TIDELANDS ROYALTY TRUST B Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue793  634  1,173  1,166  Cost of Revenue -   -   -   -  Gross Profit793  634  1,173  1,166  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative67  85  76  61  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss726  549  1,097  1,105  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes726  558  1,088  1,105  Interest Expense -   -   -   -  Income Before Tax726  558  1,088  1,105  Income Tax Expense4  1  8  10  Minority Interest -   -   -   -  Net Income From Continuing Ops723  548  1,088  1,095  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items - &n...
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TIDELANDS ROYALTY TRUST B Files SEC form 10-Q, Quarterly Report

Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations Organization The Trust is a royalty trust that was created on June 1, 1954 under the laws of the State of Texas. U.S. Trust, Bank of America Private Wealth Management serves as corporate trustee (the "Trustee"). The Indenture provides that the term of Trust will expire on April 30, 2021, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest. The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to interests in certain oil, natural gas or other mineral leases obtained by Gulf Oil Corporation ("Gulf") in a designated area of the Gulf of Mexico. These rights are evidenced by a contract between the Trust's predecessors and Gulf dated April 30, 1951 (the "1951 Contract"), which is binding upon the assignees of Gulf. As a result of various transactions that have occurred since 1951, the Gulf interests that were subject to the 1951 Contract now are held by Chevron U.S.A., Inc. ("Chevron"), which is a subsidiary of Chevron Corporation, and its assignees. The Trust holds title to interests in properties subject to the 1951 Contract that are situated offshore of Texas. The Trust's wholly-owned subsidiary, Tidelands Corporation, holds title to interests in properties subject to the 1951 Contract that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law. Tidelands Corporation is prohibited from engaging in a trade or business and does only those things necessary for the administration and liquidation of its properties. Tidelands' rights are generally referred to as overriding royalty interests in the oil and natural gas industry. An overriding royalty interest is c...
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TIDELANDS ROYALTY TRUST B Files SEC form 8-K, Regulation FD Disclosure

Show all filings for TIDELANDS ROYALTY TRUST B | Request a Trial to NEW EDGAR Online Pro Form 8-K for TIDELANDS ROYALTY TRUST B 21-Sep-2009Regulation FD Disclosure Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, n...
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TIDELANDS ROYALTY TRUST B Files SEC form 10-Q, Quarterly Report

Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations Organization The Trust is a royalty trust that was created on June 1, 1954 under the laws of the State of Texas. U.S. Trust, Bank of America Private Wealth Management serves as corporate trustee (the "Trustee"). The Indenture provides that the term of Trust will expire on April 30, 2021, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest. The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to interests in certain oil, natural gas or other mineral leases obtained by Gulf Oil Corporation ("Gulf") in a designated area of the Gulf of Mexico. These rights are evidenced by a contract between the Trust's predecessors and Gulf dated April 30, 1951 (the "1951 Contract"), which is binding upon the assignees of Gulf. As a result of various transactions that have occurred since 1951, the Gulf interests that were subject to the 1951 Contract now are held by Chevron U.S.A., Inc. ("Chevron"), which is a subsidiary of Chevron Corporation, and its respective assignees. The Trust holds title to interests in properties subject to the 1951 Contract that are situated offshore of Texas. The Trust's wholly-owned subsidiary, Tidelands Corporation, holds title to interests in properties subject to the 1951 Contract that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law. Tidelands Corporation is prohibited from engaging in a trade or business and does only those things necessary for the administration and liquidation of its properties. Tidelands' rights are generally referred to as overriding royalty interests in the oil and natural gas industry. An overriding royalty in...
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TIDELANDS ROYALTY TRUST B Files SEC form 8-K, Regulation FD Disclosure

Show all filings for TIDELANDS ROYALTY TRUST B | Request a Trial to NEW EDGAR Online Pro Form 8-K for TIDELANDS ROYALTY TRUST B 22-Jun-2009Regulation FD Disclosure Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, n...
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TIDELANDS ROYALTY TRUST B Files SEC form 10-Q, Quarterly Report

Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations Organization The Trust is a royalty trust that was created on June 1, 1954 under the laws of the State of Texas. U.S. Trust, Bank of America Private Wealth Management serves as corporate trustee (the "Trustee"). The Indenture provides that the term of Trust will expire on April 30, 2021, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest. The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to interests in certain oil, natural gas or other mineral leases obtained by Gulf Oil Corporation ("Gulf") in a designated area of the Gulf of Mexico. These rights are evidenced by a contract between the Trust's predecessors and Gulf dated April 30, 1951 (the "1951 Contract"), which is binding upon the assignees of Gulf. As a result of various transactions that have occurred since 1951, the Gulf interests that were subject to the 1951 Contract now are held by Chevron U.S.A., Inc. ("Chevron"), which is a subsidiary of Chevron Corporation, and its respective assignees. The Trust holds title to interests in properties subject to the 1951 Contract that are situated offshore of Texas. The Trust's wholly-owned subsidiary, Tidelands Corporation, holds title to interests in properties subject to the 1951 Contract that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law. Tidelands Corporation is prohibited from engaging in a trade or business and does only those things necessary for the administration and liquidation of its properties. Tidelands' rights are generally referred to as overriding royalty interests in the oil and natural gas industry. An overriding royalty interest...
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TIDELANDS ROYALTY TRUST B Files SEC form 10-K, Annual Report

Item 7. Trustee's Discussion and Analysis of Financial Condition and Results of Operations Change in Accounting Method. As of the period ended June 30, 2008, Tidelands changed its accounting method from the accrual method to the modified cash basis method (the "Accounting Change") as permitted by the SEC, Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts. Previously, the financial statements of Tidelands were prepared in accordance with GAAP. As an overriding royalty owner, actual production of oil and natural gas are not known to Tidelands until reported by the operator of the oil or gas lease, which could be up to 60-90 days after the actual month of production. Therefore, Tidelands previously estimated earned but unpaid royalties from this production. To estimate this amount, Tidelands utilized historical information based on the latest production reports from the individual leases and current average prices as reported for oil by Chevron and the well head price for natural gas as reported by the Energy Information Agency (a division of the Department of Energy) for the period under report. Under the modified cash basis method, royalty revenues are recorded when received and distributions to the Trust's unitholders are recorded when declared by the Trustee. As a result, Tidelands no longer needs to Table of Contents estimate earned but unpaid royalties. In addition, expenses of Tidelands (which include accounting, legal, and other professional fees, trustees' fees and out-of-pocket expenses) continue to be recorded on an accrual basis. Cash reserves are permitted to be established by the Trustee for certain contingencies that would not be recorded under GAAP. The Accounting Change was adopted because the Trustee believes that distributable income is a more useful measure to the unitholders of the Trust than net income. The newly adopted basis of accounting corresponds to the accounting principles permi...
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TIDELANDS ROYALTY TRUST B Files SEC form 8-K, Regulation FD Disclosure

Show all filings for TIDELANDS ROYALTY TRUST B | Request a Trial to NEW EDGAR Online Pro Form 8-K for TIDELANDS ROYALTY TRUST B 23-Mar-2009Regulation FD Disclosure Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, no...
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TIDELANDS ROYALTY TRUST B Files SEC form 8-K, Regulation FD Disclosure

Show all filings for TIDELANDS ROYALTY TRUST B | Request a Trial to NEW EDGAR Online Pro Form 8-K for TIDELANDS ROYALTY TRUST B 22-Dec-2008Regulation FD Disclosure Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, n...
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