What changed in this filing

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Item 1. Financial Statements

2026-08-10 compared with 2026-05-13 · 188 added, 107 removed, 258 unchanged (53% of the section changed)

2 unchanged sentences

STATEMENTS OF DISTRIBUTABLE INCOME

Three months ended

Income from net profits interest

Cash on hand used (withheld) for Trust expenses

General and administrative expenses (1)

and administrative expenses (1)

Distributable income

Distributions per Trust unit (17,000,000 Trust units issued and outstanding at March 31, 2026 and 2025)

Distributions

per Trust unit (17,000,000 Trust units issued and outstanding at June 30, 2026 and 2025)

(1) Includes $67,526 and $32,464 paid to VOC Brazos Energy Partners, LP (“VOC

Brazos”) during the three months ended March 31, 2026 and 2025, respectively,

and $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three-month

periods ended March 31, 2026 and 2025.

Brazos”) during the three months ended June 30, 2026 and 2025, respectively, and

$99,990 and $63,679 during the six months ended June 30, 2026 and 2025, respectively.

Also includes $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

of the three-month periods ended June 30, 2026 and 2025 and $75,000 during each of the

six-month periods ended June 30, 2026 and 2025.

STATEMENTS OF ASSETS AND TRUST CORPUS

4 unchanged sentences

(132,218,252 )

Trust corpus, 17,000,000 Trust units issued and outstanding at March 31, 2026 and December 31, 2025

corpus, 17,000,000 Trust units issued and outstanding at June 30, 2026 and December 31, 2025

STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

Trust corpus, beginning of period

8 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

Organization of

Organization of the Trust

VOC Energy Trust (the “Trust”) is

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wind up its affairs and terminate.

As of March 31, 2026, cumulatively, since

As of June 30, 2026, cumulatively, since

inception, the Trust has received payment for 80% of the net proceeds attributable to VOC Brazos’

interest from the sale of 9.9

MMBoe of production from the underlying properties (which is the equivalent of 7.8 MMBoe (unaudited) in respect of the net profits

MMBoe of production from the underlying properties (which is the equivalent of 7.9 MMBoe (unaudited) in respect of the net profits interest).

The Trustee can authorize the Trust to borrow

8 unchanged sentences

Corpus as of December 31, 2025, which has been derived from audited financial statements, and the unaudited interim financial statements

as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025, have been prepared pursuant to the rules and

regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain information and note disclosures

normally included in annual financial statements have been omitted pursuant to those rules and regulations.

as of June 30, 2026 and for the three- and six-month periods ended June 30, 2026 and 2025, have been prepared pursuant to the

rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain information and note

disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations.

The preparation of financial statements requires

8 unchanged sentences

with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31,

Trust Accounting

Trust Accounting Policies

The Trust uses the modified cash basis of accounting

8 unchanged sentences

operators or purchasers and due to wellhead and pipeline volume balancing agreements or practices.

Cash distributions of the Trust will

be made based on the amount of cash received by the Trust pursuant to terms of the conveyance that created the Trust’s net profits

Expenses of the Trust, which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative

fee paid to VOC Brazos and out-of-pocket expenses, are recognized when paid.

GAAP, revenues and expenses would be recognized

on an accrual basis.

Amortization of the investment in net profits interest is recorded on a unit-of-production method in the period

in which the cash is received with respect to such production.

Such amortization does not reduce distributable income, rather it is charged

directly to Trust corpus.

The actual cash distributions of the

Trust will be made based on the terms of the conveyance that created the Trust’s net profits interest.

Expenses of the Trust, which

include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to VOC Brazos and out-of-pocket

expenses, are recognized when paid.

GAAP, revenues and expenses would be recognized on an accrual basis.

Amortization of the

investment in net profits interest is recorded on a unit-of-production method in the period in which the cash is received with respect

to such production.

Such amortization does not reduce distributable income, rather it is charged directly to Trust corpus.

This comprehensive basis of accounting other than

8 unchanged sentences

There was no impairment of the investment in the net profits interest

during the quarters ended March 31, 2026 or 2025.

during the quarters ended June 30, 2026 or 2025.

The Trust has one business activity as the owner

8 unchanged sentences

No new accounting pronouncements were adopted

or issued during the quarter ended March 31, 2026 that would impact the financial statements of the Trust.

