VOC Energy Trust (VOC) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profits interest income was $1.90M and distributable income was $1.445M, down from $3.60M and $3.230M, respectively, in Q1 2024.

• Lower oil and gas prices and sales volumes reduced gross proceeds; higher development expenses also weighed on net proceeds.

Financial highlights

• Net profits interest income was $1,898,820 in Q1 2025 versus $3,604,114 in Q1 2024; distributable income was $1,445,000 versus $3,230,000.

• Distribution was $0.085 per unit in Q1 2025, compared with $0.190 per unit in Q1 2024.

• Cash and cash equivalents totaled $1,785,976 at March 31, 2025; total assets and trust corpus were each $11,471,407.

• Trust expenses were $412,521 in Q1 2025 versus $356,459 in Q1 2024; net profits interest amortization was $441,769 versus $461,380.

Outlook and guidance

• VOC Brazos expects costs on the mature underlying properties to remain broadly consistent with recent history, except for changes in general oilfield-services costs.

• The net profits interest terminates at the later of Dec. 31, 2030, or when 10.6 MMBoe is produced and sold from the properties; 9.3 MMBoe had been sold cumulatively by March 31, 2025.