Financial Performance - Total income for the three months ended September 30, 2025, was $223,402, a decrease of 26.1% from $302,192 in the same period of 2024[13] - Distributable income for the three months ended September 30, 2025, was $130,813, down 44.0% from $233,552 in 2024[13] - Distributable income per unit decreased to $0.07 in Q3 2025 from $0.12 in Q3 2024, reflecting a 41.7% decline[13] - The Trust distributed $136,194 to unitholders in Q3 2025, compared to $189,772 in Q3 2024, indicating a reduction of 28.1%[14] - Distributable income per unit for the three months ended September 30, 2025 was $0.07, down from $0.12 for the same period in 2024, with distributions also decreasing to $0.07 per unit from $0.09[46] Trust Assets and Expenses - Trust corpus at the end of Q3 2025 was $916,146, a decrease of 0.4% from $921,527 at the end of Q2 2025[9][14] - General and administrative expenses increased to $92,589 in Q3 2025 from $68,640 in Q3 2024, representing a rise of 34.9%[13] - General and administrative expenses increased to $92,589 for the three months ended September 30, 2025, from $68,640 in the comparable period of 2024, primarily due to the timing of professional fee payments[54] Production and Revenue - For the three months ended September 30, 2025, royalty income from oil and natural gas decreased to $218,526 from $286,498 in the comparable period in 2024, primarily due to lower prices and production levels[48] - Oil production decreased to 3,226 barrels for the three months ended September 30, 2025, compared to 3,265 barrels in the same period in 2024, while natural gas volumes sold decreased to 3,567 thousand cubic feet from 5,095 thousand cubic feet[47] - Income from natural gas royalties decreased to $11,194 for the three months ended September 30, 2025, from $15,362 in the same period in 2024, with natural gas sold volumes also declining[51] Commodity Prices and Market Conditions - The average price realized for oil decreased to $63.52 per barrel in the three months ended September 30, 2025, down from $81.11 per barrel in the comparable period in 2024[47] - The average price realized for natural gas liquids decreased to $0.38 per thousand cubic feet for the three months ended September 30, 2025, down from $0.75 in the same period in 2024[53] - The Trust's income is significantly influenced by commodity prices, which may fluctuate widely due to various factors beyond the Trustee's control[31] - Marine's royalty income is heavily dependent on the operations of third parties, with fluctuations based on the number of productive wells and market prices[42] Future Outlook - The estimated reserve for future expenses deducted from distributable income for Q3 2025 was $84,500[18] - The company anticipates future production declines due to normal well depletion and does not receive information on future drilling or re-working operations from operators[44] Compliance and Controls - Marine's disclosure controls and procedures were evaluated as effective as of September 30, 2025, ensuring compliance with SEC requirements[58]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - SMX (Security Matters) Public Limited Company (SMX) increased by 52% to $2.24 [3] - Entravision Communications Corporation (EVC) rose by 33% to $2.66 [3] - Babcock & Wilcox Enterprises, Inc. (BW) saw a 28% increase to $4.79 [3] - NeuroPace, Inc. (NPCE) gained 24% reaching $11.71 [3] - Kennedy-Wilson Holdings, Inc. (KW) also increased by 24% to $9.30 [3] - Rigel Pharmaceuticals, Inc. (RIGL) rose by 22% to $34.72 [3] - Digital Turbine, Inc. (APPS) increased by 21% to $7.20 [3] - Lumentum Holdings Inc. (LITE) saw a 15% increase to $218.06 [3] - AsiaStrategy (SORA) rose by 14% to $3.63 [3] - Marine Petroleum Trust (MARPS) increased by 7% to $5.05 [3] Premarket Losers - Biohaven Ltd. (BHVN) decreased by 42% to $7.96 [4] - Trex Company, Inc. (TREX) fell by 34% to $30.65 [4] - Soleno Therapeutics, Inc. (SLNO) saw a 23% decline to $49.00 [4] - Axon Enterprise, Inc. (AXON) decreased by 19% to $572.00 [4] - Clover Health Investments, Corp. (CLOV) fell by 19% to $2.82 [4] - Pinterest, Inc. (PINS) decreased by 18% to $26.91 [4] - SSR Mining Inc. (SSRM) saw a 17% decline to $17.91 [4] - Upstart Holdings, Inc. (UPST) decreased by 16% to $38.81 [4] - WF International Limited (WXM) fell by 12% to $2.25 [4] - Corsair Gaming, Inc. (CRSR) decreased by 11% to $6.66 [4]

