Royalty Income and Distributions - The Trust owns an overriding royalty interest equal to 11.44% of 90% of the Net Proceeds from specified oil and gas properties[14]. - The Trust's Royalty income must exceed $250,000 per year for two consecutive years to avoid termination[21]. - The Monthly Distribution Amount is determined based on cash received from the Royalty, minus obligations paid during the month[28]. - The Trust distributes cash to unitholders in January, April, July, and October, rather than monthly, to reduce administrative expenses[28]. - The Trust's Royalty is derived from oil, gas, and other minerals produced from properties since November 1, 1979[23]. - The Trust's estimated future net revenue from Royalty income as of December 31, 2025, totals $24,627,000, with contributions of $1,118,000 from Simcoe, $23,333,000 from Hilcorp, and $176,000 from Scout[58]. - The Trust's distributions are generally subject to backup withholding at a current rate of 24% unless the unitholder provides a correct taxpayer identification number[39]. - Non-U.S. unitholders are subject to a 30% tax on gross income from Royalty, which may be reduced by applicable treaties[43]. - The Trust's Royalty income is highly dependent on natural gas prices, which can fluctuate widely and affect distributions to unitholders[182]. - Royalty income for the year ended December 31, 2025, was $601,840, a decrease from $649,164 in 2024, primarily due to lower pricing for natural gas liquids and oil[192]. Financial Management and Expenses - As of December 31, 2025, there were $0 of unreimbursed expenses, indicating efficient management of administrative costs[29]. - The Working Interest Owners reimburse the Trust for general and administrative expenses at rates of 59.34%, 27.45%, and 1.77% respectively[21]. - General and administrative expenses were reduced to $171,832 in 2025 from $196,399 in 2024, indicating improved cost management[194]. - The Trust incurred no unreimbursed expenses for both 2025 and 2024, maintaining a stable expense profile[196]. - The Trust does not have any material commitments for capital expenditures as it is a passive entity[188]. Production and Reserves - The Trust's total proved gas reserves as of December 31, 2025, amount to 5,885 million cubic feet (MMcf), with 1,378 MMcf from Simcoe, 4,469 MMcf from Hilcorp, and 38 MMcf from Scout[57]. - The Trust's total proved developed oil and condensate reserves are 8,000 barrels, with 8,000 barrels attributed to Hilcorp[57]. - The quantities of reserves attributable to the Royalty Properties increased in 2025 but may decrease due to falling prices of oil and natural gas[115]. - The average production costs for natural gas in 2025 were $3.68 per Mcf, compared to $2.64 per Mcf in 2024, indicating a 39% increase[66]. - Net production volumes attributable to the Royalty for 2025 were 172,715 Mcf of natural gas, down from 195,665 Mcf in 2024, representing a decrease of 12%[66]. - The average sales price for natural gas was $3.80 per Mcf, an increase from $3.02 per Mcf in 2024, reflecting a 26% increase[66]. Market Conditions and Commodity Prices - The Trust's cash distributions are highly dependent on sales prices and quantities of gas sold, which can vary seasonally[70]. - The volatility of energy prices reduces the predictability of future cash distributions to unitholders[100]. - The Trust's financial condition could be materially adversely affected by declines in natural gas prices, which may lead to reduced net royalties[104]. - The average Henry Hub Natural Gas Spot Prices increased from $2.19 per MMBtu in 2024 to $3.52 per MMBtu in 2025, a rise of 60%[70]. - Crude oil prices were $57.42 per barrel as of December 31, 2025, and increased to $90.32 per barrel by March 25, 2026, driven by geopolitical tensions[102]. Regulatory and Environmental Factors - The Trust's operations are subject to various environmental regulations, which could impose additional costs and liabilities[91]. - The Working Interest Owners maintain insurance for cleanup obligations but are not fully insured against all environmental risks[89]. - The production and sale of natural gas are influenced by various regulatory factors, including potential future price controls by Congress[74][77]. - Climate change legislation may impose additional costs on the Trust, potentially affecting Trust distributions due to increased operating expenses[139]. Risks and Uncertainties - The Trust's reliance on third-party reserve engineers for reserve estimates introduces uncertainties in the accuracy of reserve data[64]. - Cyber-attacks and IT system failures pose significant risks to the operations and financial condition of the Working Interest Owners, potentially affecting Trust distributions[129]. - The Trust has limited ability to enforce its rights against Working Interest Owners, which may impact its financial position[146]. - The Trust's financial condition may be impacted by the bankruptcy of any operator of the underlying properties, which could reduce Net Proceeds available to the Trust[151]. - The Trust's competitive position is affected by market conditions, including the limited number of major pipelines in the San Juan Basin[72]. Governance and Structure - The Trust is classified as a grantor trust, incurring no federal income tax liability, with unitholders taxed on their pro rata share of income[32]. - The Trust's unitholders have limited voting rights compared to stockholders of public corporations, affecting governance and decision-making[145]. - The Trust relies on Working Interest Owners for all operating and financial information regarding the Royalty Properties[181]. - The financial statements of the Trust are prepared on a modified cash basis, differing from U.S. GAAP, which may affect the recognition of income and expenses[152].

