VOC Energy Trust 2025年度报告

Washington, D.C. 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule12b-2 of the Exchange Act. Large accelerated filerAccelerated filer☐☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☐ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the 12,747,750Units of Beneficial Interest in VOC Energy Trust held by non-affiliates of the registrant, computed using theclosing sales price of $2.86 on June30, 2025, was approximately $36,458,565. As of March24, 2026, 17,000,000Units of Beneficial Interest in VOC Energy Trust were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: None TABLE OF CONTENTS Item1.Item1A.Item1B.Item1C.Item2.Item3.Item4.Item5.Item6.Item7.Item7A.Item8.Item9.Item9A.Item9B.Item9C.Item10.Item11.Item12.Item13.Item14.Item15.Item16.PageForward Looking Statements1Glossary of Certain Oil and Natural Gas Terms2PART IBusiness6Risk Factors30Unresolved Staff Comments44Cybersecurity44Properties46Legal Proceedings46Mine Safety Disclosures46PART IIMarket for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchasesof Equity Securities47[Reserved]47Trustee’s Discussion and Analysis of Financial Condition and Results of Operations48Quantitative and Qualitative Disclosures About Market Risk53Financial Statements and Supplementary Data54Changes in and Disagreements with Accountants on Accounting and Financial Disclosure65Controls and Procedures65Other Information66Disclosure Regarding Foreign Jurisdictions that Prevent Inspections66PART IIIDirectors, Executive Officers and Corporate Governance67Executive Compensation67Security Ownership of Certain Beneficial Owners and Management and RelatedUnitholder Matters67Certain Relationships and Related Transactions, and Director Independence68Principal Accountant Fees and Services69PART IVExhibit and Financial Statement Schedules70Form 10-K Summary71SIGNATURES72 FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (this “Form 10-K”) contains forward looking statements about VOCBrazos Energy Partners, L.P., a Texas limited partnership (“VOC Brazos”), and VOC Energy Trust (the“Trust”) that are subject to risks and uncertainties and that are intended to qualify for the safe harbors fromliability established by the Private Securities Litigation Reform Act of 1995 and Section21E of theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements ofhistorical fact included in this document, including, without limitation, statements under “Business” and“Risk Factors” regarding the financial position, business strategy, pro