This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chesapeake Granite Wash Trust Announces Distribution Of $0.6900 Per Common Unit

Chesapeake Granite Wash Trust (NYSE:CHKR) (the “Trust”) today announced its common unit distribution for the quarter ended June 30, 2013 (which primarily relates to production attributable to the Trust’s royalty interests from March 1, 2013 through May 31, 2013) will be $0.6900 per common unit. The Trust will also pay a distribution of $0.1432 per subordinated unit for the quarter. The distributions will be paid on August 29, 2013 to all common and subordinated unitholders of record at the close of business on August 19, 2013.

During the three-month production period ended May 31, 2013, total sales volumes and realized oil, natural gas liquids and natural gas prices were lower than initial Trust estimates. This resulted in quarterly income available for distribution of $0.5533 per unit, which is $0.1367 below the subordination threshold. As a result, the distribution per common unit is the subordination threshold of $0.6900 for the quarter.

The following table provides sales volumes, realized prices and revenue attributable to the Trust’s royalty interests, expenses of the Trust and distributable income available to unitholders for the production period from March 1, 2013 through May 31, 2013.
Sales volumes:
Oil (mbbl) 132
Natural gas liquids (mbbl) 267
Natural gas (mmcf)   2,894  
Total oil equivalent volumes (mboe) 881
Average price received per production unit: (1)
Oil $ 88.88
Natural gas liquids $ 31.42
Natural gas $ 2.65
Distributable income calculation (in thousands except per unit income):
Revenue less production taxes (1) $ 27,262
Derivative settlement loss (1,053 )
Trust expenses   (342 )
Distributable income available to unitholders $ 25,867  
Calculated distributable income per unit (2) $ 0.5533  
Distributable income per common unit (3) $ 0.6900
Distributable income per subordinated unit (4) $ 0.1432

(1) Includes the effect of certain marketing, gathering and transportation deductions. (2) Based on 46,750,000 units issued and outstanding, consisting of 35,062,500 common units and 11,687,500 subordinated units. (3) Equal to subordination threshold of $0.6900 per common unit. (4) All subordinated shares are owned by Chesapeake Energy Corporation.

Due to the timing of the payment of production proceeds to the Trust, quarterly distributions generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,829.0450 +18.2570 0.38%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs