Mesa Royalty Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mesa Royalty Trust has filed its 2023 annual report on Form 10-K, detailing its financial performance and operations.</b>

AI Summary

MESA ROYALTY TRUST/TX (MTR) filed a Annual Report (10-K) with the SEC on April 1, 2024. Mesa Royalty Trust filed its annual report for the fiscal year ended December 31, 2023. The report is filed on Form 10-K, as required by the Securities Exchange Act of 1934. The registrant's principal executive offices are located at 601 Travis Street, Floor 16, Houston, Texas. The trust's units of beneficial interest are traded on the New York Stock Exchange under the symbol MTR. Mesa Royalty Trust is incorporated in Texas and has an IRS Employer Identification No. of 76-6284806.

Why It Matters

For investors and stakeholders tracking MESA ROYALTY TRUST/TX, this filing contains several important signals. This filing provides stakeholders with a comprehensive overview of the trust's financial health and strategic positioning for the past fiscal year. As a publicly traded entity, adherence to SEC reporting requirements like the 10-K is crucial for maintaining transparency and investor confidence.

Risk Assessment

Risk Level: low — MESA ROYALTY TRUST/TX shows low risk based on this filing. The filing is a routine annual report (10-K) and does not contain new material information that would significantly alter the risk profile.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to assess the trust's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 2024-04-01 — Filing Date (Date the 10-K was filed)
• 1-7884 — Commission File Number (SEC file number for Mesa Royalty Trust)

Key Players & Entities

• Mesa Royalty Trust (company) — Registrant
• The Bank of New York Mellon Trust Company, N.A. (company) — Trustee
• New York Stock Exchange (company) — Exchange where MTR is traded
• MTR (company) — Trading Symbol
• Texas (company) — State of incorporation
• 76-6284806 (dollar_amount) — IRS Employer Identification No.
• 601 Travis Street, Floor 16, Houston, Texas 77002 (company) — Principal executive offices address

FAQ

Industry Context

Mesa Royalty Trust operates within the oil and gas royalty sector, deriving income from royalty interests in oil and gas properties.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring annual reports from public companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section (if available in the full document) for potential challenges and uncertainties.
3. Examine management's discussion and analysis for insights into the trust's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $24.62 — closing sales price on June 30, 2023 of $24.62 was approximately $45,881,586. As of
• $45,881,586 — ne 30, 2023 of $24.62 was approximately $45,881,586. As of April 1, 2024, 1,863,590 Units
• $250,000 — e for two successive years is less than $250,000 per year or (ii) a vote by the unithold
• $0 — me. As of December 31, 2023, there were $0 of unreimbursed expenses. The terms o

Filing Documents

• tm241157-1_10k.htm (10-K) — 1030KB
• tm241157d2_ex23.htm (EX-23) — 5KB
• tm241157d2_ex31.htm (EX-31) — 10KB
• tm241157d2_ex32.htm (EX-32) — 5KB
• tm241157d2_ex97-1.htm (EX-97.1) — 22KB
• tm241157d2_ex99.htm (EX-99) — 73KB
• ft_kpmgdelaware-bw.jpg (GRAPHIC) — 11KB
• lg_kpmg-4c.jpg (GRAPHIC) — 4KB
• sg_kpmgllp-bw.jpg (GRAPHIC) — 5KB
• tm241157d2_ex23img003.jpg (GRAPHIC) — 5KB
• tm241157d2_ex23img01.jpg (GRAPHIC) — 7KB
• tm241157d2_ex23img02.jpg (GRAPHIC) — 5KB
• tm241157d2_ex23img03.jpg (GRAPHIC) — 9KB
• tm241157d2_ex99-1img004.jpg (GRAPHIC) — 7KB
• tm241157d2_ex99-1img01.jpg (GRAPHIC) — 7KB
• tm241157d2_ex99-1img02.jpg (GRAPHIC) — 5KB
• tm241157d2_ex99-1img03.jpg (GRAPHIC) — 7KB
• 0001104659-24-041968.txt (&nbsp;) — 1247KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 27 Item 7. Trustee's Discussion and Analysis of Financial Condition and Results of Operations 27 Summary of Royalty Income, Production, Prices and Costs (Unaudited) 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 50 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 51 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 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accounting Fees and Services 52 PART IV Item 15. Exhibits and Financial Statement Schedules 53

SIGNATURES

SIGNATURES 54 DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K includes "forward-looking statements" about Mesa Royalty Trust (the "Trust") and other matters discussed herein that are subject to risks and uncertainties that are intended to qualify for the safe harbor 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 "Trustee's Discussion and Analysis of Financial Condition and Results of Operations," including the Trust's or any Working Interest Owner's (as defined in " Item 1—Description of the Trust ") future financial position, status in any insolvency proceeding, business strategy, budgets, projected costs, political and regulatory matters, such as tax and environmental policy, climate regulations, expected market conditions and commodity pricing, interest rates, prices received by Working Interest Owners, plans and objectives, oil and natural gas prices, information relating to future distributions, statements regarding reconciliation i TABLE OF CONTENTS and adjustment of estimated versus actual revenue and expense amounts, statements pertaining to future exploration and development activities and costs, estimates regarding production costs and expenses, estimates of cash flows, statements regarding the number of wells to be drilled and producing in future periods, and estimates regarding production and reserves, are forward-looking statements. Actual outcomes and results, which are substantially all outside of the Trust's control, may differ materially from those projected. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "future," "believe," "expect," "anticipate," "potential," "possibly," "could," "may," "can," "foresee," "plan,"

Business

Item 1. Business. DESCRIPTION OF THE TRUST The Trust, created under the laws of the State of Texas, maintains its offices at the office of the Trustee, The Bank of New York Mellon Trust Company, N.A., (the "Trustee"), 601 Travis Street, Floor 16, Houston, Texas 77002. The telephone number of the Trust is 713-483-6020. The Bank of New York Mellon Trust Company, N.A., is the successor Trustee from JPMorgan Chase Bank, N.A., which is the successor by mergers to the originally named Trustee, Texas Commerce Bank National Association. The Trust has no employees. Administrative functions of the Trust are performed by the Trustee. The Trustee maintains a website for the Trust that makes available, free of charge, filings by the Trust with the SEC and other information. Any reports filed with the SEC are accessible free of charge through the Trust's website as soon as reasonably practicable after the Trustee electronically files such material with, or furnishes it to, the SEC. The Trust's website is http://mtr.q4web.com/home/default.aspx. Information contained on, or that can be accessed through the Trust's website, is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information on the Trust's website to be part of this Annual Report on Form 10-K. The SEC maintains a website at www.sec.gov that contains reports and other information regarding SEC registrants, including the Trust. Trust Corpus Description. The Mesa Royalty Trust (the "Trust") was created on November 1, 1979, and is now governed by the Mesa Royalty Trust Indenture (as amended, the "Trust Indenture"). Through a series of conveyances, assignments, and acquisitions, the Trust currently owns an overriding royalty interest (the "Royalty") equal to 11.44% of 90% of the Net Proceeds (as defined in the Conveyance and described below) attributable to the specified interest in certain producing oil and gas properties located in the: Hugoton field of Kansas (the "Hug

View Full Filing

View this 10-K filing on SEC EDGAR