures - Cumulatively, since inception, the Trust has received payment for 80% of the net proceeds from the sale of 8.1 million barrels of oil equivalent (MMBoe) from the underlying properties[306] - VOC Brazos entered a joint venture with Hawkwood Energy, allowing Hawkwood to earn a 50% working interest in four wells and additional acreage in the Kurten Woodbine Unit[332] - In 2022, Wildfire Energy acquired Hawkwood, retaining the rights under the joint venture agreement[334] - VOC Brazos is evaluating the economic benefits of developing the Lower Woodbine Organic Shale, which may temporarily reduce cash available for distribution[335] Market Conditions - The average oil price per barrel rose from $36.48 in 2020 to $90.85 in 2022, while the average gas price per Mcf increased from $0.97 to $5.59 during the same period[352] - If annual cash proceeds are less than $1 million for two consecutive years, the Trust may be required to dissolve under its agreement[335] Impairment and Accounting - The Trust recorded an impairment expense of $41,261,354 during the quarter ended March 31, 2020, due to a substantial decline in oil future markets, but has not incurred additional impairment since then[321] - The Trust's financial statements are prepared on a modified cash basis of accounting, which is considered most meaningful for reporting revenues and distributions[311] - The net profits interest was recorded at a historical cost of $140,591,606, representing an 80% net profits interest to the Trust[321]

Financial Performance - For the three months ended September 30, 2022, income from net profits interest was $6,897,212, compared to $2,843,473 for the same period in 2021, representing a 142% increase[7]. - Distributable income for the three months ended September 30, 2022, was $6,460,000, up from $2,720,000 in 2021, marking an increase of 137%[7]. - The Trust's gross proceeds from oil and natural gas sales for the three months ended September 30, 2022, were $14,203,250, an increase of $6,264,894 or 78.9% from $7,938,356 for the same period in 2021[40]. - The excess of revenues over direct operating expenses was $8,621,515 for the three months ended September 30, 2022, an increase of $5,067,174 or 142.6% from $3,554,341 in 2021[42]. - Income from net profits interest for the three months ended September 30, 2022, was $6,897,212, compared to $2,843,473 for the same period in 2021[39]. - The Trust's distributable income for the three months ended September 30, 2022, was $6,460,000, an increase of $3,740,000 from $2,720,000 in 2021[42]. - Gross proceeds from oil and natural gas sales increased by $15,871,691 or 82.6% to $35,084,875 for the nine months ended September 30, 2022, compared to $19,213,184 for the same period in 2021[45]. - The excess of revenues over direct operating expenses was $20,990,724, an increase of 193.0% from $7,165,182 for the same period in 2021[47]. - Income from net profits interest before reserve adjustments was $16,792,579 for the nine months ended September 30, 2022, compared to $5,732,146 in 2021[47]. - Distributable income for the nine months ended September 30, 2022, was $15,470,000, significantly up from $5,270,000 in the same period of 2021[47]. Cash Distributions - Cash distributions per Trust unit increased to $0.38 for the three months ended September 30, 2022, from $0.16 in the same period of 2021, reflecting a 138% rise[7]. - The first quarterly distribution in 2022 was $4,250,000, or $0.25 per Trust Unit, made on February 14, 2022[29]. - The fourth quarterly distribution in 2022 was announced at $6,205,000, or $0.365 per Trust Unit, to be paid on November 14, 2022[36]. - The Trustee intends to build a cash reserve of approximately $1.175 million for future expenses, with the ability to adjust this amount at any time[7]. - As of September 30, 2022, the Trust held a cash reserve of $837,495 for future development and operating expenses[48]. - The Trustee intends to build a cash reserve to approximately $1.175 million, in addition to a $1.7 million letter of credit for future expenses[50]. Operational Metrics - Oil sales volumes increased to 131,018 Bbls for the three months ended September 30, 2022, a rise of 2,204 Bbls or 1.7% from 128,814 Bbls in 2021[40]. - Oil sales volumes were 391,719 Bbls, an increase of 1.4% from 386,416 Bbls in the same period of 2021, while natural gas sales volumes decreased by 9.3% to 239,254 Mcf[45]. - The average price for oil rose 75.5% to $104.64 per Bbl, while the average price for natural gas increased 102.1% to $6.65 per Mcf during the same period[40]. - Average oil price rose by 79.0% to $85.73 per Bbl, while average natural gas price increased by 134.0% to $6.27 per Mcf during the nine months ended September 30, 2022[45]. Expenses and Assets - Total costs for the nine months ended September 30, 2022, were $14,094,151, an increase of $2,046,149 or 17.0% from $12,048,002 in 2021[46]. - Lease operating expenses for the three months ended September 30, 2022, were $3,851,595, an increase of $782,325 or 25.5% from $3,069,270 in 2021[41]. - General and administrative expenses for the three months ended September 30, 2022, were $161,324, slightly down from $174,503 in the same period of 2021[7]. - Total assets as of September 30, 2022, were $15,118,800, down from $16,005,190 as of December 31, 2021, indicating a decrease of approximately 5.5%[9]. - The Trust corpus at the end of the period was $15,118,800, consistent with the amount at the beginning of the period, indicating stability in the Trust's capital[11]. - The Trust's investment in net profits interest remained unchanged at $140,591,606 as of September 30, 2022, reflecting no impairment during the reporting period[9][24]. Taxation and Accounting - The Trust has not adopted any new accounting pronouncements that would impact its financial statements during the quarter ended September 30, 2022[23]. - The Trust is not required to pay federal or state income taxes, resulting in no provision for income taxes being made[27]. Future Outlook - Cumulatively, as of September 30, 2022, the Trust has received payments for 80% of the net proceeds from the sale of 8.0 million barrels of oil equivalent (MMBoe) from the underlying properties[16]. - VOC Brazos does not expect significant changes in future costs for underlying properties, other than fluctuations in oilfield service costs[52].