VOC Energy Trust (VOC)

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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs:   Globe Specialty Metals   •   LogMeIn   •   Invesco Mortgage Capital   •   Medidata   •   Chemspec

 

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Remi Cossart

VOC Energy Trust (NYSE:VOC) is an American based statutory trust that was formed by VOC Sponsor - the combined institution of VOC Brazos Energy Partners LP and VOC Kansas Energy Partners LLC. VOC Energy Trust, was formed to receive 80% of the net proceeds from the oil and gas properties that VOC Sponsor owns and operates. This agreement to transfer proceeds last until either December 2030 or when 10.6MMBarrel of Oil Equivalents (BOE) have been produced since January 2011, whichever is later.^[1]

The properties owned by VOC Sponsor are located in Kansas and Texas. All of the regions that they own produce crude oil. VOC expects that crude oil prices will continue to rise as global demand grows. Crude oil in particular is refined and used as a raw input into a number of different sectors and uses. Because VOC's production is crude oil, it believes that it will be better insulated from specific changes in demand or regulation^[2]

The company's initial public offering of stock on the NYSE occurred on May 4, 2011. The company offered 11.1M shares each for $21. This was at the high end of the $19-$21 initial price range. This offering raised a total of $233M. The lead managers of the IPO were Raymond James Financial (RJF) and Morgan Stanley (MS).^[3]

For the full year 2010, VOC Sponsor, not VOC Energy Trust, reported a total revenue of $63.7M. This resulted in a net income of $44.9M. As stated before, VOC Energy Trust owns 80% of these net proceeds after its public offering.^[4]

References

1. ↑ VOC S-1/A 2011 PROSPECTUS SUMMRY "VOC Energy Trust" pg1
2. ↑ VOC S-1/A 2011 PROSPECTUS SUMMRY "KEY INVESTMENT CONSIDERATIONS" pg7-9
3. ↑ Renaissance Capital - IPO Home "VOC Energy Trust prices IPO at $21, at high end of the range" 5 May 2011
4. ↑ VOC S-1/A 2011 PROSPECTUS SUMMRY "MMARY UNAUDITED PRO FORMA COMBINED FINANCIAL DATA AND OPERATING DATA FOR THE UNDERLYING PROPERTIES OF VOC SPONSOR AND THE TRUST" pg14