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Item 8. Financial Statements and Supplementary Data

2026-03-24 compared with 2025-03-20 · 18 added, 22 removed, 362 unchanged (10% of the section changed)

5 unchanged sentences

We have audited the accompanying statements of assets and trust corpus of VOC Energy Trust (the “Trust”) as of December 31, 2025 and 2024, the related statements of distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the assets and trust corpus of the Trust as of December 31, 2024 and 2023, and the distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2024, in conformity with the modified cash basis of accounting described in Note B to the financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and 2024, and the distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2025, in conformity with the modified cash basis of accounting described in Note B to the financial statements.

Basis of accounting

37 unchanged sentences

Distributable income

Distributions per Trust Unit (17,000,000 Trust Units issued and outstanding at December 31, 2022, 2023 and 2024, respectively)

Distributions per Trust Unit (17,000,000 Trust Units issued and

outstanding at December 31, 2023, 2024 and 2025,

respectively)

Includes $118,902, $123,659 and $128,607 paid to VOC Brazos and $150,000, $150,000 and $150,000 paid to The Bank of New York Mellon Trust Company, N.A.

7 unchanged sentences

(12,410,000 )

Trust expenses

48 unchanged sentences

Securities and Exchange Commission (the “SEC”) as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis.

Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis.

The Trust adopted ASU 2023-07 during the year ended December 31, 2024.

Cash equivalents

28 unchanged sentences

and Davis Petroleum are referred to collectively as the “VOC Operators”);

effective September 1, 2022, Vess Oil took over, from Davis Petroleum, operations of the Underlying Properties in which VOC Brazos had an ownership interest;

effective September 1, 2022, Vess Oil took over, from Davis Petroleum, operations

of the Underlying Properties in which VOC Brazos had an ownership interest;

and effective July 1, 2023, Vess Oil took over, from L.D.

35 unchanged sentences

The income from the net profits interest for the year ended December 31, 2025 (consisting of VOC Brazos’ February, May, August and November 2025 net profits interest distributions to the Trust) generally represents the production by VOC Brazos from September 2024 through August 2025.

For the years ended December 31, 2022, 2023 and 2024, MV Purchasing, LLC (“MV Purchasing”), an affiliate of VOC Brazos, purchased 35%, for each year, of the production sold from the Underlying Properties.

For the years ended December 31, 2023, 2024 and 2025, MV Purchasing, LLC (“MV Purchasing”), an affiliate of VOC Brazos, purchased 35%, 35% and 37%, respectively, of the production sold from the Underlying Properties.

Sales to MV Purchasing are under short-term arrangements, ranging from one to six months, using market sensitive pricing.

8 unchanged sentences

Such amounts will be equal to the excess, if any, of the cash received by the Trust relating to the preceding quarter, over the expenses of the Trust paid for such quarter, subject to adjustments for changes made by the Trustee during such quarter in any cash reserves established for future expenses of the Trust.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter to build an approximately

$1.175 million cash reserve for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.

The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it withholds funds to build the cash reserve at any time, without advance notice to the Trust unitholders.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter and built a $1.175 million cash

reserve for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.

The Trustee may increase or decrease this reserve amount at any time and may increase or decrease the rate at which it withholds funds to build the cash reserve at any time, without advance notice to the Trust unitholders.

Cash held in reserve will be invested as required by the Trust Agreement.

68 unchanged sentences

Agreement with VOC Brazos.

In May 2011, the Trustee, not in its individual capacity but solely as Trustee of the Trust, entered into an administrative services agreement with VOC Brazos whereby, in connection with the conveyance of the net profits interest to the Trust, VOC Brazos agreed to provide the Trust with accounting, bookkeeping and informational services relating to the net profits interest in exchange for an administrative services fee of $18,750 that will be paid to VOC Brazos on a quarterly basis, The

administrative services agreement will terminate on the earliest to occur of:

In May 2011, the Trustee, not in its individual capacity but solely as Trustee of the Trust, entered into an administrative services agreement with VOC Brazos whereby, in connection with the conveyance of the net profits interest to the Trust, VOC Brazos agreed to provide the Trust with accounting, bookkeeping and informational services relating to the net profits interest in exchange for an administrative services fee that will be paid to VOC Brazos on a quarterly basis, The administrative

services agreement will terminate on the earliest to occur of:

(i) the date the Trust shall have dissolved and commenced winding up in accordance with the Trust Agreement, (ii) the date that all of the net profits interest has been terminated or is no longer held by the Trust and (iii) a date mutually agreed to by VOC Brazos and the Trustee.

18 unchanged sentences

Under the terms of the Trust Agreement, VOC Brazos has provided a letter of credit in the amount of $1.7 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter to build an approximately $1.175 million cash reserve for the payment of future known, anticipated, or contingent expenses or liabilities of the Trust.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter and built a $1.175 million cash reserve for the payment of future known, anticipated, or contingent expenses or liabilities of the Trust.

This amount is in addition to the letter of credit in the amount of $1.7 million discussed above.

Cash held in reserve will be invested as required by the Trust Agreement.

42 unchanged sentences

December 31, 2022

Proved undeveloped reserves converted to proved developed by drilling

Additional proved undeveloped reserves added

12 unchanged sentences

The Trust recognized net decreases in reserves for its share of VOC Brazos’ total during 2025 associated with the production of properties of 381,666 Boe.

This decrease was also compounded by a negative revision due to increases in development costs and a net negative decrease of reserves of 77,751 Boe due to the removal of proved undeveloped locations in a previously adopted development plan.

This decrease was partially offset by revisions to development plans and an increase of reserves of 8,836 Boe.

TABLE OF CONTENTS

STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS

12 unchanged sentences

(11,196,048 )

Standardized measure of discounted future net cash

Standardized measure of discounted future net cash flows

CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH

4 unchanged sentences

(13,622,718 )

Net changes in price and production costs

(44,045,655 )

(12,443,243 )

Changes in estimated future development costs

7 unchanged sentences

Gas (per Mcf)

TABLE OF CONTENTS

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data