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Permian Basin Royalty Trust Message Board

  • stinkostockspotter stinkostockspotter Oct 23, 2012 6:48 AM Flag

    Conoco Claims $5.9 M from PBT

    will reduce dividends even more for a long time; PBT is in a deep hole.

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    • You are months behind the times. They have already recouped the full amount.

      "On May 2, 2011, ConocoPhillips, as the parent company of BROG, the operator of the Waddell Ranch properties, notified the Trustee that as a result of inaccuracies in ConocoPhillips’ accounting and record keeping relating to the Trust’s interest in proceeds from the gas plant production since January 2007 ConocoPhillips overpaid the Trust approximately $5.9 million initially. ConocoPhillips informed the Trustee on September 20, 2011 that it was withholding $4,068,067 (all of the Waddell Ranch portion of the September, 2011 proceeds, which would be reflective of July 2011 production, of approximately 29,796 bbls of oil and 180,425 mcf of gas) in order to recoup this overpayment. This affected the Trust’s distribution declared September 20, 2011 and paid October 17, 2011. ConocoPhillips also withheld $474,480 from the proceeds for October 2011, which ConocoPhillips has informed the Trustee completes the recoupment. ConocoPhillips has indicated that these two recoupments will satisfy the initial claim of $5.9 million. Additionally, ConocoPhillips informed the Trustee that beginning with the June 2011 distribution, proceeds to the Trust relating to the gas plant production have been adjusted to reflect ConocoPhillips’ calculation of the corrected interest. The Trustee is continuing to evaluate the matter. "

 
PBT
14.31-0.03(-0.21%)Jul 22 4:02 PMEDT

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