Revenue Sources - For the fiscal year ended June 30, 2025, approximately 94% of Marine's royalty revenues were attributable to the sale of oil, while 6% were from natural gas and natural gas liquids[20]. - Marine's income is derived from overriding royalty payments based on oil and natural gas sales from leases in the Gulf of America, with no direct ownership of physical properties[62]. - For fiscal year 2025, Marine's total royalty income was $1,011,104, an increase of approximately 2% from $994,142 in fiscal year 2024[96]. - Oil royalties contributed $948,249 in fiscal 2025, down from $980,110 in fiscal 2024, with oil production decreasing to 12,706 barrels from 12,805 barrels[99]. - Natural gas royalties increased significantly to $46,956 in fiscal 2025 from $10,464 in fiscal 2024, reflecting a shift in revenue sources[96]. - Revenue from natural gas liquids royalties rose to $15,899 in fiscal 2025, compared to $3,568 in fiscal 2024, marking a 345% increase[100]. Financial Performance - Total income for the fiscal year ended June 30, 2025, was $1,043,830, slightly down from $1,044,997 in 2024, representing a decrease of about 0.1%[147]. - Distributable income increased to $727,995 in 2025 from $713,165 in 2024, marking an increase of approximately 2.5%[147]. - Distributions to unitholders rose to $771,688 in 2025, compared to $726,128 in 2024, reflecting an increase of about 6.3%[149]. - Distributable income per unit remained stable at $0.36 for both 2024 and 2025, with 2,000,000 units outstanding[147]. - The June 2025 distribution per unit was $0.11, an increase from $0.08 in March 2025, but a decrease to $0.07 is expected in September 2025[91]. Asset and Liability Management - Total assets of Marine Petroleum Trust decreased from $965,220 in 2024 to $921,527 in 2025, a decline of approximately 4.5%[145]. - Cash and cash equivalents decreased from $965,213 in 2024 to $921,520 in 2025, a decline of approximately 4.5%[162]. - The Trust's trust corpus at the end of 2025 was $921,527, down from $965,220 in 2024, indicating a decrease of about 4.5%[149]. - The Trust does not have any long-term contractual obligations other than the obligation to distribute income to unitholders[105]. Operational Risks - Marine's royalty interests are depleting assets, and no funds are reinvested, leading to potential depletion faster than expected[24][33]. - Historical volatility in oil and natural gas prices could adversely affect Marine's cash distributions to unitholders[29]. - Marine's cash reserves are not insured by the Federal Deposit Insurance Corporation, posing a risk of loss if financial institutions become insolvent[52]. - Cybersecurity threats pose risks to Marine's operations, with potential adverse effects on business, financial condition, and cash flows[61]. Governance and Compliance - The Trust's term will expire on June 1, 2041, unless extended by a majority vote of the unitholders[12]. - The Trust is prohibited from engaging in any business activity, limiting its ability to acquire new royalty interests[32]. - The Trust's unitholders have limited voting rights compared to stockholders of public corporations, with no requirement for annual meetings or re-elections of the Trustee[50]. - The Trust may be subject to the Texas franchise tax, which could lead to reduced distributions if it is determined that the Trust does not qualify for an exemption[54]. - The Texas franchise tax imposes a 0.75% tax on taxable entities, with a no tax due threshold of $2,470,000 for the year 2025[176][179]. Market Conditions - Marine's quarterly distributions are highly dependent upon the prices realized from the sale of oil and natural gas, with volatility affecting predictability[28][31]. - The market price of Marine's units may not reflect the actual value of the royalty interests, as it is influenced by external factors such as oil and natural gas prices[41]. - The trading volume of Marine's units has historically been low, leading to potential price volatility and difficulty in obtaining accurate market valuations[43]. - Marine's income is highly dependent on oil and natural gas prices, which have historically experienced significant volatility[107]. Production Metrics - For the twelve months ended June 30, 2025, Marine sold 12,706 barrels of oil, 19,524 mcf of natural gas, and 35,183 mcf of natural gas liquids, totaling 21,824 BOE[175]. - Natural gas production increased to 19,524 mcf in fiscal 2025 from 11,399 mcf in fiscal 2024, a growth of 71%[100]. - Natural gas liquids production rose to 35,183 mcf in fiscal 2025 from 20,339 mcf in fiscal 2024, an increase of 73%[100]. - Marine had approximately 74 active wells as of June 30, 2025, a slight decrease from 75 active wells in the previous fiscal year[94]. Pricing Trends - The average sales price for oil decreased to $74.63 per barrel in fiscal 2025 from $76.54 per barrel in fiscal 2024[96]. - The average price for natural gas (net of expenses) rose to $2.41 per thousand cubic feet (mcf) in fiscal 2025 from $0.92 per mcf in fiscal 2024[96]. - The average price for natural gas liquids (net of expenses) increased