VOC Energy Trust Announces Trust Quarterly Distribution - Seite 3

 

Total cash proceeds available for the Trust

 

$

1,437,635

 

 

Provision for estimated Trust expenses

 

 

(927,635)

 

 

Net cash proceeds available for distribution

 

$

510,000

 

 

VOC Brazos has reported to the Trustee the West Texas Intermediate spot price of crude oil has dropped sharply from $61.17 per barrel on January 2, 2020 to $19.87 per barrel on April 16, 2020, in response to the economic effects of the recent announcements by Saudi Arabia to abandon output restraints and the COVID-19 pandemic. COVID-19 has resulted in widespread and localized health crises that adversely affect general commercial activity, the economies and financial markets of many countries and localities, as well as global demand for oil and natural gas. COVID-19 also has resulted in significant business and operational disruptions, including business closures, disruptions to supply chains, travel restrictions and limitations on the availability of workforces. The full impact of COVID-19 is unknown and is rapidly evolving, and it is not possible to reliably estimate the impact that these developments will have on future periods. If commodity prices for crude oil remain at reduced levels, subsequent distributions in 2020 will be substantially lower than historical distributions, and in certain periods there may be no distribution to unitholders. In light of the current uncertain economic environment, the provision for estimated Trust expenses referenced above includes amounts that would be sufficient to pay estimated Trust expenses over approximately the next twelve months.