Exhibit 99



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February 12, 2016

Ms. Elaina Conley-Rodgers, Vice President

Trustee, BP Prudhoe
Bay Royalty Trust

BNY Mellon Trust Company, N.A.

US Client
and Business Development

601 Travis, Floor 17

Houston,
Texas 77002



| | Re: | Estimates of Proved Reserves,
| | --- | -----------------------------

| |  | Future Production Rates, and
| |  | ----------------------------

| |  | Future Net Revenues for the
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| |  | BP Prudhoe Bay Royalty Trust
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| |  | As of December 31, 2015
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Dear Ms. Conley-Rodgers:

This letter report is a summary of investigations performed in accordance with the Miller and Lents, Ltd. (MLL) engagement by you as described
in Section 4.8(d) of the Overriding Royalty Conveyance dated February 27, 1989, between BP Exploration (Alaska) Inc. and The Standard Oil Company. The purpose of MLLs review was to determine that the procedures and methods used by BP
Exploration (Alaska) Inc. are effective and in accordance with the definitions contained in the Securities and Exchange Commission Regulation S-X, Rule 4-10(a). The investigations included reviews of the estimates of Proved Reserves and production
rate forecasts of oil and condensate made by BP Exploration (Alaska) Inc. attributable to the BP Prudhoe Bay Royalty Trust as of December 31, 2015. Additionally, MLL reviewed calculations of the resulting Estimated Future Net Revenues and Present
Value of Estimated Future Net Revenues attributable to the BP Prudhoe Bay Royalty Trust.

Under the terms of an Issues Resolution
Agreement entered into by the Prudhoe Bay Unit owners in October 1990, produced condensate from the Gas Cap Initial Participating Area (Gas Cap IPA) was allocated to the Gas Cap IPA until a cumulative limit of 1,175 million barrels was reached. This
cumulative limit was reached in June 2014. Beginning at that time and continuing thereafter, that condensate is allocated to the Oil Rim Initial Participating Area (Oil Rim IPA). Therefore references herein to oil production include condensate
production allocated to the Oil Rim IPA. MLLs review covers 100 percent of reserves and revenues attributable to the BP Prudhoe Bay Royalty Trust.

The estimates and calculations reviewed were summarized in the report prepared by BP Exploration (Alaska) Inc. and transmitted with a cover
letter dated February 4, 2016, addressed to Ms. Elaina Conley-Rodgers of BNY Mellon Trust Company, N.A. and signed by Mr. Mark Wichman. Reviews were also performed by MLL during this year or in previous years of (1) the procedures for
estimating and documenting Proved Reserves, (2) the estimates of in-place reservoir volumes, (3) the estimates of recovery factors and production profiles for the various areas, pay zones, projects, and recovery processes that are included in
the estimate of Proved Reserves, (4) the production strategy and procedures for implementing that strategy, (5) the sufficiency of the data available for making estimates of Proved Reserves and production profiles, and (6) pertinent provisions of
the Prudhoe Bay Unit Operating Agreement, the Issues Resolution Agreement, the Overriding Royalty Conveyance, the Trust Conveyance, the BP Prudhoe Bay Royalty Trust Agreement, and other related documents referenced in the Form F-3 Registration
Statement filed with the Securities and Exchange Commission (SEC) on August 7, 1989 by BP Exploration (Alaska) Inc.



TWO
HOUSTON CENTER●909 FANNIN STREET, SUITE 1300●HOUSTON, TEXAS 77010

TELEPHONE 713-651-9455●TELEFAX 713-654-9914●email:
mail@millerandlents.com



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|BNY Mellon Trust Company, N.A. Trustee, BP
Prudhoe Bay Royalty Trust |  | February 12, 2016
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Proved Reserves were estimated by BP Exploration (Alaska) Inc. in accordance with the
definitions contained in Securities and Exchange Commission Regulation S-X, Rule 4-10(a). Estimated Future Net Revenues and Present Value of Estimated Future Net Revenues are not intended and should not be interpreted to represent fair market
values for the estimated reserves.

