VOC Energy Trust(US:VOC)2023-08-10 20:10Financial 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]