to $0.45 per mcf in fiscal 2025 from $0.16 per mcf in fiscal 2024[96]. - Average price per mcf of natural gas increased to $2.41 in fiscal 2025 from $0.92 in fiscal 2024, a rise of 162%[100]. - Average price per mcf of natural gas liquids increased to $0.45 in fiscal 2025 from $0.16 in fiscal 2024, an increase of 181%[100]. Audit and Reporting - Marine's financial statements are prepared on a modified cash basis, differing from generally accepted accounting principles (GAAP), which may affect the comparability of financial information[53]. - The Trust has no critical audit matters reported for the current period, indicating a clean audit opinion[143]. - The Trust's internal control over financial reporting was deemed effective as of June 30, 2025[116].

Financial Performance - Distributable income for the three months ended March 31, 2025, was $242,418, a significant increase of 109.9% from $115,524 for the same period in 2024[13] - Total income for the nine months ended March 31, 2025, was $806,181, slightly down by 1.4% from $815,159 for the same period in 2024[13] - Distributions to unitholders for the nine months ended March 31, 2025, totaled $549,722, a decrease of 10.5% compared to $614,205 in the same period of 2024[15] - Distributable income per unit for the three months ended March 31, 2025, was $0.12, compared to $0.06 for the same period in 2024, marking a 100% increase[13] - Distributable income per unit for the nine months ended March 31, 2025, was $0.28, an increase from $0.27 for the same period in 2024[47] Asset and Trust Information - Total assets increased to $972,606 as of March 31, 2025, compared to $965,220 as of June 30, 2024, reflecting a growth of approximately 0.4%[9] - The trust corpus at the end of the period was $972,606, an increase from $906,797 at the end of March 31, 2024, representing a growth of approximately 7.3%[15] - The trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[34] Revenue Sources - Oil and natural gas royalties for the three months ended March 31, 2025, amounted to $332,993, up 41.9% from $234,500 in the prior year[13] - For the nine months ended March 31, 2025, the company realized approximately 94% of its royalty income from oil sales and 6% from natural gas and natural gas liquids[46] - Income from natural gas royalties increased to $30,848 for the nine months ended March 31, 2025, from $6,395 for the comparable period in 2024[59] - The volume of natural gas sold increased to 14,677 thousand cubic feet for the nine months ended March 31, 2025, from 7,615 thousand cubic feet for the same period in 2024[59] - Income from natural gas liquids royalties increased to $12,330 for the nine months ended March 31, 2025, from $2,031 for the comparable period in 2024[60] Production and Pricing - Oil production decreased to 9,718 barrels for the nine months ended March 31, 2025, down from 10,005 barrels for the same period in 2024[48] - The average price realized for oil decreased to $75.67 per barrel for the nine months ended March 31, 2025, compared to $76.60 per barrel for the same period in 2024[58] Expenses - General and administrative expenses decreased to $249,073 for the nine months ended March 31, 2025, from $272,340 for the comparable period in 2024[63] Internal Controls and Risk Factors - Marine's disclosure controls and procedures were evaluated as effective as of March 31, 2025[68] - There have been no material changes in internal control over financial reporting during the quarter ended March 31, 2025[69] - No material changes in risk factors have been reported since the Annual Report for the fiscal year ended June 30, 2024[73] Market Influences - The trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes[32] - The company’s royalty income is influenced by factors such as the number of productive wells and the prices at which oil and natural gas are sold[43] Future Expenses - The estimated reserve for future expenses deducted from distributable income for the three months ended March 31, 2025, was $75,500[21] Lease Information - As of March 31, 2025, the company holds an overriding royalty interest in 19 oil and natural gas leases covering a total of 87,326 gross acres in the Gulf of America[36]

Core Points - Marine Petroleum Trust declared a quarterly cash distribution of $0.077052 per unit, payable on March 28, 2025, to unitholders of record on February 28, 2025 [1] - The current distribution is lower than the previous quarter's distribution of $0.102923 per unit and also lower than the $0.101611 per unit distributed in the same quarter of 2024 [2] - There has been a decrease in the volumes of both oil and natural gas produced compared to the previous quarter, with oil prices decreasing and natural gas prices increasing [2] Financial Performance - The distribution amount is determined by royalties received up to the date the distribution is declared, with royalties typically received two months after oil production and three months after natural gas production [3] - Compared to the same quarter in 2024, there was a decrease in oil production volume while natural gas production volume increased, but prices realized for both oil and natural gas have decreased [2]

