Mesa Royalty Trust Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Mesa Royalty Trust has filed its Q1 2024 10-Q report, confirming its status as a smaller reporting company and its listing on the NYSE.</b>

AI Summary

MESA ROYALTY TRUST/TX (MTR) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Mesa Royalty Trust filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing confirms the registrant has filed all required reports for the preceding 12 months. Mesa Royalty Trust is registered as a non-accelerated filer and a smaller reporting company. The trust's units of beneficial interest are traded under the symbol MTR on the New York Stock Exchange. The principal executive offices are located at 601 Travis Street, Floor 16, Houston, Texas.

Why It Matters

For investors and stakeholders tracking MESA ROYALTY TRUST/TX, this filing contains several important signals. This filing provides investors with the latest financial and operational updates for Mesa Royalty Trust, crucial for assessing its performance and future prospects. As a smaller reporting company, Mesa Royalty Trust's disclosures are important for understanding its financial health and compliance with SEC regulations.

Risk Assessment

Risk Level: low — MESA ROYALTY TRUST/TX shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new financial data or material changes, indicating a low level of immediate risk from this specific document.

Analyst Insight

Monitor future filings for detailed financial performance, production volumes, and any changes in commodity prices that could impact the trust's distributions.

Key Numbers

• 20240331 — Conformed Period of Report (Quarterly Period ended March 31, 2024)
• 20240515 — Filed as of Date (FILED AS OF DATE)
• 1-7884 — Commission File Number (Commission File Number)
• 76-6284806 — I.R.S. Employer Identification No. (I.R.S. Employer Identification No.)

Key Players & Entities

• MESA ROYALTY TRUST/TX (company) — COMPANY CONFORMED NAME
• 0000313364 (company) — CENTRAL INDEX KEY
• 746284806 (company) — IRS NUMBER
• TX (company) — STATE OF INCORPORATION
• BNY MELLON TRUST COMPANY, N.A. (company) — BUSINESS ADDRESS STREET 1
• 601 TRAVIS STREET, FLOOR 16 (company) — BUSINESS ADDRESS STREET 2
• HOUSTON (company) — BUSINESS ADDRESS CITY
• MTR (company) — Trading Symbol(s)

FAQ

Industry Context

Mesa Royalty Trust operates in the oil and gas sector, focusing on royalty interests. This sector is subject to commodity price volatility and regulatory changes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information to the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track distributions and compare them to historical performance and industry trends.
3. Monitor news and analyst reports related to Mesa Royalty Trust and the broader oil and gas royalty market.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $250,000 — e for two successive years is less than $250,000 per year or (ii) a vote by the unithold
• $118,750 — ded March 31, 2024, the Trustee was due $118,750 for its services. The Trust paid $108,2
• $108,288 — 18,750 for its services. The Trust paid $108,288 of this amount to the Trustee, and $10,
• $10,462 — ,288 of this amount to the Trustee, and $10,462 was allocated to offset against interes
• $95,897 — ing Interest Owners reimbursed a sum of $95,897 to the Trustee, which was the same amou

Filing Documents

• tm2410861-1_10q.htm (10-Q) — 393KB
• tm2410861d2_ex31.htm (EX-31) — 9KB
• tm2410861d2_ex32.htm (EX-32) — 6KB
• 0001104659-24-062025.txt (&nbsp;) — 408KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. MESA ROYALTY TRUST (Unaudited) Three Months Ended March 31, 2024 2023 Royalty income $ 183,657 $ 845,417 Other income (14,664 ) — Interest income 24,228 20,087 General and administrative expenses (46,192 ) (66,074 ) Income available for distribution prior to cash reserves withheld for Trust expenses 147,029 799,430 Cash reserves withheld for current Trust expenses (25,000 ) (75,000 ) Distributable income $ 122,029 $ 724,430 Distributable income per unit $ 0.0655 $ 0.3887 Units outstanding 1,863,590 1,863,590 March 31, 2024 December 31, 2023 (Unaudited) ASSETS Cash and short-term investments $ 1,877,243 $ 2,096,773 Net overriding royalty interest in oil and gas properties 42,498,034 42,498,034 Accumulated amortization (41,198,061 ) (41,187,341 ) Total assets $ 3,177,216 $ 3,407,466 LIABILITIES AND TRUST CORPUS Distributions payable $ 114,987 $ 214,941 General and administrative expenses payable — 151,618 Trust corpus (1,863,590 units of beneficial interest authorized, issued and outstanding) 3,062,229 3,040,907 Total liabilities and trust corpus $ 3,177,216 $ 3,407,466 (The accompanying notes are an integral part of these financial statements.) 2 MESA ROYALTY TRUST (Unaudited) Three Months Ended March 31, 2024 2023 Trust corpus, beginning of period $ 3,040,907 $ 2,690,465 Cash reserves withheld for current Trust expenses 25,000 75,000 Distributable income 122,029 724,430 Distributions to unitholders (114,987 ) (688,892 ) Amortization of net overriding royalty interest (10,720 ) (30,558 ) Trust corpus, end of period $ 3,062,229 $ 2,770,445 (The accompanying notes are an integral part of these financial statements.)

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (Unaudited) Note 1—Trust Organization and Provisions 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 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 Securities and Exchange Commission ("SEC") and other information. Any reports filed with the SEC are accessible through our 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. Trust Corpus Description. 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 "Hugoton Royalty Properties"); San Juan Basin field of New Mexico (the "San Juan Basin—New Mexico Properties"); and San Juan Basin field of Colorado (the "San Juan Basin—Colorado Properties", and together with the San Juan Basin—New Mexico Properties, the "San Juan Basin Royalty Properties", and together with the Hugoton Royalty Properties, the "Royalty Properties"). Trust Corpus Conveyance History. On November 1, 1979, Mesa Petroleum Co., predecessor to Mesa Limited Partnership ("MLP"), which was the predecessor to MESA Inc., conveyed to the Trust the Royalty equal to 90

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