The Prudhoe Bay (Permo-Triassic) Reservoir is defined in the Prudhoe Bay Unit Operating
Agreement. The Prudhoe Bay Unit is an oil and gas unit situated on the North Slope of Alaska. The BP Prudhoe Bay Royalty Trust is entitled to a royalty payment on 16.4246 percent of the first 90,000 barrels of the actual average daily
net production of oil and condensate for each calendar quarter from the BP Exploration (Alaska) Inc. working interest as defined in the Overriding Royalty Conveyance. The payment amount depends upon the per barrel Royalty that in turn depends
upon the West Texas Intermediate Price, the Chargeable Costs, the Cost Adjustment Factor, and Production Taxes, all of which are defined in the Overriding Royalty Conveyance. Changes to the Production Tax beginning January 1, 2014, were
legislated by the State of Alaska and are incorporated herein. Barrel as used herein means Stock Tank Barrel as defined in the Overriding Royalty Conveyance.

Payments received by the BP Prudhoe Bay Royalty Trust are based exclusively on a percentage of the first 90,000 barrels of the average actual
daily net production of crude oil from the leases subject to the Overriding Royalty Conveyance. There is no relationship between any delivery commitments of BP Exploration (Alaska) and the other owners of the working interests in the
Prudhoe Bay Field and the BP Prudhoe Bay Royalty Trusts entitlement to the prescribed royalty payments. The BP Prudhoe Bay Royalty Trust does not directly or indirectly own any working interests in wells, operations, or acreage.

MLLs reviews do not constitute independent estimates of the reserves and annual production rate forecasts for the areas, pay zones,
projects, and recovery processes examined. MLL relied upon the accuracy and completeness of information provided by BP Exploration (Alaska) Inc. with respect to pertinent ownership interests and various other historical, accounting, engineering, and
geological data. MLL employed all methods, procedures, and assumptions considered necessary in utilizing the data provided to prepare this report.

As a result of our cumulative reviews, based on the foregoing, MLL concludes that:



