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Whiting USA Trust II Announces Trust Quarterly Distribution

Whiting USA Trust II (NYSE: WHZ) announced the first Trust distribution in 2014, which relates to net profits generated during the fourth quarterly payment period of 2013.

Unitholders of record on February 19, 2014 will receive a distribution of $0.651431 per unit, which is payable on or before March 3, 2014.

Volumes, average sales prices and net profits for the quarterly payment period were:

Sales volumes:      
Oil (Bbl) (1) 321,610
Natural gas (Mcf)   632,054  
Total (BOE) 426,952
Average sales prices:
Oil (per Bbl) (1) $ 84.94
Natural gas (per Mcf) (2) $ 5.03
 

Gross proceeds:

Oil sales (1) $ 27,317,111
Natural gas sales   3,178,716  
Total gross proceeds $ 30,495,827  
Costs:
Lease operating expenses (3) $ 12,345,471
Production taxes 1,625,904
Development costs 2,978,818
Realized (gains) losses on hedging settlements (4)   -  
Total costs $ 16,950,193  
 

Net profits

$ 13,545,634

Percentage allocable to Trust’s Net Profits Interest

  90 %
 

Total cash available for the Trust

$ 12,191,071
Provision for estimated Trust expenses (200,000 )
Montana state income taxes withheld   (4,744 )
Net cash proceeds available for distribution $ 11,986,327
 

Trust units outstanding

  18,400,000  
Cash distribution per Trust unit $ 0.651431  
 
      (1)   Oil includes natural gas liquids.
 
(2) The average sales price of natural gas for the gas production months within the distribution period exceeded the average NYMEX gas prices for those same months within the period due to the “liquids rich” content of a portion of the natural gas volumes produced by the underlying properties.
 
(3) The Trust’s underlying properties experienced increases in lease operating expenses during the fourth quarterly payment period of 2013 related to $1.5 million in ad valorem taxes that were paid in November and December of 2013. This timing of payment for the underlying properties’ ad valorem tax bills is consistent with when the prior year’s tax payments were made.
 
(4) There were no realized gains or losses on hedge settlements during the fourth quarterly payment period of 2013. All costless collar hedge contracts terminate as of December 31, 2014. Consequently, for all distributions after the February 2015 distribution, there will be no further cash settlement gains or losses on commodity hedges, and the Trust will have increased exposure to oil and natural gas price volatility.

The net profits interest represents the right to receive 90% of the net proceeds from Whiting Petroleum Corporation’s interests in certain existing oil and natural gas properties located primarily in the Rocky Mountains, Permian Basin, Gulf Coast and Mid-Continent regions of the United States.

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