Mesa Royalty Trust Files Q3 2024 10-Q

TL;DR

Mesa Royalty Trust filed its 10-Q for Q3 2024. Trustee is BNY Mellon.

AI Summary

Mesa Royalty Trust filed its 10-Q for the period ending September 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, located at 601 Travis Street, Houston, Texas.

Why It Matters

This filing provides investors with an update on Mesa Royalty Trust's financial health and operational performance for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a publicly traded trust, indicating standard reporting procedures.

Key Players & Entities

• MESA ROYALTY TRUST/TX (company) — Filer
• BNY MELLON TRUST COMPANY, N.A. (company) — Trustee
• 713-483-6020 (dollar_amount) — Business Phone
• September 30, 2024 (date) — Quarterly Period End Date

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 — September 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
• $356,250 — he Trust Indenture. The Trustee was due $356,250 for its services for the nine months en
• $324,865 — nded September 30, 2024. The Trust paid $324,865 of this amount to the Trustee and $31,3
• $31,385 — 4,865 of this amount to the Trustee and $31,385 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
• $287,691 — ing Interest Owners reimbursed a sum of $287,691 to the Trustee, which was the same amou

Filing Documents

• tm2422274-1_10q.htm (10-Q) — 600KB
• tm2422274d2_ex-31.htm (EX-31) — 10KB
• tm2422274d2_ex-32.htm (EX-32) — 6KB
• 0001104659-24-118882.txt ( ) — 618KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. MESA ROYALTY TRUST (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Royalty income $ 63,966 $ 357,474 $ 552,994 $ 2,982,346 Other income 17,347 — 2,683 — Interest income 25,887 32,329 74,532 75,351 General and administrative expense (52,258 ) (31,131 ) (157,587 ) (151,479 ) Income available for distribution prior to cash reserves withheld for Trust expenses 54,942 358,672 472,622 2,906,218 Cash reserves withheld for Trust expenses — (75,000 ) (72,000 ) (300,000 ) Distributable income $ 54,942 $ 283,672 $ 400,622 $ 2,606,218 Distributable income per unit $ 0.0295 $ 0.1522 $ 0.2150 $ 1.3985 Units outstanding 1,863,590 1,863,590 1,863,590 1,863,590 September 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and short-term investments $ 1,878,107 $ 2,096,773 Net overriding royalty interest in oil and gas properties 42,498,034 42,498,034 Accumulated amortization (41,219,135 ) (41,187,341 ) Total assets $ 3,157,006 $ 3,407,466 LIABILITIES AND TRUST CORPUS Distributions payable $ 10,314 $ 214,941 General and administrative expense payable — 151,618 Trust corpus (1,863,590 units of beneficial interest authorized, issued and outstanding) 3,146,692 3,040,907 Total liabilities and trust corpus $ 3,157,006 $ 3,407,466 (The accompanying notes are an integral part of these financial statements.) 2 MESA ROYALTY TRUST (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Trust corpus, beginning of period $ 3,108,332 $ 2,894,058 $ 3,040,907 $ 2,690,465 Cash reserves withheld for Trust expenses — 75,000

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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