VOC Energy Trust (VOC) Q4 2025 earnings summary

Executive summary

• 2025 net profits interest income was $8.62 million and distributable income was $7.40 million, down from $13.62 million and $12.41 million, respectively, in 2024.

• Quarterly distributions totaled $0.435 per unit for 2025 versus $0.730 in 2024; the term interest is expected to end by December 31, 2030.

Financial highlights

• Oil and gas sales were $29.56 million in 2025, down 17.4% YoY; lower sales volumes and a lower average oil price drove the decline.

• Net proceeds before the 80% interest fell 36.7% to $10.77 million; the resulting interest income was $8.62 million versus $13.62 million in 2024.

• Distributable income declined $5.02 million YoY to $7.40 million; G&A was $0.94 million, including a $1.22 million trustee holdback for estimated expenses.

Outlook and guidance

• Planned development through 2032 totals ~$36.9 million: ~$34.5 million for eight non-joint-venture wells in Texas, ~$0.6 million for 12 rod-pump conversions, and ~$1.6 million for Kansas work through 2026.

• Reserve estimates assume no development after 2032 and imply an average annual production decline of 8.7% over 20 years; decline could be steeper if development is reduced or delayed.

• Reserve modeling estimates the interest will terminate December 31, 2030, with the 10.6 MMBoe production threshold expected to be reached before then.