Marine Petroleum Trust Files Q3 2024 10-Q

TL;DR

Marine Petroleum Trust filed its 10-Q for Q3 2024. Check financials.

AI Summary

Marine Petroleum Trust filed its 10-Q for the quarterly period ended September 30, 2024. The filing details the company's financial performance and operational status. The trust is incorporated in Texas and its principal executive offices are located in Dallas, TX.

Why It Matters

This filing provides investors with the latest financial data for Marine Petroleum Trust, crucial for understanding its performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information, not indicating immediate or significant new risks.

Key Numbers

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

Key Players & Entities

• Marine Petroleum Trust (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• Argent Trust Company (company) — Corporate Trustee
• Dallas, Texas (location) — Principal executive offices location
• 75219-4518 (postal_code) — Zip code for principal executive offices

FAQ

Key Financial Figures

• $104,500 — ree months ended September 30, 2024 was $104,500. As stated under “Note 1. Acco
• $0.12 — ree months ended September 30, 2024 was $0.12 as compared to $0.11 for the comparable
• $0.11 — ember 30, 2024 was $0.12 as compared to $0.11 for the comparable period in 2023. Dist
• $0.09 — Distributions per unit also amounted to $0.09 per unit for the three months ended Sep
• $81.11 — age price realized for oil increased to $81.11 per barrel (bbl) as compared to the pri
• $72.19 — arrel (bbl) as compared to the price of $72.19 per bbl realized for the comparable per
• $3.02 — ural gas (net of expenses) increased to $3.02 per mcf as compared to the average pric
• $2.28 — mcf as compared to the average price of $2.28 per mcf realized for the comparable per
• $0.75 — liquids (net of expenses) increased to $0.75 per mcf as compared to the average pric
• $0.51 — mcf as compared to the average price of $0.51 per mcf realized for the comparable per
• $286,498 — and natural gas royalties decreased to $286,498 during the three months ended September
• $291,021 — ee months ended September 30, 2024 from $291,021 realized for the comparable period in 2
• $233,552 — es. Distributable income increased to $233,552 for the three months ended September 30
• $228,057 — ee months ended September 30, 2024 from $228,057 realized for the comparable period in 2
• $264,786 — s ended September 30, 2024 decreased to $264,786 from $286,168 realized for the comparab

Filing Documents

• marps_10-q_2024-09-30_no.htm (10-Q) — 237KB
• marps-ex31_1.htm (EX-31.1) — 14KB
• marps-ex32_1.htm (EX-32.1) — 7KB
• 0000950170-24-125222.txt ( ) — 259KB

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 September 30, 2024 and June 30, 2024 1 Condensed Consolidated Statements of Distributable Income for the three months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in the Trust Corpus for the three months ended September 30, 2024 and 2023 3 Notes to Condensed Consolidated Financial Statements 4

Trustee’s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations 4

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 9

Controls and Procedures

Item 4. Controls and Procedures 9

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 11

Exhibits

Item 6. Exhibits 11 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 September 30, 2024 and June 30, 2024 ASSETS September 30, 2024 June 30, 2024 (Unaudited) Current assets: Cash and cash equivalents $ 1,008,993 $ 965,213 Federal income tax refundable — — Producing oil and natural gas properties 7 7 Total assets $ 1,009,000 $ 965,220 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 $ 1,009,000 $ 965,220 $ 1,009,000 $ 965,220 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 Months Ended September 30, 2024 and 2023 (Unaudited) Three Months Ended September 30, 2024 2023 Income: Oil and natural gas royalties $ 286,498 $ 291,021 Interest and dividend income 15,694 13,654 Total income 302,192 304,675 Expenses: General and administrative (68,640 ) (76,618 ) Distributable income $ 233,552 $ 228,057 Distributable income per unit $ 0.12 $ 0.11 Units outstanding 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 Three Months Ended September 30, 2024 and 2023 (Unaudited) Three Months Ended September 30, 2024 2023 Trust corpus, beginning of period $ 965,220 $ 978,183 Distributable income 233,552 228,057 Distributions to unitholders (189,772 ) (243,663

Trustee’ s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Trustee’ s Discussion and Analysis of Financial Condition and Results of Operations Organization 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 became corporate trustee of the Trust (“Simmons”) as a result of a merger between Simmons Bank and Southwest Bank, the 4 Table of Contents 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 defined term Trustee as used herein shall refer to Southwest Bank for periods from 2014 through February 19, 2018, shall refer to Simmons for periods on and after February 20, 2018 through December 29, 2022, and shall refer to Argent Trust Company for periods on and after December 30, 2022. The Trust’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’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 predominantly held by its assignees, including Arena Energy, LP (col

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