This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Whiting USA Trust II Announces Trust Quarterly Distribution

Stocks in this article: WHZ

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

Unitholders of record on May 20, 2014 will receive a distribution of $0.670762 per unit, which is payable on or before May 30, 2014.

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

   
Sales volumes:
Oil (Bbl) (1) 297,248
Natural gas (Mcf)   528,361  
Total (BOE) 385,308
Average sales prices:
Oil (per Bbl) (1) $ 86.77
Natural gas (per Mcf) (2) $ 6.16
 

Gross proceeds:

Oil sales (1) $ 25,792,026
Natural gas sales   3,254,627  
Total gross proceeds $ 29,046,653  
Costs:
Lease operating expenses (3) $ 10,950,361
Production taxes 1,528,483
Development costs 2,573,164
Cash settlement (gains) losses on commodity derivatives (4)   -  
Total costs $ 15,052,008  
 

Net profits

$ 13,994,645
Percentage allocable to Trust’s Net Profits Interest   90 %
 

Total cash available for the Trust

$ 12,595,181
Provision for estimated Trust expenses (250,000 )
Montana state income taxes withheld   (3,157 )
Net cash proceeds available for distribution $ 12,342,024
 

Trust units outstanding

  18,400,000  
Cash distribution per Trust unit $ 0.670762  
 
(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 an increase in lease operating expenses on a per BOE basis during the first quarterly payment period of 2014 due to i) production declines occurring at a faster rate than corresponding decreases in fixed and semi-variable costs attributable to the underlying properties, and ii) the timing of invoice payments on non-operated properties.

 
(4) There were no realized gains or losses on hedge settlements during the first quarterly payment period of 2014. 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 Trust’s 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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs