VOC Energy Trust (VOC) Q3 2025 earnings summary

Executive summary

• Q3 net profits interest income was $2.16M and distributable income was $1.87M, both lower YoY; 9M distributable income was $5.53M.

• Results reflected lower oil prices and lower natural gas sales volumes; the passive net profits interest receives 80% of eligible net proceeds.

Financial highlights

• Q3 gross oil and gas proceeds were $7.23M, down 22.1% YoY; 9M proceeds were $22.60M, down 16.4%.

• Q3 distributable income fell to $1.87M from $3.06M; 9M fell to $5.53M from $9.35M.

• Q3 distribution was $0.11 per unit versus $0.18 YoY; 9M distributions were $0.325 per unit versus $0.55.

Outlook and guidance

• Mature-field operating costs are not expected to change significantly from recent historical levels, except for fluctuations in oilfield service costs.

• VOC Brazos may reserve up to $1.0M for future development, maintenance or operating costs; the reserve was $1.0M at September 30, 2025.

• The net profits interest ends after the later of December 31, 2030 or production and sale of 10.6 MMBoe from underlying properties, equivalent to 8.5 MMBoe for the interest.