VOC Energy Trust(US:VOC)2025-11-10 21:17Financial 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]