Marine Petroleum Trust Files 10-Q for Q4 2024

TL;DR

MPET filed its 10-Q for 12/31/24. Check financials.

AI Summary

Marine Petroleum Trust filed its 10-Q for the quarterly period ended December 31, 2024. The filing, submitted on February 13, 2025, provides an update on the company's financial performance and operations. Marine Petroleum Trust is incorporated in Texas and its fiscal year ends on June 30.

Why It Matters

This 10-Q filing provides investors with crucial financial and operational details for Marine Petroleum Trust for the quarter ending December 31, 2024, enabling informed investment decisions.

Risk Assessment

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

Key Players & Entities

• Marine Petroleum Trust (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• February 13, 2025 (date) — Filing date
• Texas (location) — State of incorporation
• Argent Trust Company (company) — Corporate Trustee

FAQ

Key Financial Figures

• $102,500 — hree months ended December 31, 2024 was $102,500. As stated under “Note 1. Acco
• $0.16 — six months ended December 31, 2024, was $0.16 as compared to $0.21 for the comparable
• $0.21 — mber 31, 2024, was $0.16 as compared to $0.21 for the comparable period in 2023. Dist
• $0.20 — Distributions per unit also amounted to $0.20 per unit for the six months ended Decem
• $79.17 — age price realized for oil increased to $79.17 per barrel (bbl) as compared to the pri
• $75.71 — arrel (bbl) as compared to the price of $75.71 per bbl realized for the comparable per
• $2.43 — ural gas (net of expenses) increased to $2.43 per mcf as compared to the average pric
• $0.97 — mcf as compared to the average price of $0.97 per mcf realized for the comparable per
• $0.56 — liquids (net of expenses) increased to $0.56 per mcf as compared to the average pric
• $0.17 — mcf as compared to the average price of $0.17 per mcf realized for the comparable per
• $159,064 — and natural gas royalties decreased to $159,064 during the three months ended December
• $249,200 — ee months ended December 31, 2024, from $249,200 realized for the comparable period in 2
• $81,138 — es. Distributable income decreased to $81,138 for the three months ended December 31,
• $199,238 — ee months ended December 31, 2024, from $199,238 realized for the comparable period in 2
• $151,919 — s ended December 31, 2024, decreased to $151,919 from $246,941 realized for the comparab

Filing Documents

• marps_10-q_2024-12-31_no.htm (10-Q) — 361KB
• marps-ex31_1.htm (EX-31.1) — 14KB
• marps-ex32_1.htm (EX-32.1) — 8KB
• 0000950170-25-019761.txt ( ) — 384KB

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 December 31, 2024 and June 30, 2024 1 Condensed Consolidated Statements of Distributable Income for the three months and six months ended December 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in the Trust Corpus for the six months ended December 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in the Trust Corpus for the three months ended December 31, 2024 and 2023 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 5

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 10

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 December 31, 2024 and June 30, 2024 ASSETS December 31, 2024 June 30, 2024 (Unaudited) Current assets: Cash and cash equivalents $ 884,285 $ 965,213 Federal income tax refundable — — Producing oil and natural gas properties 7 7 Total assets $ 884,292 $ 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 $ 884,292 $ 965,220 $ 884,292 $ 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 Month and Six Months Ended December 31, 2024 and 2023 (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Income: Oil and natural gas royalties $ 159,064 $ 249,200 $ 445,562 $ 540,221 Interest and dividend income 6,832 13,714 22,526 27,368 Total income 165,896 262,914 468,088 567,589 Expenses: General and administrative (84,758 ) (63,676 ) (153,398 ) (140,294 ) Distributable income $ 81,138 $ 199,238 $ 314,690 $ 427,295 Distributable income per unit $ 0.04 $ 0.10 $ 0.16 $ 0.21 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 Six Months Ended December 31, 2024 and 2023 (Unaudited)

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 former corporate trustee of the Trust. On November 4, 2021, Simmons announced that it had entered into an agreement with Argent Trust Company, 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 (collectively with Chevron and its assignees, the “Interest Owners”

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