Investment in Net

Profits Interest

or issued during the quarter ended June 30, 2026 that would impact the financial statements of the Trust.

Investment in Net Profits Interest

The net profits interest was recorded at the historical

9 unchanged sentences

$ 140,591,606

Income from Net

Profits Interest

Three months ended

Excess of revenues over direct operating expenses and lease equipment and development costs (1)

Times 80% net profits interest to Trust

Income from net profits interest before reserve adjustments

VOC Brazos reserve for future development, maintenance or

operating expenditures (2)

Income from Net Profits Interest

of revenues over direct operating expenses and lease equipment and development costs (1)

Times 80% net profits interest to Trust

Income from net profits

interest before reserve adjustments

Brazos reserve for future development, maintenance or operating expenditures (2)

from net profits interest (3)

(1) Excess of revenues over direct operating expenses and lease equipment

and development costs reflect expenses and costs incurred by VOC Brazos during the September through

November production period.

Pursuant to the terms of the conveyance of the net profits

interest, lease equipment and development costs are to be deducted when calculating the distributable

and development costs reflect expenses and costs incurred by VOC Brazos during each of the

December through February production periods for the three months ended June 30

and during each of the September through February production periods for the six

months ended June 30.

Pursuant to the terms of the conveyance of the net profits interest,

lease equipment and development costs are to be deducted when calculating the distributable

income to the Trust.

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expenditures at any time.

During the three months ended March 31, 2026 and 2025, VOC

Brazos did not withhold or release any dollar amounts due to the Trust from the reserve.

The reserve balance was $1.0 million at March 31, 2026 and 2025.

During the three months ended June 30, 2026 and 2025, and

the six months ended June 30, 2026 and 2025, VOC Brazos did not withhold or release

any dollar amounts due to the Trust from the reserve.

The reserve balance was $1.0 million

at June 30, 2026 and 2025.

(3) The income from net profits interest is based upon the cash receipts

3 unchanged sentences

thus, the cash received by the Trust during

the three months ended March 31, 2026 substantially represents production by VOC Brazos

from September 2025 through November 2025.

the three months ended June 30, 2026 substantially represents production by VOC Brazos

from December 2025 through February 2026, and the cash received by the Trust during

the three months ended June 30, 2025 substantially represents production by VOC Brazos

from December 2024 through February 2025.

The cash received by the Trust during

the three months ended March 31, 2025 substantially represents production by VOC Brazos

from September 2024 through November 2024.

For the three months ended March 31, 2026

the six months ended June 30, 2026 substantially represents production by VOC Brazos

from September 2025 through February 2026, and the cash received by the Trust during

the six months ended June 30, 2025 substantially represents production by VOC Brazos

from September 2024 through February 2025.

For the three and six months ended June 30,

2026 and 2025, MV Purchasing, LLC, an affiliate of VOC Brazos, purchased a significant portion of the production of the underlying properties.

3 unchanged sentences

Accordingly, no provision for federal or state income taxes has been made.

Distributions to

Distributions to Unitholders

VOC Brazos makes quarterly payments of the net

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Such distribution included the net proceeds of production collected by VOC Brazos from October 1, 2025 through December 31,

The second quarterly distribution during 2026

was $1,615,000, or $0.095 per Trust Unit, and was made on May 15, 2026 to Trust unitholders owning Trust Units as of April 30,

Such distribution included the net proceeds of production collected by VOC Brazos from January 1, 2026 through March 31,

The first quarterly distribution during 2025 was

1 unchanged sentence

Such distribution included the net proceeds of production collected by VOC Brazos from October 1, 2024 through December 31,

Trust Expenses

The second quarterly distribution during 2025

was $2,210,000, or $0.13 per Trust Unit, and was made on May 15, 2025 to Trust unitholders owning Trust Units as of April 30,

Such distribution included the net proceeds of production collected by VOC Brazos from January 1, 2025 through March 31,

Advance for Trust Expenses

Under the terms of the Trust Agreement, the Trustee

is allowed to borrow money to pay Trust expenses.

During the three months ended March 31, 2026 and 2025, there were no borrowings

During the three and six months ended June 30, 2026 and 2025, there were no borrowings

or amounts owed for money borrowed in previous quarters.

Under the terms of the Trust Agreement, VOC Brazos has provided a letter of

credit in the amount of $1,700,000 to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay

future expenses.

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.

