17 Feb 2022substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 448,064 shares (2.40% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2022substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 1,150,310 shares (6.30% of votes) in a periodic institutional filing.
3 Feb 2022substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 1,361,368 shares (7.40% of votes) in a periodic institutional filing.
20 Jan 2022listing compliance notice● NeutralMajor
Filed Form 15-12B to deregister the trust units, with approximately 64 holders of record - the final administrative step in the Trust's planned wind-down after its NPI hit its production-based termination trigger at the end of 2021, consistent with the finite, depleting-asset structure disclosed since its 2012 IPO.
10 Aug 2021substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 1,589,864 shares (8.60% of votes) in a periodic institutional filing.
28 July 2021substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 1,360,854 shares (7.40% of votes) in a periodic institutional filing.
14 July 2021substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a Whiting USA Trust II shareholding of 1,166,180 shares (6.30% of votes) in a periodic institutional filing.
21 June 2021substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen disclosed a new substantial Whiting USA Trust II shareholding (5.20% of votes).
22 Mar 2021other material event● Neutral
Routine press release confirming the FY2020 Form 10-K had been filed - no incremental information.
19 Mar 2021annual report▼ BadMajor
Final full annual report (FY2020): Whiting set aside a $1.6 million reserve in Q2 2020 amid the COVID-19 oil price crash, fearing future proceeds might not cover operating costs on the underlying 1,301 gross (364.1 net) wells - then released it unused in Q3 2020 - while unit prices fell as low as $0.08. The 10-K confirms the Trust's NPI will hit its production-based termination trigger (11.79 MMBOE cumulative production, equivalent to 10.61 MMBOE at the Trust's 90% share) by December 31, 2021, after which the Trust will wind up and make a final distribution around March 2022.
24 Mar 2020other material event● Neutral
Routine press release confirming the FY2019 Form 10-K had been filed - no incremental information.
24 Mar 2020annual report▼ Bad
FY2019 10-K: the 2018 price recovery reversed - units fell from a $1.96 first-quarter high to a $0.04 fourth-quarter low, a collapse that predates the 2020 COVID/oil-price shock and reflects the underlying properties' continuing production decline.
25 Mar 2019other material event● Neutral
Routine press release confirming the FY2018 Form 10-K had been filed - no incremental information.
25 Mar 2019annual report● Neutral
FY2018 10-K: unit prices actually recovered somewhat off their 2017 lows, trading between $1.00 and $3.80 through the year (versus $0.90-$1.30 in 2017) as oil prices firmed - still far below the Trust's IPO-era levels.
23 Mar 2018other material event● Neutral
Routine press release confirming the FY2017 Form 10-K had been filed - no incremental information.
22 Mar 2018annual report● Neutral
FY2017 10-K: a new annual cap on the capital expenditures deductible from the NPI's net proceeds took effect for 2018 onward, set at the average of 2015-2017 capex ($3.9 million), escalating 2.5% a year for inflation - a real ceiling on how much Whiting can deduct before the Trust sees net proceeds.
10 Mar 2017other material event● Neutral
Routine press release confirming the FY2016 Form 10-K had been filed - no incremental information.
10 Mar 2017annual report● Neutral
FY2016 10-K: the Trust's first full year trading on OTC Pink as "WHZT" following the January 2016 NYSE delisting.
11 Mar 2016annual report▼ BadMajor
FY2015 10-K, filed two months after the Trust's NYSE delisting: unit prices collapsed during the year from an $8.47 first-quarter high to near $1 by the third quarter as the 2015 oil price crash hit distributable income.
11 Mar 2016other material event● Neutral
Routine press release confirming the FY2015 Form 10-K had been filed with the SEC - no information beyond the 10-K itself.
3 Feb 2016listing compliance notice▼ Bad
NYSE filed the formal notification of removal from listing (Form 25-NSE), completing the delisting already announced and accepted the prior month.
7 Jan 2016listing compliance notice▼ BadMajor
NYSE notified the Trust on January 4, 2016 that its units had fallen below the exchange's $1.00 minimum average price over 30 trading days; rather than pursue a cure period or a reverse split, the Trust chose to let itself be delisted to avoid the administrative cost, and moved to OTC Pink under symbol "WHZT" starting January 7, 2016.
13 Mar 2015annual report▼ Bad
FY2014 10-K: the costless-collar hedge contracts Whiting had conveyed to the Trust all expired December 31, 2014, and the Trust agreement does not allow any new hedges to be placed - leaving the Trust's future distributions fully exposed to oil and gas price swings going forward.
12 Mar 2015substantial holder notice● Neutral
Lyda Hunt-Margaret Trust-Al G. Hill, Jr, Albert Hill Trust disclosed a new substantial Whiting USA Trust II shareholding (2.60% of votes).
13 Mar 2014annual report● Neutral
FY2013 10-K: unit price declined further, trading between $12.49 and $17.63 through the year (down from 2012's $24.64 high), consistent with a wasting-asset royalty trust as the underlying wells' production naturally depletes.
28 Mar 2013annual report● Neutral
First annual report, covering the IPO stub period: the 90% NPI generated $49.0 million in net cash proceeds over the three distribution quarters of 2012, totaling $2.6095 of distributable income per unit - while the unit price already slipped from its $24.64 IPO-week high to a $14.36 low by year end, reflecting the underlying properties' natural production decline.
28 Mar 2012capital raising announcement▲ GoodMajor
Closed its IPO on March 28, 2012: sponsor Whiting Petroleum Corporation sold all 18,400,000 trust units (the full base offering plus the underwriters' over-allotment option, exercised in full) at listing under NYSE symbol "WHZ." In the same closing, Whiting Oil and Gas Corporation conveyed a 90% net profits interest (NPI) in its working interests across 1,300+ Permian Basin, Rocky Mountain, Gulf Coast and Mid-Continent wells to the Trust - the Trust's only asset - and the parties signed the Amended and Restated Trust Agreement and an Administrative Services Agreement with Whiting Oil and Gas as operator.
20 Mar 2012listing compliance notice● Neutral
NYSE listing certification for the trust units, filed on paper (no electronic text available beyond the SEC's auto-generated placeholder record).
15 Mar 2012securities registry admin● Neutral
Registered its trust units for listing on the New York Stock Exchange (Form 8-A12B) ahead of its planned initial public offering.