Pacific Coast Oil Trust announces no March 2024 distribution; future distributions extremely remote

Pacific Coast Oil Trust

No cash distribution for March 2024; operating income $1.3M, revenue $3.2M, avg realized price $71.85/Boe.
Cumulative net profits deficit: $18.1M for Developed Properties, $0.8M for Remaining Properties.
Trust owes PCEC approximately $5.8M (letter of credit plus promissory note and interest).
Trust expects to borrow funds to cover administrative expenses; dissolution process ongoing with no successor trustee appointed.
Orcutt production down 15% YoY due to Phillips 66 pipeline termination; short-term transport contract extended to April 30, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Pacific Coast Oil Trust reported January 2024 results: revenue approximately $3.2 million, net income net profits were approximately $1.1 million.

Period: January 2024
Revenue: approximately $3.2 million
Net income: net profits were approximately $1.1 million
Result: reported results

Exact text from the filing

calculation for the Developed Properties reflected operating income of approximately $1.3 million, as revenues from the Developed Properties were approximately $3.2 million, lease operating expenses including property taxes were approximately $1.9 million, and development costs (including adjustments from prior periods) were approximately $30,000.

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Source: SEC EDGAR

accession 0001104659-24-040572

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