Subsequent Events

On April 20, 2026, the Trust announced a

Trust distribution of net profits for the quarterly payment period ended March 31, 2026.

Unitholders of record on April 30,

2026 will receive a distribution amounting to $1,615,000, or $0.095 per Trust Unit, which will be paid on May 15, 2026.

On July 20, 2026, the Trust announced a Trust

distribution of net profits for the quarterly payment period ended June 30, 2026.

Unitholders of record on July 30, 2026 will

receive a distribution amounting to $4,760,000, or $0.28 per Trust Unit, which will be paid on August 14, 2026.

Trustee’s Discussion and Analysis of Financial Condition

9 unchanged sentences

Results of Operations

Results of Operations for the Quarters Ended March 31, 2026

Results of Operations for the Quarters Ended June 30, 2026

The following is a summary of income from net

profits interest received by the Trust for the three months ended March 31, 2026 and 2025 consisting of the January distribution

profits interest received by the Trust for the three months ended June 30, 2026 and 2025 consisting of the April distribution

for each respective year:

Three months ended

Sales volumes:

10 unchanged sentences

Development expenses

Excess of revenues over direct operating expenses and lease equipment and development costs

Times net profits interest over the term of the Trust

Excess of revenues over

direct operating expenses and lease equipment and development costs

Times net profits interest over the term

Income from net profits interest before reserve adjustments

VOC Brazos reserve for future development, maintenance or operating expenditures

VOC Brazos reserve for future development,

maintenance or operating expenditures

Income from net profits interest

The cash received by the Trust from VOC Brazos

during the quarter ended March 31, 2026 substantially represents the production by VOC Brazos from September 2025 through November 2025.

The cash received by the Trust from VOC Brazos during the quarter ended March 31, 2025 substantially represents the production

by VOC Brazos from September 2024 through November 2024.

during the quarter ended June 30, 2026 substantially represents the production by VOC Brazos from December 2025 through February 2026.

The cash received by the Trust from VOC Brazos during the quarter ended June 30, 2025 substantially represents the production

by VOC Brazos from December 2024 through February 2025.

The revenues from oil production are typically received by VOC Brazos

2 unchanged sentences

Oil and natural gas sales

were $6,496,072 for the three months ended March 31, 2026, a decrease of $1,065,546 or 14.1% from $7,561,618 for the three months

ended March 31, 2025.

were $6,210,768 for the three months ended June 30, 2026, a decrease of $1,601,740 or 20.5% from $7,812,508 for the three months

ended June 30, 2025.

Revenues are a function of oil and natural gas sales prices and volumes sold.

The decrease in gross proceeds

was due to decreases in market prices for oil and decreases in oil and natural gas sales volumes during the first quarter of 2026.

the three months ended March 31, 2026, the average price for oil decreased 13.6% to $58.49 per Bbl and the average price for natural

gas increased 14.8% to $2.95 per Mcf.

During the three months ended March 31, 2026, oil sales volumes were 108,032 Bbls, a decrease

of 1,126 Bbls or 1.0% from 109,158 Bbls for the three months ended March 31, 2025, while natural gas sales volumes were 59,866 Mcf,

a decrease of 6,732 Mcf or 10.1% from 66,598 Mcf for the same period in 2025.

was due to decreases in market prices for oil and in oil and natural gas sales volumes, offset slightly by an increase in market prices

for natural gas, during the second quarter of 2026.

During the three months ended June 30, 2026, the average price for oil decreased

16.4% to $57.95 per Bbl and the average price for natural gas increased 4.5% to $3.73 per Mcf.

Oil sales volumes were 103,524 Bbls for

the three months ended June 30, 2026, a decrease of 6,143 Bbls or 5.6% from 109,667 Bbls for the three months ended June 30,

2025, while natural gas sales volumes were 56,696 Mcf, a decrease of 2,275 Mcf or 3.9% from 58,971 Mcf for the same period in 2025.

Lease operating expenses were $3,190,384

for the three months ended March 31, 2026, a decrease of $33,497 or 1.0% from $3,431,201 for the three months ended March 31,

Production and property taxes were $428,202 for the three months ended March 31, 2026, a decrease of $414,147 or 49.2% from

for the three months ended June 30, 2026, a decrease of $496,766 or 13.5% from $3,687,150 for the three months ended June 30,

Production and property taxes were $357,191 for the three months ended June 30, 2026, an increase of $151,615 or 73.8% from

$205,576 for the same period in 2025.

