VOC Energy Trust acquires and holds a term net profits interest of the net proceeds from production and sale of the interests in oil and natural gas properties in the states of Kansas and Texas. The company has an 80% term net profits interest of the net proceeds on the underlying properties. As of December 31, 2021, its underlying properties …
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Competitive advantage assessment
Key strengths
Margins Consistently Above PeersGross margin at 100.0% (top 2%) and operating margin at 85.8% (top 4%) indicate strong pricing power.
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.99), demonstrating pricing resilience across cycles.
Key risks
Revenue Volatility Signals Weak StickinessRevenue volatility is high (stability score 0.24), suggesting weak customer stickiness.
ROIC Below WACC or PeersROIC at 0th percentile suggests inefficient capital deployment.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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VOC Energy Trust Units of Benef ranks #3 of 93
scored companies in Oil & Gas E&P by moat score — the top 3%.
The widest moat in the group is Texas Pacific Land Corporation (TPL)
at 84/100.
Moat scores for companies ranked near VOC in Oil & Gas E&P
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 69
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 70
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 77
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 100
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 87
· 15% of the moat score
Scale matters only when it converts into economics.
What is VOC Energy Trust Units of Benef's moat score?
VOC Energy Trust Units of Benef (VOC) scores 82 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #3 of 93 scored companies in Oil & Gas E&P, the top 3%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 92 companies in Oil & Gas E&P. Its strongest defense is Resilience (100/100) and its weakest is Cost Advantage (69/100).
How does VOC Energy Trust Units of Benef compare with other Oil & Gas E&P companies?
VOC Energy Trust Units of Benef ranks #3 of 93 scored companies in Oil & Gas E&P by moat score. The widest moat in Oil & Gas E&P is Texas Pacific Land Corporation (TPL) at 84/100. The companies ranked closest are North European Oil Royality Tru (NRT) at 82 just above it and Black Stone Minerals, L.P. (BSM) at 81 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 92 companies in Oil & Gas E&P. The defenses are then weighted to produce the overall score out of 100.
Why is VOC Energy Trust Units of Benef scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for VOC Energy Trust Units of Benef?
The Corporate Default template measures 6 defenses, and VOC scores: Pricing Power (98), Cost Advantage (69), Customer Stickiness (70), Capital Efficiency (77), Resilience (100), Scale & Market Position (87). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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