MV Oil Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>MV Oil Trust has filed its 2023 annual report (10-K) detailing its operations and financial status.</b>

AI Summary

MV Oil Trust (MVO) filed a Annual Report (10-K) with the SEC on March 20, 2024. MV Oil Trust filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, indicating an annual report under the Securities Exchange Act of 1934. The registrant's principal executive offices are located at 601 Travis Street, Floor 16, Houston, Texas, 77002. The company's telephone number is (713) 483-6020. MV Oil Trust's Units of Beneficial Interest are traded on the New York Stock Exchange under the symbol MVO.

Why It Matters

For investors and stakeholders tracking MV Oil Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MV Oil Trust's performance and financial condition for the fiscal year 2023, which is crucial for investors to assess the trust's stability and future prospects. The information contained within this report is essential for understanding the trust's assets, liabilities, revenues, and any associated risks, enabling informed investment decisions.

Risk Assessment

Risk Level: low — MV Oil Trust shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, suggesting a routine update on the company's status.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand MV Oil Trust's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the annual report.)
• 0001104659-24-036704 — Accession Number (Unique identifier for the filing.)
• 001-33219 — SEC File Number (SEC's file number for the registrant.)
• 06-6554331 — IRS Number (Employer Identification Number.)
• 713-483-6020 — Business Phone (Registrant's telephone number.)

Key Players & Entities

• MV Oil Trust (company) — Registrant name
• The Bank of New York Mellon Trust Company, N.A. (company) — Trustee
• New York Stock Exchange (company) — Exchange where MVO is traded
• MVO (company) — Trading Symbol
• 601 Travis Street, Floor 16 (location) — Business and mail address
• Houston, Texas (location) — City and State of business address
• 77002 (location) — ZIP Code
• 2023-12-31 (date) — Fiscal year end

FAQ

Risk Factors

• Reporting Requirements [low — regulatory]: The registrant is required to file annual reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-20: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $12.77 — mputed using the closing sales price of $12.77 on June 30, 2023, was approximately $11
• $110,141,250 — .77 on June 30, 2023, was approximately $110,141,250. As of March 20, 2024, 11,500,000 Uni
• $1.0 million — s (which reserve amounts may not exceed $1.0 million in the aggregate at any given time), po

Filing Documents

• tm241004-1_10k.htm (10-K) — 1069KB
• tm241004d2_ex31-1.htm (EX-31.1) — 10KB
• tm241004d2_ex32-1.htm (EX-32.1) — 6KB
• tm241004d2_ex97-1.htm (EX-97.1) — 21KB
• tm241004d2_ex99-1.htm (EX-99.1) — 99KB
• tm241004d2_ex99-1img001.jpg (GRAPHIC) — 34KB
• 0001104659-24-036704.txt (&nbsp;) — 1253KB

Forward-Looking Statements

Forward-Looking Statements 1 Glossary of Certain Oil and Natural Gas Terms 2 PART I Item 1.

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 29 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43 PART II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 44 Item 7. Trustee's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 62 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 62 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accountant Fees and Services 64 PART IV Item 15. Exhibit and Financial Statement Schedules 65 Item 16. Form 10-K Summary 66

SIGNATURES

SIGNATURES 67 i TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K") contains forward-looking statements about MV Partners, LLC ("MV Partners") and MV Oil Trust (the "Trust") that are subject to risks and uncertainties and that are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact included in this document, including, without limitation, statements under "Business" and "Risk Factors" regarding the financial position, business strategy, production and reserve growth, and other plans and objectives for the future operations of MV Partners and the Trust, are forward-looking statements. Such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Forward-looking statements are subject to risks and uncertainties and include statements pertaining to future development activities and costs and other statements in this Form 10-K that are prospective and constitute forward-looking statements. When used in this Form 10-K, the words "believes," "expects," "anticipates," "intends" or similar expressions are intended to identify such forward-looking statements. The following important factors, in addition to those discussed elsewhere in this Form 10-K, could affect the future results of the energy industry in general, and MV Partners and the Trust in particular, and could cause actual results to differ materially from those expressed in such forward-looking statements: risks incident to the drilling and operation of oil and natural gas wells; future production and development costs and plans; the occurrence or threat of epidemic or pandemic diseases, such as the COVID-19 pandemic, or any government response to such occurrence or threat; the effects of actions by, or disput

Business

Item 1. Business. General MV Oil Trust (the "Trust") was formed in August 2006 by MV Partners, LLC ("MV Partners"). Much of the information disclosed in this Form 10-K has been provided to the Trust by MV Partners, including information associated with the underlying properties (as defined below) such as production and well counts, major producing areas, customer relationships, competition, marketing and post-production services, and certain information on which reserve data is based. The Trust is a statutory trust created under the Delaware Statutory Trust Act pursuant to a Trust Agreement (as subsequently amended and restated, the "Trust Agreement") among MV Partners, as trustor, The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), and Wilmington Trust Company, as Delaware trustee (the "Delaware Trustee"). The Trust does not have any employees, and the business and affairs of the Trust are managed by the Trustee. The Trust maintains its offices at the office of the Trustee, at 601 Travis Street, Floor 16, Houston, Texas 77002. The telephone number of the Trustee is 1-855-802-1094. The Delaware Trustee has only minimal rights and duties as are necessary to satisfy the requirements of the Delaware Statutory Trust Act. The Trustee does not maintain a website for filings by the Trust with the Securities and Exchange Commission (the "SEC"). Electronic filings by the Trust with the SEC are available free of charge through the SEC's website at www.sec.gov and at http://mvo.q4web.com/home/default.aspx. On January 24, 2007, MV Partners and the Trust completed an initial public offering of units of beneficial interest in the Trust (the "Trust Units"). In connection with the completion of the initial public offering of Trust Units, on January 24, 2007, MV Partners conveyed a term net profits interest to the Trust that represents the right to receive 80% of the net proceeds (calculated as described below) from all of MV Partners' interests in

View Full Filing

View this 10-K filing on SEC EDGAR