This decrease was due to a $387,877 or 59.9% decrease in property taxes and a $26,270 or 13.5%

decrease in production taxes due to lower oil prices and lower oil and gas volumes.

Development expenses were $687,511 for the three

months ended March 31, 2026, a decrease of $227,032 or 24.8% from $914,543 for the same period in 2025.

This decrease was primarily

due to a decrease in development expenses during the three months ended March 31, 2026, compared to the three months ended March 31,

This increase is the result of a $50,026 decrease in production taxes, primarily due to lower sales

prices, and a $201,641 increase in property taxes.

Development expenses were $537,324 for the three months ended June 30, 2026,

a decrease of $276,271 or 34.0% from $813,595 for the same period in 2025.

This decrease was primarily due to reduced workovers

during the three months ended June 30, 2026.

Excess of revenues over direct operating expenses

1 unchanged sentence

The excess of revenues over direct operating expenses and lease equipment and development

costs from the underlying properties was $1,982,655 for the three months ended March 31, 2026, a decrease of $390,870 or 16.5% from

$2,373,525 for the three months ended March 31, 2025.

The Trust’s 80% net profits interest of these totals were $1,586,124

and $1,898,820, respectively.

During the three months ended March 31, 2026 and 2025, VOC Brazos did not withhold or release any

dollar amounts due to the Trust from the previously established cash reserve for future development, maintenance or operating expenditures,

which resulted in income from the net profits interest of $1,586,124 and $1,898,820 for such periods, respectively.

These amounts were

reduced by a Trustee holdback for current estimated Trust expenses of $56,124 and $453,820 for the three months ended March 31,

2026 and 2025, respectively.

The Trustee paid general and administrative expenses of $311,650 for the three months ended March 31,

2026, a decrease of $100,871 from $412,521 for the three months ended March 31, 2025.

These factors resulted in distributable income

for the three months ended March 31, 2026 of $1,530,000, an increase of $85,000 from $1,445,000 for the three months ended March 31,

costs from the underlying properties was $2,125,869 for the three months ended June 30, 2026, a decrease of $980,318 or 31.6% from

$3,106,187 for the three months ended June 30, 2025.

The Trust’s 80% net profits interest of these totals was $1,700,695 and

$2,484,950 for the three months ended June 30, 2026 and 2025, respectively.

During the three months ended June 30, 2026 and

2025, VOC Brazos did not withhold or release any dollar amounts due to the Trust from the previously established cash reserve for future

development, maintenance or operating expenditures, which resulted in income from the net profits interest of $1,700,695 and $2,484,950

for such periods, respectively.

These amounts were reduced by a Trustee holdback for current estimated Trust expenses of $85,695 and

$274,950 for the three months ended June 30, 2026 and 2025, respectively.

The Trustee paid general and administrative expenses of

$327,961 for the three months ended June 30, 2026, an increase of $114,070 from $213,891 for the three months ended June 30,

These factors resulted in distributable income of $1,615,000 for the three months ended June 30, 2026, a decrease of $595,000

or 26.9% from $2,210,000 for the three months ended June 30, 2025.

Results of Operations for the Six Months Ended June 30, 2026

The following is a summary of income from net

profits interest received by the Trust for the six months ended June 30, 2026 and 2025 consisting of the January and April distributions

for each respective year:

Sales volumes:

Natural gas (Mcf)

Average sales prices:

Oil (per Bbl)

Natural gas (per Mcf)

Gross proceeds:

Natural gas sales

Total gross proceeds

Production and development costs:

Lease operating expenses

Production and property taxes

Development expenses

Excess of revenues over

direct operating expenses and lease equipment and development costs

Times net profits interest over the term

Income from net profits interest before reserve adjustments

Brazos reserve for future development, maintenance or operating expenditures

Income from net profits interest

The cash received by the Trust from VOC Brazos

during the six months ended June 30, 2026 substantially represents the production by VOC Brazos from September 2025 through

February 2026.

The cash received by the Trust from VOC Brazos during the six months ended June 30, 2025 substantially represents

the production by VOC Brazos from September 2024 through February 2025.

The revenues from oil production are typically received

by VOC Brazos one month after production.

Gross proceeds .

Oil and natural gas sales

were $12,706,840 for the six months ended June 30, 2026, a decrease of $2,667,286 or 17.3% from $15,374,126 for the six months ended

June 30, 2025.

