Pacific Coast Sets October Distribution
Perpetual royalty trust Pacific Coast Oil Trust announced today its October distribution of $0.15761 per unit. The amount of the trust's monthly distributions will fluctuate depending on the proceeds it receives from its owner, Pacific Coast Energy, as a result of actual production volumes, oil and gas prices, and development expenses. The distribution relates to net profits and overriding royalties generated during August 2013.
The board of directors said the dividend is payable on October 14 to holders of record at the close of business on October 4. This month's distribution of $6.1 million is lower than September's due to higher capital expenditures and lower average realized oil prices, which was partially offset by higher production. Average realized prices were approximately 1% lower than the prior month, or $100.61.
The regular dividend payment equates to approximately $1.89-per-unit annual dividend, yielding 11.5% based on the closing price today of Pacific Coast Oil Trust's stock.
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