Marine Petroleum Trust Files 10-Q for Period Ended December 31, 2023

TL;DR

<b>Marine Petroleum Trust filed its quarterly 10-Q report for the period ending December 31, 2023.</b>

AI Summary

MARINE PETROLEUM TRUST (MARPS) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Marine Petroleum Trust filed a 10-Q report for the quarterly period ended December 31, 2023. The filing was made on February 14, 2024. The company's fiscal year ends on June 30. Marine Petroleum Trust is incorporated in Texas. As of February 1, 2024, there were 2,000,000 units of beneficial interest outstanding.

Why It Matters

For investors and stakeholders tracking MARINE PETROLEUM TRUST, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. As a smaller reporting company, this 10-Q is crucial for understanding the trust's current financial health and outlook.

Risk Assessment

Risk Level: low — MARINE PETROLEUM TRUST shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new information or indicate immediate financial distress.

Analyst Insight

Monitor future filings for detailed financial performance and operational updates.

Key Numbers

• 2,000,000 — Units Outstanding (As of February 1, 2024)
• 2023-12-31 — Reporting Period End (Quarterly report)
• 2024-02-14 — Filing Date (10-Q submission date)

Key Players & Entities

• Marine Petroleum Trust (company) — Filer and registrant name
• December 31, 2023 (date) — Quarterly period end date
• February 14, 2024 (date) — Filing date
• Texas (location) — State of incorporation
• Argent Trust Company (company) — Corporate Trustee
• NASDAQ Capital Market (company) — Exchange where securities are registered
• MARPS (ticker) — Trading symbol
• 2,000,000 (dollar_amount) — Number of units of beneficial interest outstanding

FAQ

Industry Context

Marine Petroleum Trust operates within the oil royalty sector, focusing on the trading of oil royalties.

Regulatory Implications

The filing is made under Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring quarterly reporting.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements.
2. Analyze any management discussion and analysis (MD&A) sections for operational insights.
3. Track future filings for changes in financial performance and strategic direction.

Key Dates

• 2023-12-31: Quarterly period ended — Marks the end of the reporting period for the 10-Q filing.
• 2024-02-14: Filing Date — Date the 10-Q report was submitted to the SEC.

Year-Over-Year Comparison

This is the quarterly report for the period ending December 31, 2023, following previous filings as required by the SEC.

Key Financial Figures

• $120,500 — hree months ended December 31, 2023 was $120,500. As stated under Note 1. Accounting P
• $123,193 — me Tidelands was wound up. A reserve of $123,193 has been established for future reporti
• $0.21 — six months ended December 31, 2023 was $0.21 as compared to $0.45 for the comparable
• $0.45 — ember 31, 2023 was $0.21 as compared to $0.45 for the comparable period in 2022. Dist
• $0.51 — 2023, a decrease from distributions of $0.51 per unit for the comparable period in 2
• $75.71 — age price realized for oil decreased to $75.71 per bbl as compared to the price of $10
• $100.65 — .71 per bbl as compared to the price of $100.65 realized for the comparable period in 2
• $1.31 — ural gas (net of expenses) decreased to $1.31 per mcf as compared to the average pric
• $8.40 — mcf as compared to the average price of $8.40 realized for the comparable period in 2
• $249,200 — and natural gas royalties decreased to $249,200 during the three months ended December
• $425,321 — ree months ended December 31, 2023 from $425,321 realized for the comparable period in 2
• $199,238 — nts Distributable income decreased to $199,238 for the three months ended December 31,
• $378,969 — ree months ended December 31, 2023 from $378,969 realized for the comparable period in 2
• $246,941 — hs ended December 31, 2023 decreased to $246,941 from $397,391 realized for the comparab
• $397,391 — ber 31, 2023 decreased to $246,941 from $397,391 realized for the comparable period in 2

Filing Documents

• d782521d10q.htm (10-Q) — 143KB
• d782521dex311.htm (EX-31.1) — 10KB
• d782521dex321.htm (EX-32.1) — 4KB
• 0001193125-24-035193.txt (&nbsp;) — 158KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item1. Financial Statements 1 Condensed Consolidated Statements of Assets, Liabilities and Trust Corpus as of December 31, 2023 (Unaudited) and June 30, 2023 1 Condensed Consolidated Statements of Distributable Income for the Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 2 Condensed Consolidated Statements of Changes in the Trust Corpus for the Six Months Ended December 31, 2023 and 2022 (Unaudited) 3 Condensed Consolidated Statements of Changes in Trust Corpus for the Three Months Ended December 31, 2023 and 2022 (Unaudited) 4 Notes to Condensed Consolidated Financial Statements 5 Item2. Trustees Discussion and Analysis of Financial Condition and Results of Operations 6 Item3. Quantitative and Qualitative Disclosures About Market Risk 11 Item4. Controls and Procedures 12

OTHER INFORMATION

PART II. OTHER INFORMATION Item1A. Risk Factors 13 Item6. Exhibits 13 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item1. Financial Statements MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS As of December 31, 2023 and June 30, 2023 ASSETS December 31, 2023 June 30, 2023 (Unaudited) Current assets: Cash and cash equivalents $ 994,487 $ 978,176 Federal income tax refundable Producing oil and natural gas properties 7 7 Total assets $ 994,494 $ 978,183 LIABILITIES AND TRUST CORPUS Current liabilities: Federal income tax payable $ $ Total current liabilities $ $ Trust corpus 2,000,000 units of beneficial interest authorized, 2,000,000 units issued at nominal value $ 994,494 $ 978,183 $ 994,494 $ 978,183 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME For the Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Income: Oil and natural gas royalties $ 249,200 $ 425,321 $ 540,221 $ 1,021,040 Oil and natural gas royalties from affiliate Interest and dividend income 13,714 9,808 27,368 14,539 Total income 262,914 435,129 567,589 1,035,759 Expenses: General and administrative 63,676 56,160 140,294 134,241 Distributable income before federal income taxes 199,238 378,969 432,997 901,338 Federal income taxes of subsidiary Distributable income $ 199,238 $ 378,969 $ 427,295 $ 901,338 Distributable income per unit $ 0.10 $ 0.19 $ 0.21 $ 0.45 Units outstanding 2,000,000 2,000,000 2,000,000 2,000,000 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

financial statements

financial statements. General Marines royalty income is derived from the oil and natural gas production activities of third parties. Marines royalty income fluctuates from period to period based upon factors beyond Marines control, including, without limitation, the number of productive wells drilled and maintained on leases that are subject to Marines interest, the level of production over time from such wells and the prices at which the oil and natural gas from such wells are sold. Important aspects of Marines operations are conducted by third parties. Marines royalty income is dependent on the operations of the working interest owners of the leases on which Marine has an overriding royalty interest. The oil and natural gas companies that lease tracts subject to Marines interests are responsible for the production and sale of oil and natural gas and the calculation of royalty payments to Marine. The only obligation of the working interest owners to Marine is to make monthly overriding royalty payments that reflect Marines interest in the oil and natural gas sold. Marines distributions are processed and paid by its transfer agent, Equiniti Trust Company. 8 Table of Contents The volume of oil and natural gas produced and the selling prices of such oil and natural gas are the primary factors in calculating overriding royalty payments. Production is affected by the natural production decline of the producing wells, the number of new wells drilled and the number of existing wells that are re-worked and placed back in production on the leases. Production from existing wells is anticipated to decrease in the future due to normal well depletion. The operators do not provide Marine with information regarding future drilling or re-working operations that could impact the oil and natural gas production from the leases for which Marine has an overriding royalty interest. Summary of Operating Results During the six months ended December 31, 2023, the Trust real

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