| | 1. | A large body of basic data and detailed analyses are available and were used in making the estimates. In MLLs judgment, the quantity and quality of currently available data on reservoir boundaries, original fluid
contacts, and reservoir rock and fluid properties are sufficient to indicate that any future revisions to the estimates of total original in-place volumes should be minor. Furthermore, the data and analyses on recovery factors and future production
rates are sufficient to support the Proved Reserves estimates.
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| | 2. | Proved Reserves were estimated generally by use of full-field three-dimensional reservoir simulation, extrapolation of well-established historical production performance trends and/or were supported by other geologic
and engineering studies. Where sufficient localized performance data did not exist, reserves were estimated by volumetric calculations, simulations, or by analogy to similar producing areas of the field. The methods and procedures employed
to accumulate and evaluate the necessary information and to estimate, document, and reconcile reserves, annual production rate forecasts, and future net revenues are effective and appropriate.
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| | 3. | Based on MLLs limited independent tests of the computations of reserves, production flowstreams, and future net revenues, such computations were performed in accordance with the methods and procedures described to
us and conform to the relevant SEC definitions.
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| | 4. | The estimated net remaining Proved Reserves attributable to the BP Prudhoe Bay Royalty Trust as of December 31, 2015, of 23.052 million barrels of oil are, in the aggregate, reasonable. Of the 23.052 million
barrels of total Proved Reserves, 22.418 million barrels are Proved Developed Reserves, and 0.634 million barrels are Proved Undeveloped Reserves.
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| | 5. | The 2015 average West Texas Intermediate Price of $50.28 per barrel, applicable under current SEC regulations, represents the 12-month average of the first-day-of-the-month price for each month within the 12-month
period prior to December 31, 2015. Based on this price, other economic parameters as prescribed by the Overriding Royalty Conveyance, and utilizing the specified procedures outlined in Financial Accounting Standards Board Accounting Standards
Codification 932, Extractive Activities  Oil and Gas, BP Exploration (Alaska) Inc. calculated that as of December 31, 2015, production of the Proved Reserves will result in Estimated Future Net Revenues of $248.1 million and
Present Value of Estimated Future Net Revenues of $214.5 million to the BP Prudhoe Bay Royalty Trust. These estimates are reasonable.
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| | 6. | As a consequence of the natural production decline and the downtime required for ongoing infrastructure and other improvements, BP Exploration (Alaska) Inc.s net production of oil from Proved Reserves attributable
to the BP Prudhoe Bay Royalty Trust was less than 90,000 barrels per day on an annual average basis in 2015. BP Exploration (Alaska) Inc. expects that its net production of oil from Proved Reserves attributable to the BP Prudhoe Bay Royalty Trust
will be less than 90,000 barrels per day on an average basis during future years. The BP Exploration (Alaska) Inc. projection of its future net production of oil is reasonable.
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| | 7. | Production attributable to the BP Prudhoe Bay Royalty Trust will decline with the BP Exploration (Alaska) Inc. production. However, the per barrel Royalty will not have a positive value if the West Texas
Intermediate Price is less than the sum of the Chargeable Costs and Production Taxes, appropriately adjusted in accordance with the Overriding Royalty Conveyance. Under such circumstances, average daily production attributable to the BP Prudhoe
Bay Royalty Trust will have no value and therefore will not contribute to the reserves attributable to the BP Prudhoe Bay Royalty Trust regardless of BP Exploration (Alaska) Inc.s net production level.
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| | 8. | Based on the SEC-defined 12-month average West Texas Intermediate Price of $50.28 per barrel and Production Taxes and Adjusted Chargeable Costs as prescribed by the Overriding Royalty Conveyance, the projection that
royalty payments will continue through the year 2020 is reasonable. For the economic conditions and production forecast as of December 31, 2015, the per barrel Royalty will be zero following the year 2020. Therefore, no reserves are
currently attributed to the BP Prudhoe Bay Royalty Trust after that date. The cessation of production date forecasted by BP Exploration (Alaska) Inc. exceeds the life of the BP Prudhoe Bay Royalty Trust.
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| | 9. | Even if expected reservoir performance does not change, the estimated reserves, economic life, and future net revenues attributable to the BP Prudhoe Bay Royalty Trust may change significantly in the future. This
may result from sustained periods of change in the West Texas Intermediate Price, the Production Tax, or from changes in other prescribed variables utilized in calculations defined by the Overriding Royalty Conveyance.
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Estimates of ultimate and remaining reserves and production forecasts depend upon assumptions regarding expansion or implementation of
alternative projects or development programs and upon strategies for production optimization. BP Exploration (Alaska) Inc. has continual reservoir management, surveillance, and planning efforts dedicated to (1) gathering new information, (2)
improving the accuracy of its reserves and production capacity estimates, (3) recognizing and exploiting new opportunities, (4) anticipating potential problems and taking corrective actions, and (5) identifying, selecting, and implementing optimum
recovery program and cost reduction alternatives. Given this significant effort and ever-changing economic conditions, estimates of reserves and production profiles will change periodically.

The current estimate of total Proved Reserves includes volumes of Proved Developed and Proved Undeveloped Reserves that are significantly
impacted by the reduction in the West Texas Intermediate price in 2015 and by revision of forecasted production, resulting in a shortened life of the BP Prudhoe Bay Royalty Trust. The current estimated Proved Undeveloped Reserves are part of
ongoing development activities for which BP Exploration (Alaska) Inc. has a historical track record of completing comparable projects. Net Proved Undeveloped Reserves attributable to the BP Prudhoe Bay Royalty Trust were reduced by
approximately 2.565 million barrels during 2015 as a result of the significant reduction in the West Texas Intermediate price, forecast revisions, and capital activities including drilling and well treatments. In all cases, the volumes are
being progressed as part of an adopted development plan that calls for drilling of wells over an extended period of time given the magnitude of the development. There were no contributions to Proved Undeveloped Reserves from extensions or
discoveries during 2015.

