Part I [Business](index=9&type=section&id=Item%201.%20Business) MV Oil Trust holds an 80% net profits interest in oil and gas properties, distributing cash quarterly, with a finite life [Trust Structure and Net Profits Interest](index=9&type=section&id=Trust%20Structure%20and%20Net%20Profits%20Interest) MV Oil Trust holds an 80% term net profits interest in MV Partners' oil and gas properties, managed by a trustee, with a finite term - The trust holds the right to receive **80% of the net proceeds** from MV Partners' oil and natural gas properties located in Kansas and Colorado[59](index=59&type=chunk) - The trust will terminate on the later of **June 30, 2026**, or when **14.4 Million Barrels of Oil Equivalent (MMBoe)** have been produced and sold from the underlying properties, corresponding to **11.5 MMBoe** for the trust's 80% interest[60](index=60&type=chunk) - As of December 31, 2019, the trust has received payment for approximately **9.2 MMBoe** of its total **11.5 MMBoe** interest since inception[61](index=61&type=chunk) [Computation of Net Proceeds](index=12&type=section&id=Computation%20of%20Net%20Proceeds) Net proceeds are calculated quarterly by deducting various costs from gross oil and gas sales, with deficits carried forward - Gross proceeds are the aggregate amount received by MV Partners from sales of oil, natural gas, and NGLs from the underlying properties[84](index=84&type=chunk) - Net proceeds are calculated by deducting costs such as royalties, taxes, operating expenses, capital costs, and overhead charges from gross proceeds, with MV Partners also able to reserve up to **$1.0 million** for future expenditures[86](index=86&type=chunk)[87](index=87&type=chunk) - The overhead fee paid to operators Vess Oil and Murfin Drilling for engineering, accounting, and administrative functions totaled **$3.2 million** in 2019[89](index=89&type=chunk) [Description of the Underlying Properties and Reserves](index=17&type=section&id=Description%20of%20the%20Underlying%20Properties%20and%20Reserves) The trust's oil-producing properties in Kansas and Colorado saw proved reserves decrease to 3,011 Thousand Barrels of Oil Equivalent (MBoe) by year-end 2019 Proved Reserves as of December 31, 2019 (Attributable to Trust) | Reserve Category | Oil (Thousand Barrels) | Natural Gas (Million Cubic Feet) | NGL (Thousand Barrels) | Oil Equivalents (Thousand Barrels of Oil Equivalent) | | :--- | :--- | :--- | :--- | :--- | | Proved Developed | 2,687 | 83 | 2 | 2,703 | | Proved Undeveloped | 308 | — | — | 308 | | **Total Proved** | **2,995** | **83** | **2** | **3,011** | Changes in Total Proved Reserves (Thousand Barrels of Oil Equivalent) | Year | Beginning Balance | Revisions | Production | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | 2017 | 4,246 | 392 | (606) | 4,032 | | 2018 | 4,032 | 257 | (598) | 3,691 | | 2019 | 3,691 | (103) | (577) | 3,011 | Producing Wells and Acreage (as of Dec 31, 2019) | Category | Gross | Net | | :--- | :--- | :--- | | **Developed Acreage** | 46,800 | 43,095 | | **Total Producing Wells** | 900 | 829 | | - Oil Wells | 896 | 827 | | - Natural Gas Wells | 4 | 2 | Average Sales Prices and Costs | Metric | 2017 | 2018 | 2019 | | :--- | :--- | :--- | :--- | | Oil Price (per Barrel) | $45.97 | $60.56 | $51.34 | | Natural Gas Price (per Thousand Cubic Feet) | $2.54 | $2.27 | $2.03 | | Lease Operating Expense (per Barrel of Oil Equivalent) | $19.33 | $20.03 | $19.53 | [Marketing and Regulation](index=24&type=section&id=Marketing%20and%20Regulation) MV Partners markets the trust's production, largely to an affiliate, under extensive federal and state regulations - MV Purchasing, LLC, an affiliate of MV Partners, purchased **75%** of the production sold from the underlying properties in 2019[153](index=153&type=chunk) - The oil and gas operations are subject to stringent environmental laws such as the Resource Conservation and Recovery Act (RCRA), CERCLA (Superfund), the Clean Water Act (CWA), and the Clean Air Act (CAA)[177](index=177&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk)[189](index=189&type=chunk) - The EPA has issued regulations to restrict greenhouse gas (GHG) emissions, including methane, from oil and gas sources, which could impact future operating costs, although the ultimate fate of some rules like the Methane Rule is unclear[192](index=192&type=chunk)[193](index=193&type=chunk)[240](index=240&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The trust faces significant risks from volatile commodity prices, declining reserves, operational hazards, and regulatory changes - **Commodity Price Risk:** Cash distributions are highly dependent on fluctuating oil and gas prices, which are beyond the control of the trust or MV Partners, and the trust is unhedged, amplifying the impact of price volatility[200](index=200&type=chunk)[203](index=203&type=chunk) - **Reserve and Production Risk:** Actual reserves and future production may be lower than estimated, as the underlying properties are depleting assets with an expected average annual decline rate of **9.5%** over the next 20 years without further investment[205](index=205&type=chunk)[218](index=218&type=chunk) - **Operational and Cost Risk:** Production can be affected by operational accidents, weather, and shortages of equipment or personnel, with higher operating costs, capital expenditures, and taxes directly reducing net proceeds available for distribution[208](index=208&type=chunk)[214](index=214&type=chunk)[222](index=222&type=chunk) - **Lack of Control and Conflicts of Interest:** Unitholders have no managerial rights over MV Partners, the operator, and conflicts of interest may arise regarding decisions on development, abandonment, or sale of the properties[210](index=210&type=chunk)[229](index=229&type=chunk) - **Regulatory and Environmental Risk:** Stricter environmental laws, including potential climate change regulations, could impose significant costs and liabilities, reducing cash available for distribution[235](index=235&type=chunk)[238](index=238&type=chunk) [Unresolved Staff Comments](index=44&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[260](index=260&type=chunk) [Properties](index=44&type=section&id=Item%202.%20Properties) Property details are incorporated by reference from Item 1, 'Business,' and Item 7, 'Trustee's Discussion and Analysis' - This section refers to Item 1 and Item 7 for details on the properties[261](index=261&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) The trust is not a party to any pending legal proceedings - There are no pending legal proceedings[262](index=262&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the trust - None[263](index=263&type=chunk) Part II [Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Unitholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The trust's units trade on the NYSE under 'MVO,' with 11.5 million units outstanding and quarterly cash distributions - The trust units trade on the NYSE under the symbol '**MVO**'[266](index=266&type=chunk) - As of March 13, 2020, there were **11,500,000 units** outstanding[266](index=266&type=chunk) [Selected Financial Data](index=45&type=section&id=Item%206.%20Selected%20Financial%20Data) The trust's financial performance shows volatility driven by commodity prices, with declining distributable income and total assets Selected Financial Data (2015-2019) | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net profits income ($) | 15,460,776 | 5,498,736 | 9,118,031 | 17,151,136 | 12,994,052 | | Distributable income ($) | 14,662,500 | 4,600,000 | 8,280,000 | 16,330,000 | 12,075,000 | | Distributions per trust unit ($) | 1.2750 | 0.4000 | 0.7200 | 1.4200 | 1.0500 | | Total assets at year end ($) | 22,186,835 | 19,540,827 | 16,962,193 | 14,706,311 | 12,487,586 | [Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%207.