Gulf Coast Ultra Deep Royalty Trust Files 2023 Annual Report
Ticker: GULTU · Form: 10-K · Filed: Mar 28, 2024 · CIK: 1565146
| Field | Detail |
|---|---|
| Company | Gulf Coast Ultra Deep Royalty Trust (GULTU) |
| Form Type | 10-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $2.2 million, $1 million, $350,000, $166,000, $1.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, Annual Report, Royalty Trust, Gulf Coast, Financials
TL;DR
<b>Gulf Coast Ultra Deep Royalty Trust has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>
AI Summary
Gulf Coast Ultra Deep Royalty Trust (GULTU) filed a Annual Report (10-K) with the SEC on March 28, 2024. Gulf Coast Ultra Deep Royalty Trust filed its 10-K for the fiscal year ended December 31, 2023. The trust is registered in Delaware and its IRS number is 46-6448579. The principal executive offices are located at 601 Travis Street, 16th Floor, Houston, TX 77002. The registrant's telephone number is (512) 236-6555. Royalty Trust Units are the only securities registered pursuant to Section 12(g) of the Act.
Why It Matters
For investors and stakeholders tracking Gulf Coast Ultra Deep Royalty Trust, this filing contains several important signals. This filing provides a comprehensive overview of the trust's financial performance and operational status for the past fiscal year, crucial for investors to assess its current standing and future prospects. As a royalty trust, understanding its reporting is key to evaluating the underlying commodity prices and production volumes that directly impact its distributions.
Risk Assessment
Risk Level: low — Gulf Coast Ultra Deep Royalty Trust shows low risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags, indicating a routine disclosure for the Gulf Coast Ultra Deep Royalty Trust.
Analyst Insight
Review the 10-K filing for detailed financial performance, operational updates, and risk factors to assess the trust's value and distribution potential.
Key Numbers
- 20231231 — Fiscal Year End (Report period)
- 20240328 — Filing Date (Date of submission)
- 001-36386 — SEC File Number (Commission file number)
Key Players & Entities
- Gulf Coast Ultra Deep Royalty Trust (company) — Registrant name
- The Bank of New York Mellon Trust Company, N.A. (company) — Trustee
- 001-36386 (regulator) — SEC File Number
- 20231231 (date) — Fiscal year end
- 20240328 (date) — Filing date
- 601 Travis Street, 16th Floor, Houston, TX 77002 (location) — Principal executive offices address
- 46-6448579 (identifier) — IRS Employer Identification No.
FAQ
When did Gulf Coast Ultra Deep Royalty Trust file this 10-K?
Gulf Coast Ultra Deep Royalty Trust filed this Annual Report (10-K) with the SEC on March 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Gulf Coast Ultra Deep Royalty Trust (GULTU).
Where can I read the original 10-K filing from Gulf Coast Ultra Deep Royalty Trust?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Gulf Coast Ultra Deep Royalty Trust.
What are the key takeaways from Gulf Coast Ultra Deep Royalty Trust's 10-K?
Gulf Coast Ultra Deep Royalty Trust filed this 10-K on March 28, 2024. Key takeaways: Gulf Coast Ultra Deep Royalty Trust filed its 10-K for the fiscal year ended December 31, 2023.. The trust is registered in Delaware and its IRS number is 46-6448579.. The principal executive offices are located at 601 Travis Street, 16th Floor, Houston, TX 77002..
Is Gulf Coast Ultra Deep Royalty Trust a risky investment based on this filing?
Based on this 10-K, Gulf Coast Ultra Deep Royalty Trust presents a relatively low-risk profile. The filing is a standard annual report (10-K) with no immediate red flags, indicating a routine disclosure for the Gulf Coast Ultra Deep Royalty Trust.
What should investors do after reading Gulf Coast Ultra Deep Royalty Trust's 10-K?
Review the 10-K filing for detailed financial performance, operational updates, and risk factors to assess the trust's value and distribution potential. The overall sentiment from this filing is neutral.
How does Gulf Coast Ultra Deep Royalty Trust compare to its industry peers?