Revenues are a function of oil and natural gas sales prices and volumes sold.

The decrease in gross proceeds was

due to decreases in market prices for oil and natural gas and in oil and natural gas sales volumes during the six months ended June 30,

During the six months ended June 30, 2026, the average price for oil decreased 15.0% to $58.23 per Bbl and the average price

for natural gas increased 9.5% to $3.33 per Mcf.

During the six months ended June 30, 2026, oil sales volumes were 211,556 Bbls,

a decrease of 7,269 Bbls or 3.3% from 218,825 Bbls for the six months ended June 30, 2025, while natural gas sales volumes

were 116,562 Mcf, a decrease of 9,007 Mcf or 7.2% from 125,569 Mcf for the same period in 2025.

Lease operating expenses were $6,588,088

for the six months ended June 30, 2026, a decrease of $530,263 or 7.4% from $7,118,351 for the six months ended June 30, 2025.

Production and property taxes were $785,393 for the six months ended June 30, 2026, a decrease of $262,532 or 25.1% from $1,047,925

for the six months ended June 30, 2025.

This decrease is the result of a $76,296 decrease in production taxes and a $186,236 decrease

in property taxes, primarily due to lower values of properties based on reduced sales prices for oil and natural gas.

Development expenses

were $1,224,835 for the six months ended June 30, 2026, a decrease of $503,303 or 29.1% from $1,728,138 for the same period in 2025.

This decrease was primarily due to reduced workovers during the six months ended June 30, 2026.

Excess of revenues over direct operating expenses

and lease equipment and development costs .

The excess of revenues over direct operating expenses and lease equipment and development

costs from the underlying properties was $4,108,524 for the six months ended June 30, 2026, a decrease of $1,371,188 or 25.0% from

$5,479,712 for the six months ended June 30, 2025.

The Trust’s 80% net profits interest of these totals was $3,286,819 and

$4,383,770 for the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026 and 2025,

VOC Brazos did not withhold or release any dollar amounts due to the Trust from the previously established cash reserve for future development,

maintenance or operating expenditures, which resulted in income from the net profits interest of $3,286,819 and $4,383,770 for such periods,

respectively.

These amounts were reduced by a Trustee holdback for current estimated Trust expenses of $141,819 and $728,770 for the

six months ended June 30, 2026 and 2025, respectively.

The Trustee paid general and administrative expenses of $639,611 for the

six months ended June 30, 2026, an increase of $13,199 from $626,412 for the six months ended June 30, 2025.

These factors

resulted in distributable income of $3,145,000 for the six months ended June 30, 2026, a decrease of $510,000 or 14.0% from $3,655,000

for the six months ended June 30, 2025.

Liquidity and Capital Resources

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Each quarter, the Trustee determines the amount of funds available for distribution.

Available funds are the

excess cash, if any, received by the Trust from the net profits interest and other sources (such as interest earned on any amounts reserved

Available funds are the excess

cash, if any, received by the Trust from the net profits interest and other sources (such as interest earned on any amounts reserved

by the Trustee) in that quarter, over the Trust’s expenses paid for that quarter.

Available funds are reduced by any cash

that the Trustee decides to reserve for future development, maintenance or operating expenses.

As of March 31, 2026, the Trustee

held $1,771,113 as cash and cash equivalents on the accompanying Statements of Assets and Trust Corpus, which includes the $1.175 million

Available funds are reduced by any cash that

the Trustee decides to reserve for future development, maintenance or operating expenses.

As of June 30, 2026, the Trustee held

$1,528,847 as cash and cash equivalents on the accompanying Statements of Assets and Trust Corpus, which includes the $1.175 million

cash reserve described below, as such a reserve.

2 unchanged sentences

If the Trust borrows funds, the Trust unitholders will not receive distributions until the borrowed funds are repaid.

During the three months ended March 31, 2026 and 2025, there were no such borrowings.

the three and six months ended June 30, 2026 and 2025, there were no such borrowings.

VOC Brazos has provided a letter of credit

20 unchanged sentences

reduce the impact on distributions of uneven capital expenditure timing.

The cash reserve balance was $1,000,000 on March 31, 2026

The cash reserve balance was $1,000,000 on June 30, 2026

Note Regarding Forward-Looking Statements

18 unchanged sentences

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-Q

Item 1. Financial Statements