Core Viewpoint - Mesa Royalty Trust announced its income distribution for March 2026, indicating a distribution of $0.005730260 per unit for unitholders of record on March 31, 2026, payable on April 30, 2026 [1] Financial Performance - The Trust received a total income of $33,481 for the month, all sourced from its New Mexico properties in the San Juan Basin, operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company [1] - No income was reported for March 2025, highlighting a significant year-over-year change in income generation [1]

Financial Results - Mesa Royalty Trust announced its royalty income and income distribution for January 2026[5] - The press release detailing the financial results is attached as Exhibit 99.1[8] - The report was filed on January 20, 2026, under the Securities Exchange Act of 1934[2] - The financial statements and exhibits are not deemed incorporated by reference in any filing under the Securities Act of 1933[6] Company Information - The company is listed on the New York Stock Exchange under the trading symbol MTR[8] - The report was signed by Elaina Rodgers, Vice President of The Bank of New York Mellon Trust Company, N.A.[11] - The company is not classified as an emerging growth company[4] Market and Product Developments - The report does not indicate any new product developments or market expansions[6] - There is no mention of future guidance or performance outlook in the provided documents[6] - The company has not disclosed any merger or acquisition activities in this report[6]

Group 1 - The Annual Results 2025 press briefing is being held by MTRC, with key corporate representatives present [1] - Ms. Jeny Yeung, the CEO, will present the full year results for 2025, followed by a financial overview from Michael Fitzgerald [2] - The session will include a Q&A segment after the presentations, with simultaneous interpretation available in Chinese and English [2]

Core Viewpoint - Mesa Royalty Trust announced a distribution of $0.018551844 per unit for December 2025, with total income received being $35,596, solely from its New Mexico properties [1] Group 1: Distribution Details - Unitholders of record on December 31, 2025, will receive distributions payable on January 30, 2026 [1] - The Trust's income for December 2025, after administrative expenses, amounted to $34,573 [1] Group 2: Trust Operations - The Trust owns an overriding royalty interest in oil and gas properties in Kansas and New Mexico, with monthly distributions expected to fluctuate based on production and market conditions [2] - Distributions are anticipated to be materially reduced until cash reserves reach $2.0 million for added liquidity [2] Group 3: Financial Considerations - Future proceeds reported by working interest owners may not reflect net proceeds for the Trust, with accumulated excess production costs potentially decreasing distributions [3] - Volatility in the industry and expenses reported by working interest owners will directly affect the Trust's ability to pay distributions [3]