Future projects, development programs, or operating strategies different from those assumed in the current
estimates may change future estimates and affect recoveries. However, because several complementary and alternative projects are being considered for recovery of the remaining oil in the reservoir, a decision not to implement a currently
planned project may allow scope expansion or implementation of another project, thereby increasing the overall likelihood of recovering the reserves.



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Future production rates will be controlled by facilities limitations and upsets, well
downtime, and the effectiveness of programs to optimize production and costs. Additional drilling, workovers, facilities modifications, new recovery projects, and programs for production enhancement and optimization are expected to mitigate but not
eliminate the decline in gross oil production capacity.

In making its future production forecasts, BP Exploration (Alaska) Inc. provided
for anticipated downtime and planned facilities upsets. Although allowances for unplanned upsets are also considered in the estimates, the studies do not provide for any impediments to crude oil production as a consequence of major disruptions.

Under current economic conditions, gas from the Alaskan North Slope, except for minor volumes, cannot be marketed commercially. Oil
recovery is expected to be greater as a result of continued reinjection of produced gas than the recovery would be if major volumes of produced gas were being sold. No major gas sale is assumed in the current estimates. In the event that
major gas sales are initiated, likely to supply a major liquefied natural gas (LNG) project under consideration, ultimate oil recovery may be reduced from the current estimate unless recovery projects other than those included in the current
estimate are implemented.

Large volumes of natural gas liquids (NGLs) are likely to be produced and marketed in the future whether or not
major gas sales become viable. NGL reserves are not included in the estimates cited herein. The BP Prudhoe Bay Royalty Trust is not entitled to royalty payments from production or sales of natural gas, LNG, or NGLs.

The evaluations presented in this report, with the exceptions of those parameters specified by others, reflect MLLs informed judgments
and are subject to the inherent uncertainties associated with interpretation of geological, geophysical, and engineering information. These uncertainties include, but are not limited to the (1) utilization of analogous or indirect data and (2)
application of professional judgment. At this time, MLL and BP Exploration (Alaska) Inc. are not aware of any existing or pending federal or state regulations that would materially affect the ability of BP Exploration (Alaska) Inc. to recover the
estimated reserves in the Prudhoe Bay Field. Government policies and market conditions different from those reflected in this study or disruption of existing transportation routes or facilities may cause (1) the total quantity of oil or condensate
to be recovered, (2) actual production rates, (3) prices received, (4) operating and capital costs, or (5) Production Taxes to vary from those reviewed in this report.

Miller and Lents, Ltd. was founded in 1948, offering services and expertise in many phases of the oil and gas industry. The firm is
registered with the Texas Board of Professional Engineers. All professionals assigned to the BP Prudhoe Bay Royalty Trust project are university graduates, with degrees in petroleum or chemical engineering. Assigned staff members include
licensed professional engineers with over 25 years of diversified experience. Work was supervised by a licensed professional engineer with more than 15 years of experience with the BP Prudhoe Bay Royalty Trust.

Miller and Lents, Ltd. is an independent oil and gas consulting firm. No director, officer, or key employee of Miller and Lents, Ltd. has any
financial ownership in the BP Prudhoe Bay Royalty Trust, BP Exploration (Alaska) Inc. or its parent or any related companies. Our fee is not contingent upon the results of our work or report, and we have not performed other services for BP
Exploration (Alaska) Inc. or the BP Prudhoe Bay Royalty Trust that would affect our objectivity. Miller and Lents, Ltd. hereby grants consent for use of this letter, in its entirety, in the BP Prudhoe Bay Royalty Trusts SEC Form 10-K annual
report filing for the fiscal year ended December 31, 2015.



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|BNY Mellon Trust Company, N.A. Trustee, BP
Prudhoe Bay Royalty Trust |  | February 12, 2016
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Very truly yours,MILLER AND LENTS, LTD.Texas Registered Engineering Firm No. F-1442By

/s/ William P. KozaWilliam P. KozaSenior ConsultantBy

/s/ Katie ReinakerKatie M. Reinaker, P.E.Vice PresidentBy

/s/ Robert J. OberstRobert J. Oberst, P.E.Chairman


WPK/RJO/slc