Financial Performance - Total income for the three months ended December 31, 2024, was $165,896, down 37% from $262,914 in the same period of 2023[13] - Distributable income for the six months ended December 31, 2024, was $314,690, a decrease of 26.4% compared to $427,295 for the same period in 2023[13] - Distributable income per unit for the three months ended December 31, 2024, was $0.04, down 60% from $0.10 in the same period of 2023[13] - Distributable income per unit for the six months ended December 31, 2024, was $0.16, a decrease from $0.21 for the same period in 2023[48] - Oil production decreased to 5,263 barrels for the six months ended December 31, 2024, down from 7,041 barrels for the comparable period in 2023[49] - Income from oil royalties for the three months ended December 31, 2024, decreased to $151,919 from $246,941 for the comparable period in 2023[52] Distributions and Expenses - Distributions to unitholders for the six months ended December 31, 2024, totaled $395,618, compared to $410,984 in 2023, reflecting a decrease of 3.7%[16] - General and administrative expenses increased to $153,398 for the six months ended December 31, 2024, from $140,294 for the comparable period in 2023[65] Assets and Reserves - Total assets as of December 31, 2024, were $884,292, a decrease of 8.4% from $965,220 as of June 30, 2024[9] - The trust corpus at the end of the period was $884,292, a decline of 11.1% from $994,494 at the end of December 2023[16] - The estimated reserve for future expenses deducted from distributable income for the three months ended December 31, 2024, was $102,500[22] Revenue Sources - During the six months ended December 31, 2024, Marine's royalty income was approximately 94% from oil sales and 6% from natural gas and natural gas liquids[46] - The average price realized for oil increased to $79.17 per barrel for the six months ended December 31, 2024, compared to $75.71 per barrel for the same period in 2023[60] - Income from natural gas royalties (net of expenses) increased to $20,474 for the six months ended December 31, 2024, from $5,272 for the comparable period in 2023[61] - Income from natural gas liquids royalties (net of expenses) increased to $8,383 for the six months ended December 31, 2024, from $1,839 for the comparable period in 2023[62] - The volume of natural gas sold in the three months ended December 31, 2024, increased to 3,343 thousand cubic feet from 2,291 thousand cubic feet for the comparable period in 2023[53] Operational Insights - The trust's income is significantly influenced by commodity prices, which can fluctuate widely due to supply and demand changes[33] - The trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[35] - The trust's oil and natural gas properties are depleting assets, and it is prohibited from engaging in any trade or business[36] - As of December 31, 2024, Marine holds an overriding royalty interest in 19 oil and natural gas leases covering a total of 87,326 gross acres in the Gulf of Mexico[37] Risk Factors and Future Outlook - The company anticipates potential impacts on production and distributions due to factors such as oil and natural gas price fluctuations and public health concerns[66] - Marine's future financial performance is subject to uncertainties that may cause actual results to differ from expectations[66] - The company has not reported any significant market risk changes since the last Annual Report[68] Governance and Compliance - Marine's disclosure controls and procedures were evaluated as effective as of December 31, 2024[70] - There have been no material changes in internal control over financial reporting during the quarter ended December 31, 2024[71] - No material changes in risk factors have been reported since the last Annual Report for the fiscal year ended June 30, 2024[75] - There are no ongoing legal proceedings affecting the company[74] - The company does not have any directors or officers, thus no trading arrangements have been adopted or terminated[77] - Marine's website provides free access to its financial reports, ensuring transparency[67]

