The BP Prudhoe Bay Royalty Trust (BPT) is a trust that is backed by oil volumes out of one of the largest producing oil fields in North America. The property of the Trust consists of an overriding royalty interest. The Royalty Interest represents the right to receive a per barrel royalty of 16.4246% on the first 90,000 BOPD out of BP Alaska's share of the Prudhoe Bay oil field.
You may or may not know that earlier in 2013, highly controversial tax reform was passed in the Alaskan senate. From the latest BP Prudhoe Bay Royalty Trust 10-Q:
...the legislation eliminates the monthly progressivity tax rate implemented by the 2006 Amendments and ACES and increases the base rate
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