secwatch.observer — SEC 8-K summary
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Issuer:     Pacific Coast Oil Trust (—)
CIK:        0001538822
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001104659-24-040572
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1538822/000110465924040572/0001104659-24-040572-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1538822/000110465924040572/tm249969d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-040572

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