Revenue Sources - For the three months ended September 30, 2024, the Trust realized approximately 92% of its royalty income from oil sales and 8% from natural gas and natural gas liquids[37]. - Income from oil royalties decreased to $264,786 for the three months ended September 30, 2024, from $286,168 in the comparable period in 2023[42]. - Income from natural gas royalties increased to $15,362 for the three months ended September 30, 2024, from $3,964 in the same period in 2023[43]. - Total income from oil and natural gas royalties decreased to $286,498 for the three months ended September 30, 2024, from $291,021 in the comparable period in 2023[40]. - Income from natural gas liquids royalties increased to $6,350 for the three months ended September 30, 2024, from $1,375 in the comparable period in 2023, representing a growth of 362%[44]. Production and Sales - Oil production decreased to 3,265 barrels for the three months ended September 30, 2024, down from 3,964 barrels in the same period in 2023[39]. - Natural gas volumes sold increased to 5,095 thousand cubic feet for the three months ended September 30, 2024, compared to 3,148 thousand cubic feet in the same period in 2023[39]. - The volume of natural gas liquids sold rose to 8,437 mcf in Q3 2024, up from 5,512 mcf in Q3 2023, an increase of 53%[44]. - Oil sales decreased to 3,265 bbls in Q3 2024 from 3,964 bbls in Q3 2023, a decline of 17.6%[46]. - Natural gas sales increased to 5,095 mcf in Q3 2024 from 3,148 mcf in Q3 2023, a growth of 62%[46]. Pricing - Average price realized for oil increased to $81.11 per barrel for the three months ended September 30, 2024, compared to $72.19 per barrel in the same period in 2023[39]. - The average price for oil increased to $81.11 per bbl in Q3 2024, up from $72.19 per bbl in Q3 2023, an increase of 12.6%[46]. - The average price realized for natural gas liquids increased to $0.75 per mcf in Q3 2024, compared to $0.51 per mcf in Q3 2023, reflecting a 47% increase[44]. - The average price for natural gas (net of expenses) rose to $3.02 per mcf in Q3 2024, compared to $2.28 per mcf in Q3 2023, an increase of 32.4%[46]. Financial Performance - Distributable income per unit increased to $0.12 for the three months ended September 30, 2024, compared to $0.11 for the same period in 2023[38]. - Distributions per unit decreased to $0.09 for the three months ended September 30, 2024, down from $0.12 for the comparable period in 2023[38]. - Distributable income increased to $233,552 for the three months ended September 30, 2024, from $228,057 in the same period in 2023[41]. - General and administrative expenses decreased to $68,640 in Q3 2024 from $76,618 in Q3 2023, a reduction of 10.4%[46]. Risks and Controls - The company anticipates potential risks including reductions in oil and natural gas prices, which may impact production and distributions[47]. - There have been no material changes in internal control over financial reporting during the quarter ended September 30, 2024[52].

Revenue and Distributions - Marine's quarterly distributions are highly dependent on oil and natural gas prices, with a sustained decline potentially leading to reduced cash distributions to unitholders [17]. - The volatility of oil and natural gas prices reduces the predictability of future cash distributions, with substantial declines potentially resulting in Marine being unable to make distributions in future quarters [19]. - The Trust must distribute all cash accumulated each quarter to unitholders, with a reserve of $74,500 for future expenses as of June 28, 2024 [61]. - Marine's distributable income for fiscal 2024 was $713,165, or $0.36 per unit, a decrease from $1,375,417, or $0.69 per unit in fiscal 2023, representing a decline of approximately 48% [70]. - Distributions to unitholders in 2024 totaled $726,128, down 53.2% from $1,551,337 in 2023 [113]. - The September 2024 distribution is expected to decrease to $0.09 per unit from $0.12 per unit in June 2024, reflecting ongoing challenges in revenue generation [70]. Financial Performance - The Trust's total income for the fiscal year ended June 30, 2024, was $1,044,997, down 36.7% from $1,648,943 in 2023 [111]. - Revenue from oil royalties in fiscal 2024 amounted to $980,110, down 36% from $1,523,617 in fiscal 2023, with oil production decreasing to 12,805 bbls from 16,817 bbls [75]. - Revenue from natural gas royalties fell to $10,464 in fiscal 2024, down from $71,079 in fiscal 2023, a decrease of approximately 85% [76]. - Marine's total revenue for the fiscal year 2024 was $1,044,997, compared to $1,648,943 in 2023 [134]. - The average price realized for oil decreased to $76.54 per barrel in fiscal 2024 from $90.59 in fiscal 2023, a decline of approximately 15% [75]. - The average price per mcf of natural gas decreased to $0.92 in fiscal 2024 from $5.59 in fiscal 2023, a decline of approximately 84% [76]. Operational Insights - For the fiscal year ended June 30, 2024, two