VOC Energy Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>VOC Energy Trust has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial and operational status.</b>

AI Summary

VOC Energy Trust (VOC) filed a Annual Report (10-K) with the SEC on March 20, 2024. VOC Energy Trust filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, indicating it's an annual report. The registrant's principal executive offices are located at 601 Travis Street, Floor 16, Houston, TX 77002. VOC Energy Trust is registered under the 1934 Act with SEC file number 001-35160. The company's units of beneficial interest trade under the symbol VOC on the New York Stock Exchange.

Why It Matters

For investors and stakeholders tracking VOC Energy Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of VOC Energy Trust's performance, financial health, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the trust's current standing and future prospects. The detailed information within the 10-K allows stakeholders, including investors and analysts, to understand the trust's operations in the crude petroleum and natural gas sector, its compliance with regulatory requirements, and any associated risks.

Risk Assessment

Risk Level: medium — VOC Energy Trust shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements and risk factors, necessitating a medium risk assessment due to the inherent complexities of the oil and gas industry and public company reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand VOC Energy Trust's performance and potential challenges in the crude petroleum and natural gas sector.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240320 — Filing Date (As of Date)
• 001-35160 — SEC File Number (Commission File Number)
• 80-6183103 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• VOC Energy Trust (company) — Registrant
• The Bank of New York Mellon Trust Company, N.A., Trustee (company) — Trustee
• New York Stock Exchange (company) — Exchange
• 601 Travis Street, Floor 16 (location) — Business Address
• Houston, Texas (location) — Business Address City/State
• 77002 (location) — Business Address Zip Code

FAQ

Industry Context

VOC Energy Trust operates in the Crude Petroleum & Natural Gas industry (SIC 1311). This sector is characterized by exploration, extraction, and production of oil and gas resources.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors. Specific regulations govern the content and format of Form 10-K.

What Investors Should Do

1. Review the full Form 10-K for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing VOC Energy Trust.
3. Compare the 2023 performance metrics with previous years to identify trends and assess the trust's trajectory.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-20: 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 period ending December 31, 2023.

Key Financial Figures

• $7.92 — mputed using the closing sales price of $7.92 on June 30, 2023, was approximately $10
• $100,962,180 — .92 on June 30, 2023, was approximately $100,962,180. As of March 20, 2024, 17,000,000 Uni

Filing Documents

• tm241007-1_10k.htm (10-K) — 1231KB
• tm241007d2_ex31-1.htm (EX-31.1) — 9KB
• tm241007d2_ex32-1.htm (EX-32.1) — 5KB
• tm241007d2_ex97-1.htm (EX-97.1) — 22KB
• tm241007d2_ex99-1.htm (EX-99.1) — 87KB
• tm241007d2_ex99-1img002.jpg (GRAPHIC) — 5KB
• tm241007d2_ex99-1img001.jpg (GRAPHIC) — 3KB
• 0001104659-24-036700.txt (&nbsp;) — 1366KB

Forward Looking Statements

Forward Looking Statements 1 Glossary of Certain Oil and Natural Gas Terms 2 PART I Item 1.

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 44 Item 1C. Cybersecurity 44 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 47 Item 7. Trustee's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 66 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 67 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 67 Item 13. Certain Relationships and Related Transactions, and Director Independence 68 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibit and Financial Statement Schedules 70 Item 16. Form 10-K Summary 71

SIGNATURES

SIGNATURES 72 i TABLE OF CONTENTS

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K") contains forward looking statements about VOC Brazos Energy Partners, L.P., a Texas limited partnership ("VOC Brazos"), and VOC Energy Trust (the "Trust") that are subject to risks and uncertainties and that are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact included in this document, including, without limitation, statements under "Business" and "Risk Factors" regarding the financial position, business strategy, production and reserve growth, and other plans and objectives for the future operations of VOC Brazos and the Trust, are forward-looking statements. Such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Forward-looking statements are subject to risks and uncertainties and include statements pertaining to future development activities and costs and other statements in this Form 10-K that are prospective and constitute forward-looking statements. When used in this Form 10-K, the words "believes," "expects," "anticipates," "intends" or similar expressions are intended to identify such forward-looking statements. The following important factors, in addition to those discussed elsewhere in this Form 10-K, could affect the future results of the energy industry in general, and VOC Brazos and the Trust in particular, and could cause actual results to differ materially from those expressed in such forward looking statements: risks incident to the drilling and operation of oil and natural gas wells; future production and development costs and plans; the occurrence or threat of epidemic or pandemic diseases, such as the COVID-19 pandemic, or any government response to such occurrence or

Business

Item 1. Business. General VOC Energy Trust (the "Trust") was formed in November 2010 by VOC Brazos Energy Partners, L.P. ("VOC Brazos"). Much of the information disclosed in this Form 10-K has been provided to the Trust by VOC Brazos, including information associated with the Underlying Properties (as defined below) such as production and well counts, major producing areas, customer relationships, competition, marketing and post-production services, and certain information on which reserve data is based. The Trust is a statutory trust created under the Delaware Statutory Trust Act pursuant to a trust agreement dated November 3, 2010 (as amended and restated on May 10, 2011, the "Trust Agreement") among VOC Brazos, as trustor, The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), and Wilmington Trust Company, as Delaware trustee (the "Delaware Trustee"). The Trust does not have any employees, and the business and affairs of the Trust are managed by the Trustee. The Trust maintains its offices at the office of the Trustee, at 601 Travis Street, Floor 16, Houston, Texas 77002. The telephone number of the Trustee is 1-855-802-1094. The Delaware Trustee has only minimal rights and duties as are necessary to satisfy the requirements of the Delaware Statutory Trust Act. The Trustee does not maintain a website for filings by the Trust with the Securities and Exchange Commission (the "SEC"). Electronic filings by the Trust with the SEC are available free of charge through the SEC's website at www.sec.gov and at http://voc.q4web.com/home/default.aspx . On May 10, 2011, VOC Brazos and the Trust completed an initial public offering of units of beneficial interest in the Trust (the "Trust Units"). In connection with the closing of the initial public offering, on May 10, 2011, VOC Brazos conveyed a net profits interest to the Trust, which entitles the Trust to receive 80% of the net proceeds (calculated as described below) from the sale and produc

View Full Filing

View this 10-K filing on SEC EDGAR