# EDGAR Filing Document

**Accession Number:** 0000850033
**File Stem:** 0001193125-25-154122
**Filing Date:** 2025-7
**Character Count:** 12734
**Document Hash:** 258da297893bd2e125f78959ba6dac60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154122.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-154122

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BP PRUDHOE BAY ROYALTY TRUST
- **CENTRAL INDEX KEY:** 0000850033
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 136943724
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10243
- **FILM NUMBER:** 251097436

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BANKOF NEW YORK
- **STREET 2:** 601 TAVIS STREET, FLOOR 17
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 2128155084

**MAIL ADDRESS:**
- **STREET 1:** C/O BANK OF NEW YORK
- **STREET 2:** 601 TAVIS STREET, FLOOR 17
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): June 30, 2025** 

## BP Prudhoe Bay Royalty Trust
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **1-10243** | **13-6943724** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**The Bank of New York Mellon** 

**Trust Company, N.A., Trustee** 

**601 Travis Street** 

**16th Floor** 

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| | |
|:---|:---|
| **Houston, Texas** | **77002** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (713) 483-6020** 

**Not applicable** 

**(Former name or former address, if changed since last report.)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: 

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Units of Beneficial Interest | BPT | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

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On July 1, 2025, BP Prudhoe Bay Royalty Trust (the "Trust") issued a press release announcing that the Trust did not receive a royalty payment for the quarter ended June 30, 2025, and therefore will not make a quarterly cash distribution to unitholders of record for the quarter ended June 30, 2025. As previously announced, the Trust terminated at 11:59 PM on December 31, 2024, in accordance with the terms of the Trust Agreement, and The Bank of New York Mellon Trust Company, N.A., as trustee, has commenced the process of winding-up the Trust.

The information in this Item 2.02, Results of Operations and Financial Condition, is being "furnished" and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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| | |
|:---|:---|
| **Item 3.01.** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

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As previously disclosed, on December 31, 2024, the Trust received written notification from The New York Stock Exchange ("NYSE") that the Trust no longer satisfied the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Trust's units of beneficial interest (the "Units") fell below $1.00 over a 30 consecutive trading-day period that ended on December 30, 2024. As the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on June 30, 2025, the NYSE announced the suspension of trading of the Units due to non-compliance with Rule 802.01C of the NYSE Listed Company Manual, effective as of the close of trading on June 30, 2025, and announced that it was initiating proceedings to delist the Units.

As a result of the NYSE suspension of trading, the Units began trading on July 1, 2025, under the symbol "BPPTU" on the Pink Limited Market ("OTC Pink"), which is operated by OTC Markets Group, Inc. To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Units on OTC Pink may result in a less liquid market available for existing and future unitholders and could further depress the trading price of the Units. There is no assurance that an active market in the Units will develop on OTC Pink, or whether broker-dealers will continue to provide public quotes of the Units on this market, whether the trading volume of the Units will be sufficient to provide for an efficient trading market or whether quotes for the Units may be blocked by OTC Markets Group, Inc. in the future.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

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On July 1, 2025, the Trust issued a press release regarding the suspension of trading of the Units on the NYSE and the expected transition of the quotation of the Units to OTC Pink, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits:

99.1 [BP Prudhoe Bay Royalty Trust press release issued July 1, 2025.](d889658dex991.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | BP Prudhoe Bay Royalty Trust | BP Prudhoe Bay Royalty Trust |
|  | By: The Bank of New York Mellon Trust Company, N.A., as Trustee | By: The Bank of New York Mellon Trust Company, N.A., as Trustee |
| Date: July 1, 2025 | By: | /s/ Elaina C. Rodgers |
|  |  | Elaina C. Rodgers |
|  |  | Vice President |

---

## Exhibit 99.1

**Exhibit 99.1** 

**BP Prudhoe Bay Royalty Trust Announces No Unit Payment for the Second Quarter of 2025 and Update on NYSE Delisting** 

HOUSTON, TX, July 1, 2025: BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that Unit holders of record on July 15, 2025 will not receive a dividend payment for the quarter ended June 30, 2025. As provided in the Trust Agreement, a quarterly royalty payment by Hilcorp North Slope, LLC to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of revenue is determined by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day. Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes.

For the three months ended June 30, 2025, the Per Barrel Royalty was calculated based on the following information:

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| | |
|:---|:---|
|  Average WTI Price | $63.95 |
|  Average Adjusted Chargeable Costs | $99.63 |
|  Average Production Taxes | $2.15 |
|  Average Per Barrel Royalty | $(37.83) |
|  Average Net Production (mb/d) | 63.3 |

---

The average daily closing WTI price was below the "break-even" price for the quarter, resulting in a negative value for the payment calculation for the quarter. However, as provided in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter may not be less than zero.

As previously disclosed, the Trust terminated at 11:59 PM on December 31, 2024, and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), has commenced the process of winding up the affairs of the Trust. The Trustee cannot predict when the wind-up of the Trust will be completed.

**Delisting from NYSE** 

The Trust also announced that on June 30, 2025, that it had received notification from the New York Stock Exchange ("NYSE") of its determination to suspend trading of the Trust's units of beneficial interest (the "Units"), effective as of the close of trading on June 30, 2025, and to initiate proceedings to delist the Units. The determination to commence the delisting proceeding results from the Trust's inability to satisfy the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Units fell below $1.00 over a 30 consecutive trading-day period that ended on December 30, 2024, and the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on June 30, 2025.

As a result of the suspension, the Units began trading on July 1, 2025, under the symbol "BPPTU" on the Pink Limited Market ("OTC Pink"), which is operated by OTC Markets Group, Inc. To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Units on OTC Pink may result in a less liquid market available for existing and potential unitholders and could further depress the trading price of the Units. There is no assurance that an active market in the Units will develop on OTC Pink.

**FORWARD LOOKING STATEMENTS** 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trust. These forward-looking statements include the Trust's expectations regarding the timing of the transition of the quotation of the Units to OTC Pink, expectations regarding the trading of the Units on OTC Pink and the Trust asset sale process. Descriptions of some of the risks that could affect the future performance of the Trust appear in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, the Trust's subsequent Quarterly Reports on Form 10-Q, and the Trust's other filings with the Securities and Exchange Commission (the "SEC"). The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. The Trustee undertakes no obligation to update forward-looking statements after the date of this report, except as required by law, and all such forward-looking statements in this report are qualified in their entirety by the preceding cautionary statements.

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Contact:

Elaina Rodgers

Vice President

The Bank of New York Mellon Trust Company, N.A.

713-483-6020