Mesa Royalty Trust Files Q2 2024 10-Q

TL;DR

Mesa Royalty Trust filed its 10-Q for Q2 2024. Trust is managed by BNY Mellon.

AI Summary

Mesa Royalty Trust filed its 10-Q for the period ended June 30, 2024. The filing details its financial performance and operational status as a royalty trust. The report is filed by BNY Mellon Trust Company, N.A., as Trustee, and is subject to the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors with an update on Mesa Royalty Trust's financial health and operational performance for the second quarter of 2024, crucial for understanding its current value and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a publicly traded trust, indicating standard financial reporting rather than an unusual event.

Key Numbers

• 1-7884 — SEC File Number (Identifies the specific filing with the SEC.)
• 76-6284806 — IRS Employer Identification No. (Tax identification number for the trust.)

Key Players & Entities

• MESA ROYALTY TRUST (company) — Registrant
• BNY MELLON TRUST COMPANY, N.A. (company) — Trustee
• June 30, 2024 (date) — Quarterly Period End Date
• 77002 (dollar_amount) — ZIP Code for Business Address
• 713-483-6020 (dollar_amount) — Business Phone Number

FAQ

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 — nded June 30, 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
• $237,500 — he Trust Indenture. The Trustee was due $237,500 for its services for the six months end
• $216,576 — ths ended June 30, 2024. The Trust paid $216,576 of this amount to the Trustee and $20,9
• $20,924 — 6,576 of this amount to the Trustee and $20,924 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
• $191,794 — ing Interest Owners reimbursed a sum of $191,794 to the Trustee, which was the same amou

Filing Documents

• tm2415201-1_10q.htm (10-Q) — 596KB
• tm2415201d2_ex31.htm (EX-31) — 9KB
• tm2415201d2_ex32.htm (EX-32) — 5KB
• 0001104659-24-089616.txt ( ) — 611KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. MESA ROYALTY TRUST (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Royalty income $ 305,372 $ 1,779,455 $ 489,029 $ 2,624,872 Other income — — (14,664 ) — Interest income 24,417 22,936 48,645 43,023 General and administrative expense (59,138 ) (54,275 ) (105,330 ) (120,349 ) Income available for distribution prior to cash reserves withheld for Trust expenses 270,651 1,748,116 417,680 2,547,546 Cash reserves withheld for Trust expenses (47,000 ) (150,000 ) (72,000 ) (225,000 ) Distributable income $ 223,651 $ 1,598,116 $ 345,680 $ 2,322,546 Distributable income per unit $ 0.1200 $ 0.8575 $ 0.1855 $ 1.2463 Units outstanding 1,863,590 1,863,590 1,863,590 1,863,590 June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and short-term investments $ 2,032,907 $ 2,096,773 Net overriding royalty interest in oil and gas properties 42,498,034 42,498,034 Accumulated amortization (41,212,867 ) (41,187,341 ) Total assets $ 3,318,074 $ 3,407,466 LIABILITIES AND TRUST CORPUS Distributions payable $ 209,742 $ 214,941 General and administrative expense payable — 151,618 Trust corpus (1,863,590 units of beneficial interest authorized, issued and outstanding) 3,108,332 3,040,907 Total liabilities and trust corpus $ 3,318,074 $ 3,407,466 (The accompanying notes are an integral part of these financial statements.) 2 MESA ROYALTY TRUST (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Trust corpus, beginning of period $ 3,062,229 $ 2,770,445 $ 3,040,907 $ 2,690,465 Cash reserves withheld for Trust expenses 47,000 150,000 72

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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