Marine Petroleum Trust Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Marine Petroleum Trust filed its quarterly 10-Q report for the period ending March 31, 2024.</b>

AI Summary

MARINE PETROLEUM TRUST (MARPS) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Marine Petroleum Trust filed a 10-Q report for the quarterly period ended March 31, 2024. The filing was made on May 14, 2024. The Trust is incorporated in Texas and has its principal executive offices in Dallas. Marine Petroleum Trust is registered under the standard industrial classification for Oil Royalty Traders. As of May 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 Trust'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 financial health and any potential risks or opportunities.

Risk Assessment

Risk Level: low — MARINE PETROLEUM TRUST shows low risk based on this filing. The filing is a routine quarterly report and does not contain immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess the Trust's revenue, expenses, and net income for the quarter.

Key Numbers

• 2,000,000 — Units of Beneficial Interest Outstanding (As of May 1, 2024)
• 000-08565 — Commission File Number (Marine Petroleum Trust)
• 75-6008017 — IRS Employer Identification No. (Marine Petroleum Trust)
• 2024-03-31 — Quarterly Period End Date (10-Q Report)

Key Players & Entities

• MARINE PETROLEUM TRUST (company) — Filer name
• MARPS (company) — Trading Symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• Texas (location) — State of incorporation
• Argent Trust Company (company) — Corporate Trustee
• NASDAQ Capital Market (company) — Exchange where securities are registered
• 2,000,000 (dollar_amount) — Units of beneficial interest outstanding

FAQ

Industry Context

Marine Petroleum Trust operates in the oil royalty sector, which is subject to commodity price fluctuations and regulatory changes.

Regulatory Implications

As a publicly traded entity, the Trust must comply with SEC regulations, including timely filing of quarterly and annual reports.

What Investors Should Do

1. Analyze the Trust's financial statements for the quarter ended March 31, 2024.
2. Review any disclosures regarding operational activities or significant events.
3. Monitor future filings for changes in financial condition or strategic direction.

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous reporting cycle.

Key Financial Figures

• $31,500 — e three months ended March 31, 2024 was $31,500. As stated under &#x201c;Note 1. Acco
• $123,193 — me Tidelands was wound up. A reserve of $123,193 has been established for future reporti
• $0.27 — he nine months ended March 31, 2024 was $0.27 as compared to $0.56 for the comparable
• $0.56 — March 31, 2024 was $0.27 as compared to $0.56 for the comparable period in 2023. Dist
• $0.31 — Distributions per unit also amounted to $0.31 per unit for the nine months ended Marc
• $0.67 — 2024, a decrease from distributions of $0.67 per unit for the comparable period in 2
• $76.60 — age price realized for oil decreased to $76.60 per bbl as compared to the price of $95
• $95.71 — .60 per bbl as compared to the price of $95.71 realized for the comparable period in 2
• $1.11 — ural gas (net of expenses) decreased to $1.11 per mcf as compared to the average pric
• $7.89 — mcf as compared to the average price of $7.89 realized for the comparable period in 2
• $234,500 — and natural gas royalties decreased to $234,500 during the three months ended March 31,
• $288,614 — three months ended March 31, 2024 from $288,614 realized for the comparable period in 2
• $115,524 — il. Distributable income decreased to $115,524 for the three months ended March 31, 20
• $215,803 — three months ended March 31, 2024 from $215,803 realized for the comparable period in 2
• $233,186 — onths ended March 31, 2024 decreased to $233,186 from $277,476 realized for the comparab

Filing Documents

• marps_10-q_2024-03-31.htm (10-Q) — 303KB
• marps-ex31_1.htm (EX-31.1) — 13KB
• marps-ex32_1.htm (EX-32.1) — 7KB
• 0000950170-24-059356.txt (&nbsp;) — 324KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Statements of Assets, Liabilities and Trust Corpus as of March 31, 2024 and June 30, 2023 1 Condensed Consolidated Statements of Distributable Income for the three and nine months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in the Trust Corpus for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in the Trust Corpus for the three months ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5

Trustee&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Trustee&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations 6

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 10

Controls and Procedures

Item 4. Controls and Procedures 11

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 12

Exhibits

Item 6. Exhibits 12 Table of Contents

FINAN CIAL INFORMATION

PART I. FINAN CIAL INFORMATION

Fina ncial Statements

Item 1. Fina ncial Statements MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATE MENTS OF ASSETS, LIABILITIES AND TRUST CORPUS As of March 31, 2024 and June 30, 2023 ASSETS March 31, 2024 June 30, 2023 (Unaudited) Current assets: Cash and cash equivalents $ 906,790 $ 978,176 Federal income tax refundable &#x2014; &#x2014; Producing oil and natural gas properties 7 7 Total assets $ 906,797 $ 978,183 LIABILITIES AND TRUST CORPUS Current liabilities: Federal income tax payable $ &#x2014; $ &#x2014; Total current liabilities $ &#x2014; $ &#x2014; Trust corpus &#x2013; 2,000,000 units of beneficial interest authorized, 2,000,000 units issued at nominal value $ 906,797 $ 978,183 $ 906,797 $ 978,183 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATE MENTS OF DISTRIBUTABLE INCOME For the Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 Income: Oil and natural gas royalties $ 234,500 $ 288,614 $ 774,721 $ 1,309,654 Interest and dividend income 13,070 11,993 40,438 26,532 Total income 247,570 300,607 815,159 1,336,186 Expenses: General and administrative (132,046 ) (84,804 ) (272,340 ) (219,045 ) Distributable income $ 115,524 $ 215,803 $ 542,819 $ 1,117,141 Distributable income per unit $ 0.06 $ 0.11 $ 0.27 $ 0.56 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 For the Nine Months Ended March 31, 2024 and 2023 (Unaudited) Nine Months

Trustee&#x2019; s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Trustee&#x2019; s Discussion and Analysis of Financial Condition and Results of Operations Organization Marine Petroleum Trust (the &#x201c;Trust&#x201d;) is a royalty trust that was created in 1956 under the laws of the State of Texas. Effective February 20, 2018, Simmons Bank became corporate trustee of the Trust (&#x201c;Simmons&#x201d;) as a result of a merger between Simmons Bank 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 &#x201c;Trustee&#x201d;), 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&#x2019;s Indenture provides that the term of the Trust will expire on June 1, 2041, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest. 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&#x2019;s predecessors and Gulf Oil Corporation (&#x201c;Gulf&#x201d;). As a result of various transactions that have occurred since 1956, these interests were largely held by Chevron Corporation (&#x201c;Chevron&#x201d;) and are now predominantly held by its assignees, including Arena Energy, LP (collectively with Chevron and its assignees, the &#x201c;Interest Owners&#x201d;). The Trust holds title to interests in properties that are situated offshore of Texas. The Trust&#x2019;s wholly owned subsidiary, Marine Petroleum Corporation (&#x201c;MPC,&#x201d; and collectively wit

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