Wed, May 14, 3:55 PM (35 days ago)
**Gulf Coast Ultra Deep Royalty Trust (GCUD) - Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue & Profit Margins:** GCUD reported interest income of $273,000 in Q1 2025, down from $1,340,000 in Q1 2024. Administrative expenses were $0 in Q1 2025, compared to $421,723 in Q1 2024. - **Cash Flow:** Operating cash was $15,843,000 in Q1 2025, up from $15,571,000 in Q1 2024. Reserve fund cash and short-term investments were $1,031,229,000, up from $1,020,456,000. - **Earnings Changes:** No distributable income was reported for Q1 2025 and Q1 2024 due to the abandonment of the sole producing well. **Quarterly Performance Discussion:** - **Trends:** GCUD's financial performance is heavily reliant on the production from the onshore Highlander subject interest. The abandonment of the sole well in this interest has significantly impacted revenue. - **Uncertainties:** Future income and distributions are uncertain and depend on the success of a new well being drilled, expected to reach its planned depth in Q4 2025. **Future Operations Impact:** - **Depositor and Grantor Changes:** Effective December 31, 2024, HOGA assumed all financial obligations and rights from FCX and McMoRan, respectively. - **Administrative Expenses:** HOGA contributed $200,750 for Q1 2025 administrative expenses. The Trustee has established a minimum cash reserve of $302,500. - **Distributions:** No distributions were made in Q1 2025 or Q1 2024. Future distributions depend on the success of the new well and the financial condition of HOGA. **Ticker:** GCUD