Core Points - Mesa Royalty Trust announced a distribution of $0.029620472 per unit for November 2025, payable on January 30, 2026, with total income received amounting to $57,503 from its San Juan Basin properties [1] - The Trust's income is primarily derived from oil and gas properties in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado, with distributions expected to fluctuate based on production and market conditions [2][3] Financial Summary - For November 2025, after administrative expenses, the distributable net profits amounted to $55,200 [1] - The Trust's income for November 2025 was solely from the New Mexico portion of its properties, with no income from other working interest owners [1] Operational Insights - The Trust's distributions are subject to fluctuations based on oil and natural gas prices, production levels, and administrative expenses, with expectations of material reductions in distributions until cash reserves reach $2.0 million [2] - Historical operating data and financial management by working interest owners significantly influence the Trust's future income and distributions [3]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides details about the registrant, Mesa Royalty Trust, its trustee, the filing type, and its securities registration status [Registrant Details](index=1&type=section&id=Registrant%20Details) This section identifies Mesa Royalty Trust as the registrant, with The Bank of New York Mellon Trust Company, N.A. serving as its Trustee. The filing is a Form 8-K, indicating a current report - Registrant: **Mesa Royalty Trust**, a Texas entity[2](index=2&type=chunk) - Trustee: **The Bank of New York Mellon Trust Company, N.A.**[2](index=2&type=chunk) - Filing Type: **Form 8-K**, Current Report, dated **October 16, 2025**[1](index=1&type=chunk)[2](index=2&type=chunk) [Securities and Compliance](index=1&type=section&id=Securities%20and%20Compliance) The registrant's Units of Beneficial Interest (MTR) are registered on the New York Stock Exchange. The filing indicates that the registrant is not an emerging growth company Securities Registered on Exchange | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Units of Beneficial Interest | MTR | New York Stock Exchange | - The registrant is **not an emerging growth company**[4](index=4&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section details the announcement of royalty income and distribution for October 2025 by Mesa Royalty Trust [October 2025 Royalty Income and Distribution Announcement](index=2&type=section&id=October%202025%20Royalty%20Income%20and%20Distribution%20Announcement) Mesa Royalty Trust issued a press release on October 16, 2025, announcing its royalty income and income distribution for the month of October 2025. This press release is furnished as Exhibit 99.1 and is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 - Mesa Royalty Trust issued a press release on **October 16, 2025**[5](index=5&type=chunk) - The press release announced **royalty income and income distribution** for **October 2025**[5](index=5&type=chunk) - The press release (**Exhibit 99.1**) is furnished, not filed, and is **not subject to Section 18 liabilities** of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section provides a list of exhibits included in the filing, specifically identifying the October 2025 press release [Exhibits List](index=2&type=section&id=Exhibits%20List) This section lists the exhibits accompanying the Form 8-K filing, specifically identifying Exhibit 99.1 as the press release issued by Mesa Royalty Trust on October 16, 2025 List of Exhibits | Exhibit | Description | | :------ | :---------- | | 99.1 | Mesa Royalty Trust Press Release dated October 16, 2025 | [Signatures](index=3&type=section&id=SIGNATURES) This section confirms the official signing of the report by the authorized trustee on behalf of Mesa Royalty Trust [Signing Authority](index=3&type=section&id=Signing%20Authority) The report was duly signed on behalf of Mesa Royalty Trust by The Bank of New York Mellon Trust Company, N.A., as Trustee, with Elaina Rodgers, Vice President, executing the document on October 16, 2025 - The report was signed by **The Bank of New York Mellon Trust Company, N.A.**, as Trustee for Mesa Royalty Trust[11](index=11&type=chunk) - **Elaina Rodgers**, Vice President, executed the report[11](index=11&type=chunk) - The signing date was **October 16, 2025**[11](index=11&type=chunk)

Royalty Income - Royalty income for Q3 2025 was $128,993, compared to $63,966 in Q3 2024, representing a 101.5% increase[11] - The Trust's royalty income for the three months ended September 30, 2025, was $67,122, while for the same period in 2024, it was $43,029, representing a year-over-year increase of approximately 56.1%[66] - Royalty income for the quarter ended September 30, 2025, was $128,993, a significant increase from $63,966 in the same quarter of 2024, reflecting a growth of approximately 101%[70] - Royalty income from San Juan Basin – New Mexico Properties increased to $128,993 in Q3 2025 from $63,966 in Q3 2024, representing an increase of approximately 101.5%[90] - Royalty income for the nine months ended September 30, 2025, was $460,810, down from $552,994 in the same period of 2024, a decrease of approximately 16.6%[94] - Royalty income attributable to Hugoton Royalty Properties was $0 for both the nine months ended September 30, 2025 and 2024, primarily due to expenses exceeding revenues[104] - Royalty income from the San Juan Basin – New Mexico Properties decreased to $460,810 for the nine months ended September 30, 2025, down approximately 17% from $552,994 in the same period of 2024[108] Distributable Income - Distributable income for the nine months ended September 30, 2025, was $365,709, down from $400,622 in the same period of 2024, a decrease of 8.7%[11] - Distributable income per unit increased to $0.0477 in Q3 2025 from $0.0295 in Q3 2024, a growth of 61.5%[11] - The Trust's distributable income available for distribution for the three months ended September 30, 2025, was $72,000, compared to $10,314 for the same period in 2024, representing a significant increase of 600%[51] - Distributable income available for distribution for the quarter ended September 30, 2025, was $72,000, representing $0.0386 per unit, compared to $10,314 or $0.0055 per unit in the same quarter of 2024, indicating a substantial increase in per unit distribution[77] Financial Position - Total assets as of September 30, 2025, were $3,222,233, up from $3,187,975 at the end of 2024, an increase of 1.1%[12] - Cash and short-term investments increased to $1,999,792 as of September 30, 2025, compared to $1,930,126 at the end of 2024, a rise of 3.6%[12] - The Trust's total liabilities and corpus remained stable at $3,222,233 as of September 30, 2025, consistent with the previous year[12] - The Trust's corpus at the end of Q3 2025 was $3,150,233, slightly up from $3,146,692 at the end of Q3 2024[15] Operating Costs - As of September 30, 2025, excess production costs totaled $929,446, up from $793,838 as of December 31, 2024, indicating an increase of approximately 17.1%[48] - The Trust's operating costs for the three months ended September 30, 2025, were $(409,297), compared to $(362,332) in 2024, indicating an increase of approximately 12.9%[66] - Operating costs for Hugoton Royalty Properties were $1,300,986 for the nine months ended September 30, 2025, slightly down from $1,302,531 in 2024[104] - Operating costs attributable to the San Juan Basin – New Mexico Properties were $725,934 for the nine months ended September 30, 2025, compared to $741,048 in 2024[108] Sales Prices - Average sales price for natural gas in the nine months ended September 30, 2025, was $2.03 per Mcf, compared to $1.90 per Mcf in 2024, reflecting an increase of approximately 6.8%[68] - The average sales price for natural gas was $3.59 per Mcf for the quarter ended September 30, 2025, compared to $2.84 per Mcf in the same quarter of 2024, representing an increase of approximately 27%[84] - The average sales price for natural gas in Hugoton Royalty Properties was $3.95 per Mcf in 2025, compared to $3.05 per Mcf in 2024, an increase of 29.5%[105] - Average sales price for oil and natural gas liquids was $18.66 per Bbl in 2025, down from $21.92 per Bbl in 2024[109] Production Volumes - The Trust's net production volumes attributable to the Royalty for the three months ended September 30, 2025, were 38,877 Mcf, compared to 24,249 Mcf in 2024, representing an increase of about 60.5%[66] - Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties were 369,108 Mcf of natural gas and 25,845 Bbls of oil and condensate in 2025[109] Legal and Regulatory Matters - There are no pending legal proceedings against the Trust, although the Working Interest Owners may face litigation that could impact future royalty income[43] - The Trust may be subject to litigation that could materially affect future royalty income, although no current material adverse effects are anticipated[124] Economic Factors - Ongoing global economic uncertainties, including high inflation and geopolitical risks, are expected to adversely impact royalty income and distributions in 2025[79] - The Trust's royalty income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes, market uncertainty, and other factors beyond the Trustee's control[49] Trustee and Governance - The Trustee's fees for Q3 2025 amounted to $108,288, with $95,897 reimbursed by the Working Interest Owners, unchanged from Q3 2024[32] - The Trustee intends to increase the Contingent Reserve to a total of $2.0 million, which will reduce net proceeds available to the Trust and distributions to unitholders[111] - The Trustee maintains effective disclosure controls and procedures to ensure timely reporting of required information[118] Contingent Reserve - The Contingent Reserve balance was $1,927,792 as of September 30, 2025, compared to $1,867,792 as of September 30, 2024, showing an increase of 3.2%[50] - The Contingent Reserve increased to $1,927,792 as of September 30, 2025, up from $1,867,792 as of September 30, 2024[101] - Substantial accumulated excess production costs have decreased Trust income and distributions, with some months resulting in no distributions[113] - Future distributions to unitholders may be impacted if royalty income is insufficient to fund the increase in the Contingent Reserve[114]