The Gulf Coast Ultra Deep Royalty Trust operates within the crude petroleum and natural gas industry, focusing on royalty interests.
Are there regulatory concerns for Gulf Coast Ultra Deep Royalty Trust?
The filing is made under the Securities Exchange Act of 1934, requiring annual reports from entities like this royalty trust.
Industry Context
The Gulf Coast Ultra Deep Royalty Trust operates within the crude petroleum and natural gas industry, focusing on royalty interests.
Regulatory Implications
The filing is made under the Securities Exchange Act of 1934, requiring annual reports from entities like this royalty trust.
What Investors Should Do
- Analyze the trust's financial statements for revenue, expenses, and net income for FY 2023.
- Examine any disclosed production volumes and commodity price assumptions impacting royalty payments.
- Review the 'Risk Factors' section for potential threats to the trust's operations and distributions.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-03-28: Filing Date — Date the 10-K was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial 10-K filing for the fiscal year 2023, following the reporting requirements for the preceding 12 months.
Filing Stats: 4,621 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-03-28 16:22:30
Key Financial Figures
- $2.2 million — by non-affiliates of the registrant was $2.2 million on June 30, 2023 (the last day of the R
- $1 million — igated to purchase them (up to a cap of $1 million) at a price determined in accordance wi
- $350,000 — reed to pay annual trust expenses up to $350,000, with no right of repayment or interest
- $166,000 — rovision, FCX contributed approximately $166,000 for the payment of trust expenses incur
- $1.0 million — X also agreed to provide and maintain a $1.0 million stand-by reserve account or an equivale
Filing Documents
- form10-k.htm (10-K) — 584KB
- ex23.htm (EX-23) — 7KB
- ex31.htm (EX-31) — 18KB
- ex32.htm (EX-32) — 8KB
- ex99-1.htm (EX-99.1) — 1KB
- ex23_001.jpg (GRAPHIC) — 10KB
- ex99-1_001.jpg (GRAPHIC) — 207KB
- 0001493152-24-011754.txt ( ) — 917KB
Forward-Looking Statements
Forward-Looking Statements 1 Glossary 2 Part I Items 1. and 2. Business and Properties 3
Risk Factors
Item 1A. Risk Factors 17
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 27
Cybersecurity
Item 1C. Cybersecurity 27
Legal Proceedings
Item 3. Legal Proceedings 28
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 28 Part II Item 5. Market for Registrant’s Royalty Trust Units, Related Royalty Trust Unitholder Matters and Issuer Purchases of Royalty Trust Units 29
[Reserved]
Item 6. [Reserved] 29
Trustee’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations 30
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 34
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45
Controls and Procedures
Item 9A. Controls and Procedures 45
Other Information
Item 9B. Other Information 45
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 46
Executive Compensation
Item 11. Executive Compensation 46
Security Ownership of Certain Beneficial Owners and Management and Related Royalty Trust Unitholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Royalty Trust Unitholder Matters 47
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 48
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 49 Part IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 50
Form 10-K Summary
Item 16. Form 10-K Summary 50
Signatures
Signatures 5 1 FORWARD-LOOKING This Annual Report on Form 10-K (Form 10-K) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the future financial condition of the Gulf Coast Ultra Deep Royalty Trust (Royalty Trust) or the trading market for the Royalty Trust units, all statements regarding the respective plans of McMoRan Oil & Gas LLC (McMoRan) or Highlander Oil & Gas Assets LLC (HOGA) for the subject interests, including any plans to drill a new well on the Highlander subject interest, the potential results of any drilling on the subject interests by the applicable operator, anticipated interests of McMoRan or HOGA and the Royalty Trust in any of the subject interests, HOGA’s geologic models and the nature of the geologic trend onshore in South Louisiana discussed in this Form 10-K, the amount and date of quarterly distributions to Royalty Trust unitholders, and all statements regarding any belief or understanding of the nature or potential of the subject interests. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be,” “potential,” and any similar expressions and/or statements that are not historical facts are intended to identify those assertions as forward-looking statements. Forward-looking or assumed in the forward-looking statements. Important factors that may cause actual resu