BP Prudhoe Bay Raises Third-Quarter Distribution
Energy trust BP Prudhoe Bay Royalty Trust announced today its third-quarter dividend of $2.1679308 per unit, an increase of 1.2% over the payout made last quarter of 2.14291 per unit.
BP Prudhoe has all of its interests in one oil field located in North Slope, Alaska. The trust receives about 16% royalties on the lesser of either the first 90,000 barrels per day or the overall average daily production. Its actual average daily production for the quarter was 71,929 barrels.
The board of directors said the quarterly dividend is payable on October 20 to holders of record at the close of business on October 15. The regular dividend payment equates to approximately $8.67-per-share annual dividend, yielding 9.8% based on the closing price today of BP Prudhoe Bay Royalty Trust's stock.
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