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VOC Energy Trust Units of Beneficial Interest (VOC-2.98%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the Trust's financial results, showing income from the net profits interest of $13,622,718 for 2024, down from $16,459,918 in 2023. This decrease is attributed to lower oil and gas sales volumes and a decrease in the market price for natural gas.
Lease operating expenses increased to $14,552,598 in 2024 from $14,268,658 in 2023, primarily due to rising costs of oilfield goods and services.
Development expenses rose by 32.4% to $2,452,213 in 2024, reflecting increased development activity compared to the previous year.
The Trust's distributable income for 2024 was $12,410,000, a decrease from $15,215,000 in 2023, resulting in a distribution per Trust Unit of $0.730.
VOC Energy Trust's reserves are depleting assets, and production is projected to decline at an average rate of 7.4% per year over the next 20 years.
The Trust will make quarterly cash distributions of its receipts, after deducting administrative expenses, until the termination of the net profits interest on December 31, 2030, or when 10.6 MMBoe have been produced and sold.
The Trust's financial statements are prepared on a modified cash basis of accounting, which differs from GAAP, as it reflects net cash receipts received from VOC Brazos.
The Trust's future cash distributions will depend on oil and gas prices, production volumes, and operating expenses, among other factors.
VOC Brazos plans to incur future development expenditures of approximately $36.4 million through December 31, 2032, focusing on the Texas Underlying Properties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VOC Energy Trust Units of Beneficial Interest annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.