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Marine Petroleum Trust Units of Beneficial Interest (MARPS+0.54%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in distributable income to $81,138 from $199,238 in the same quarter the previous year. This decrease is attributed to a check from one remitter not being received and processed by the deadline.
Total income from oil and natural gas royalties decreased to $159,064 from $249,200 in the same quarter the previous year. Oil royalties decreased to $151,919 from $246,941, while natural gas royalties increased to $5,090 from $1,737.
The average price realized for oil decreased to $76.01 per barrel from $80.25 per barrel, while the average price for natural gas increased to $1.52 per mcf from $0.76 per mcf.
General and administrative expenses increased to $84,758 from $63,676, primarily due to the timing of payment of professional fees.
For the six months ended December 31, 2024, distributable income per unit was $0.16, compared to $0.21 for the same period in 2023. Distributions per unit were $0.20, down from $0.21.
Oil production for the six-month period decreased to 5,263 barrels from 7,041 barrels, while natural gas volumes sold increased to 8,438 mcf from 5,439 mcf.
The average price realized for oil increased to $79.17 per barrel from $75.71 per barrel, and the average price for natural gas increased to $2.43 per mcf from $0.97 per mcf.
Marine Petroleum Trust's overriding royalty interest applies to 19 leases covering 87,326 gross acres in the Gulf of Mexico. The Trust's income is influenced by commodity prices, which can fluctuate due to various factors.
The Trust's financial statements are prepared on a modified cash basis, and the Trust is not subject to tax at the trust level. Unitholders are taxed directly on their share of income.
There have been no material changes in risk factors from those disclosed in the Trust's Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marine Petroleum Trust Units of Beneficial Interest quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.