working interest owners accounted for 100% of the royalty payments to Marine, indicating a significant reliance on a limited number of sources for income [32]. - Marine is unable to acquire new royalty interests, as its overriding royalty interests apply only to existing leases, limiting future growth opportunities [20]. - Marine's overriding royalty interest is approximately 0.6607% across 19 different oil and natural gas leases covering 87,326 gross acres [52][54]. - Marine believes there were nine wells drilled or recompleted in which it had an interest during fiscal year 2024 [51]. - Active wells increased to 75 in fiscal 2024 from 71 in fiscal 2023, indicating a growth in operational capacity [68]. Regulatory and Market Risks - Government regulations and geopolitical factors, including the war in Ukraine and the Israel-Hamas conflict, could adversely affect oil and natural gas prices, impacting Marine's distributions [37]. - Cybersecurity disruptions pose a risk to the Trust, potentially leading to significant costs that could decrease distributions to unitholders [36]. - The market price of Marine's units may not reflect the actual value of the royalty interests, as it is influenced by cash distribution levels and market volatility [28]. Accounting and Financial Reporting - The financial statements of Marine are prepared on a modified cash basis of accounting, differing from generally accepted accounting principles (GAAP), which may affect the comparability of financial information [42]. - The Trust's financial statements are prepared on a modified cash basis, recognizing royalty income when received [63][64]. - The Trust's accounting method does not recognize depletion, and expenses are recorded on a cash basis rather than an accrual basis [126]. - The Trust's internal control over financial reporting was evaluated as effective as of June 30, 2024 [89]. Trust Structure and Governance - The Trust may be terminated and the Trustee may sell Marine's royalty interests if holders of 80% or more of the units approve the sale, which could lead to unitholders receiving no further distributions [33]. - The Trust does not have any directors or officers, and therefore does not maintain a compensation committee or equity compensation plans [93]. - The Trust has authorized 2,000,000 units of beneficial interest, all of which are issued [109]. - The Trust anticipates qualifying as a passive entity for the Texas franchise tax in 2024, which would exempt it from the tax [139].

Financial Performance - Total income for the nine months ended March 31, 2024 was $815,159, a decrease of 38.9% compared to $1,336,186 for the same period in 2023[12]. - Distributable income for the three months ended March 31, 2024 was $115,524, down 46.5% from $215,803 in the same period of 2023[12]. - Distributions to unitholders for the nine months ended March 31, 2024 totaled $614,205, a decrease of 53.8% from $1,331,041 in the same period of 2023[14]. - Distributable income per unit for the nine months ended March 31, 2024 was $0.27, down from $0.56 for the same period in 2023[45]. - Distributions per unit for the three months ended March 31, 2024 were $0.10, down from $0.16 in the same period of 2023[16]. Asset and Trust Corpus - Total assets decreased from $978,183 in June 30, 2023 to $906,797 as of March 31, 2024, representing a decline of approximately 7.3%[8]. - Trust corpus at the end of the period was $906,797, down from $978,183 at the beginning of the period, reflecting a decrease of approximately 7.3%[14]. Revenue Sources - Oil and natural gas royalties for the three months ended March 31, 2024 were $234,500, down 18.7% from $288,614 in the same period of 2023[12]. - For the nine months ended March 31, 2024, royalty income decreased to $774,721 from $1,309,654 for the comparable period in 2023, primarily due to a decrease in the price and production of oil and natural gas[55]. - Income from oil royalties for the nine months ended March 31, 2024 decreased to $766,295 from $1,233,506 for the comparable period in 2023[57]. - Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2024 decreased to $8,426 from $76,148 for the comparable period in 2023[58]. - The Trust realized approximately 99% of its royalty income from the sale of oil and approximately 1% from the sale of natural gas during the nine months ended March 31, 2024[44]. Production and Pricing - Oil production decreased to 10,005 barrels for the nine months ended March 31, 2024, compared to 12,888 barrels for the same period in 2023[46]. - The average price realized for oil decreased to $76.60 per barrel for the nine months ended March 31, 2024, down from $95.71 per barrel for the comparable period in 2023[57]. - Natural gas production decreased to 7,615 