Core Insights - The energy sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - XCF Global Inc (NASDAQ:SAFX) has an RSI of 25.6, with a stock price decline of approximately 35% over the past month, closing at $0.86 [8] - Mesa Royalty Trust (NYSE:MTR) has an RSI of 26, with a stock price decline of around 12% over the past month, closing at $4.70 [8] - ONEOK Inc (NYSE:OKE) has an RSI of 28.7, with a stock price decline of about 8% over the past month, closing at $67.20 [8] Group 2: Company Announcements - XCF Global announced a partnership with New Rise Australia to expand sustainable aviation fuel production, highlighting the scalability of its renewable fuel platform [8] - Mesa Royalty Trust declared a distribution of $0.018350966 per unit for October, payable on January 30, 2026 [8] - ONEOK reported better-than-expected quarterly earnings, attributing success to effective integration strategies and steady demand across its operations [8]

Core Viewpoint - Mesa Royalty Trust announced its income distribution for September 2025, with unitholders receiving $0.001723157 per unit, payable on October 31, 2025, primarily from its San Juan Basin properties operated by Hilcorp San Juan LP [1][2]. Group 1: Trust Income Distribution - The Trust's income for September 2025 totaled $20,029, all derived from the New Mexico portion of its San Juan Basin properties [1]. - After administrative expenses, the distributable net profits amounted to $3,211 for the month [1]. - The distribution amount is subject to fluctuation based on production, oil and natural gas prices, and administrative expenses [2]. Group 2: Trust Structure and Operations - Mesa Royalty Trust holds an overriding royalty interest in oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado [2]. - Monthly distributions are expected to be materially reduced until the Trust increases its cash reserves to $2.0 million for added liquidity [2]. Group 3: Future Projections and Risks - Proceeds reported by working interest owners may not be indicative of future net proceeds for the Trust [3]. - Accumulated excess production costs may lead to reduced distributions or no distributions in certain periods [3]. - The Trust's ability to pay distributions is directly affected by industry volatility and reported revenues and expenses from working interest owners [3].