Marine Petroleum Trust Files 2024 Annual Report

TL;DR

Marine Petroleum Trust dropped its 2024 10-K. All clear for now.

AI Summary

Marine Petroleum Trust filed its annual 10-K report for the fiscal year ended June 30, 2024. The trust, incorporated in Texas and managed by Argent Trust Company, operates in the oil royalty trading sector. The filing provides a comprehensive overview of the company's financial performance and operational status for the reported period.

Why It Matters

This filing provides investors and stakeholders with crucial financial and operational details for Marine Petroleum Trust, enabling informed decisions regarding the company's performance and future outlook.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or significant new risks.

Key Numbers

• 000-08565 — Commission File Number (Identifies the specific SEC filing for Marine Petroleum Trust.)
• 75-6008017 — IRS Employer Identification No. (Tax identification number for Marine Petroleum Trust.)

Key Players & Entities

• Marine Petroleum Trust (company) — Registrant
• Argent Trust Company (company) — Corporate Trustee
• Texas (location) — State of incorporation
• June 30, 2024 (date) — Fiscal year end

FAQ

Key Financial Figures

• $14,000,000 — econd fiscal quarter) was approximately $14,000,000. (For purposes of determination of the
• $93,134 — 100% 100% 100% Marine received $93,134 as a final distribution from Tidelands

Filing Documents

• marps_10-k_2024-06-30.htm (10-K) — 678KB
• marps-ex31_1.htm (EX-31.1) — 14KB
• marps-ex32_1.htm (EX-32.1) — 8KB
• marps-ex97_1.htm (EX-97.1) — 51KB
• 0000950170-24-110332.txt ( ) — 752KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 3 Item 1B. Unresolved Staff Comments 8 Item 2.

Properties

Properties 8 Item 3.

Legal Proceedings

Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 11 Item 6. [Reserved] 11 Item 7. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 17 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 17 Item 9A.

Controls and Procedures

Controls and Procedures 17 Item 9B. Other Information 18 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 18 PART III Item 10. Directors, Executive Officers and Corporate Governance 19 Item 11.

Executive Compensation

Executive Compensation 19 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 19 Item 13. Certain Relationships and Related Transactions, and Director Independence 20 Item 14. Principal Accounting Fees and Services 20 PART IV Item 15. Exhibits, Financial Statement Schedules 21 Item 16. Form 10-K Summary 21 i Table of Contents PA RT I

BU SINESS

ITEM 1. BU SINESS Organization . Marine Petroleum Trust (the “Trust”) is a royalty trust that was created in 1956 under the laws of the State of Texas. Effective February 20, 2018, Simmons Bank (“Simmons”) became corporate trustee of the Trust as a result of a merger between Simmons and Southwest Bank, the former corporate trustee of the Trust. On November 4, 2021, Simmons announced that it had entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (the “Trustee”), pursuant to which Simmons would resign as trustee of the Trust and nominate Argent Trust Company as successor trustee of the Trust. The change in trustee from Simmons to Argent Trust Company was effective on December 30, 2022. The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between the Trust’s predecessors and Gulf Oil Corporation (“Gulf”). As a result of various transactions that have occurred since 1956, these interests were largely held by Chevron Corporation (“Chevron”) and are now predominately held by its assignees, including Arena Energy, LP (“Arena,” and collectively with Chevron and its assignees, the “Interest Owners”). The Trust holds title to interests in properties that are situated offshore of Texas. The Indenture provides that the corporate trustee is to distribute all cash in the Trust, less an amount reserved for the payment of accrued liabilities and estimated future expenses, to unitholders of record on the last business day of February, May, August and November. Payments are to be made on the 28 th day of September, December, March and June of each fiscal year. If

Ri sk Factors

Item 1A. Ri sk Factors Although various risk factors and specific cautionary statements are described elsewhere in this Annual Report on Form 10-K, the following is a summary of the principal risks that we believe to be most material to the Trust and to an investment in units of the Trust. The following discussion of risks is not exclusive and is designed to highlight what we believe are the material factors to consider when evaluating its business or an investment in units of the Trust. Additional risks and uncertainties not presently known to us or that we currently deem immaterial could also adversely affect the Trust or an investment in units of the Trust. Risks related to the Trust’s Business and its Industry Current and future oil and natural gas prices fluctuate due to a number of uncontrollable factors. Any depression in oil and natural gas prices would result in lower royalty payments to Marine and lower cash distributions to its unitholders. Marine’s quarterly distributions are highly dependent upon the prices realized from the sale of oil and natural gas. Any sustained decline in Marine’s distributable income would cause a decrease in the value of cash distributions to its unitholders and could result in Marine being unable to make a cash distribution to its unitholders in one or more quarters, as well as result in a decrease of the market price of the units. Historically, oil and natural gas prices have been volatile and are likely to continue to be volatile in the future due to factors beyond Marine’s control. These factors include, but are not limited to: • political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, including the war in Ukraine, and the Israel-Hamas war; • worldwide economic conditions; • tariffs; • weather conditions; • technological innovation affecting extracti

View Full Filing

View this 10-K filing on SEC EDGAR