thousand cubic feet for the nine months ended March 31, 2024, from 9,652 thousand cubic feet for the same period in 2023[58]. - The average price realized for natural gas (net of expenses) decreased to $1.11 per thousand cubic feet for the nine months ended March 31, 2024, down from $7.89 for the comparable period in 2023[58]. Expenses - General and administrative expenses increased to $272,340 for the nine months ended March 31, 2024, from $219,045 for the comparable period in 2023[60]. - A reserve of $31,500 was deducted from calculated distributable income for the three months ended March 31, 2024 for future expenses[20]. Risk and Control - The Trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes[31]. - The Trust's only obligation is to distribute the collected distributable income to unitholders, with no capital requirements due to its limited purpose[33]. - There has been no material change in Marine's market risk disclosures since the Annual Report for the fiscal year ended June 30, 2023[63]. - Marine's disclosure controls and procedures were evaluated as effective as of March 31, 2024[64]. - No changes in internal control over financial reporting have materially affected Marine's reporting during the quarter ended March 31, 2024[65]. - There have been no material changes in risk factors since the last Annual Report filed for the fiscal year ended June 30, 2023[68].

Financial Performance - Total income for the three months ended December 31, 2023, was $262,914, a decrease of 39.5% compared to $435,129 for the same period in 2022[17] - Distributable income for the three months ended December 31, 2023, was $199,238, down 47.4% from $378,969 in the same period last year[17] - Distributions to unitholders for the six months ended December 31, 2023, totaled $410,984, a decrease of 59.5% compared to $1,012,417 for the same period in 2022[20] - Distributable income per unit for the three months ended December 31, 2023, was $0.10, down from $0.19 in the same period of 2022[17] - Distributable income for the six months ended December 31, 2023 was $427,295, down from $901,338 for the same period in 2022[66] Asset and Trust Corpus - Total assets increased to $994,494 as of December 31, 2023, up from $978,183 on June 30, 2023, representing a growth of approximately 1.6%[13] - The trust corpus at the end of the period was $994,494, compared to $1,043,064 at the end of the same period in 2022, indicating a decline of approximately 4.7%[20] Revenue Sources and Production - For the six months ended December 31, 2023, the Trust's royalty income decreased to $540,221 from $1,021,040 for the comparable period in 2022, primarily due to a decrease in the price and production of oil and natural gas[65] - Oil production for the six months ended December 31, 2023 decreased to 7,041 barrels from 9,499 barrels in the comparable period in 2022, while the average price realized for oil fell to $75.71 per barrel from $100.65[67] - Natural gas production decreased to 5,439 thousand cubic feet from 7,738 thousand cubic feet, with the average price realized dropping to $1.31 per thousand cubic feet from $8.40[68] - For the three months ended December 31, 2023, income from oil and natural gas royalties decreased to $249,200 from $425,321 in the comparable period in 2022[58] - The volume of oil sold in the three months ended December 31, 2023 decreased to 3,077 barrels from 4,311 barrels in the comparable period, with the average price realized for oil decreasing to $80.25 per barrel from $92.18[61] - Income from natural gas royalties (net of expenses) for the three months ended December 31, 2023 decreased to $2,259 from $27,931 for the comparable period in 2022[62] Expenses - General and administrative expenses increased to $140,294 for the six months ended December 31, 2023 from $134,241 for the comparable period in 2022, primarily due to an increase in professional fees[71] Risk and Control - The trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes[39] - The trust's royalty income is highly dependent on the production levels and prices of oil and natural gas, which are influenced by factors beyond the company's control[49] - The trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[41] - The trust's royalty income is recognized in the month received rather than the month of production, affecting the timing of income recognition[29] - As of December 31, 2023, Marine's disclosure controls and procedures were evaluated and deemed effective[76] - There have been no material changes in Marine's internal control over financial reporting during the quarter ended December 31, 2023[77] - No material changes in risk factors have been reported since the Annual Report for the fiscal year ended June 30, 2023[79]