Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in 2013, which relates to net profits generated during the fourth quarterly payment period of 2012.
Unitholders of record on February 19, 2013 will receive a distribution amounting to $8,008,030 or $0.577618 per unit, which is payable on or before March 1, 2013.
Volumes, average sales prices and net profits for the quarterly payment period were:
|Natural gas (Mcf)||647,344|
|Average sales prices:|
|Oil (per Bbl)||$||77.86|
|Natural gas (per Mcf)||$||3.08|
|Natural gas sales||1,992,164|
|Total gross proceeds||$||16,339,225|
|Lease operating expenses (1)||$||7,471,849|
|Realized gains on hedging settlements||(1,380,969||)|
|Percentage allocable to Trust’s Net Profits Interest||90||%|
|Total cash available for the Trust||$||8,173,785|
|Provision for estimated Trust expenses||(100,000||)|
|Montana state income taxes withheld||(65,755||)|
|Net cash proceeds available for distribution||$||8,008,030|
|Trust units outstanding||13,863,889|
|Cash distribution per Trust unit||$||0.577618|
(1) The Trust’s underlying properties incurred increases in lease operating expenses during 2012 related to a higher level of workover activity and increased costs of oil field goods and services associated with higher demand in the industry.