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The trust's income and distributable income decreased in 2019 due to lower oil prices and production, with future capital expenditures planned Comparison of Results (2018 vs. 2019) | Metric | 2018 | 2019 | Change | | :--- | :--- | :--- | :--- | | Income from Net Profits Interest ($) | $17.2M | $13.0M | -24.4% | | Distributable Income ($) | $16.3M | $12.1M | -25.7% | | Distributions per Unit ($) | $1.420 | $1.050 | -26.1% | | Average Oil Price Received ($/Barrel) | $57.27 | $53.74 | -6.2% | | Production Volume (80% NPI) (Barrels of Oil Equivalent) | 604,285 | 577,614 | -4.4% | Comparison of Results (2017 vs. 2018) | Metric | 2017 | 2018 | Change | | :--- | :--- | :--- | :--- | | Income from Net Profits Interest ($) | $9.1M | $17.2M | +89.0% | | Distributable Income ($) | $8.3M | $16.3M | +96.4% | | Distributions per Unit ($) | $0.720 | $1.420 | +97.2% | | Average Oil Price Received ($/Barrel) | $44.03 | $57.27 | +30.1% | - MV Partners plans a development program with approximately **$5.2 million** in capital expenditures over the five years ending December 31, 2024, to drill development wells and perform recompletions and workovers[302](index=302&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The trust's financial statements show declining assets and income, with proved reserves and future cash flows decreasing due to lower prices [Financial Statements](index=53&type=section&id=Financial%20Statements) Financial statements show total assets decreased to $12.5 million by year-end 2019, with distributable income of $12.1 million Statements of Assets and Trust Corpus (as of Dec 31) | Asset | 2018 ($) | 2019 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | 255,871 | 201,736 | | Investment in net profits interest (net) | 14,450,440 | 12,285,850 | | **Total assets / Trust corpus** | **14,706,311** | **12,487,586** | Statements of Distributable Income (Year ended Dec 31) | Item | 2017 ($) | 2018 ($) | 2019 ($) | | :--- | :--- | :--- | :--- | | Income from net profits interest | 9,118,031 | 17,151,136 | 12,994,052 | | **Distributable income** | **8,280,000** | **16,330,000** | **12,075,000** | | Distributions per Trust unit | 0.720 | 1.420 | 1.050 | [Note J - Disclosures about Oil and Gas Activities (Unaudited)](index=59&type=section&id=Note%20J%20-%20Disclosures%20about%20Oil%20and%20Gas%20Activities%20%28Unaudited%29) Unaudited disclosures show proved reserves decreased to 3,011 Thousand Barrels of Oil Equivalent (MBoe), and discounted future net cash flows fell to $48.4 million by year-end 2019 Estimated Quantities of Oil and Gas Reserves (Total Proved) | Metric | Oil (Barrels) | Gas (Thousand Cubic Feet) | NGL (Barrels) | Total (Barrels of Oil Equivalent) | | :--- | :--- | :--- | :--- | :--- | | Balance at Dec 31, 2018 | 3,660,804 | 163,233 | 4,784 | 3,691,119 | | Revisions of previous estimates | (92,603) | (53,659) | (2,519) | (103,183) | | Production | (572,582) | (26,336) | (295) | (577,163) | | **Balance at Dec 31, 2019** | **2,995,619** | **83,238** | **1,970** | **3,010,773** | Standardized Measure of Discounted Future Net Cash Flows | Year-End | Amount ($) | | :--- | :--- | | 2017 | 51,405,822 | | 2018 | 79,924,544 | | 2019 | 48,399,122 | [Controls and Procedures](index=63&type=section&id=Item%209A.%20Controls%20and%20Procedures) The trustee concluded the trust's disclosure controls and internal control over financial reporting were effective as of December 31, 2019 - The trustee concluded that the trust's disclosure controls and procedures were effective[378](index=378&type=chunk) - The trustee determined that the trust maintained effective internal control over financial reporting as of December 31, 2019[382](index=382&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=66&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The trust operates without directors or executive officers, managed solely by a corporate trustee, lacking typical governance committees - The trust has no directors or executive officers and is managed by a corporate trustee[396](index=396&type=chunk) [Executive Compensation](index=66&type=section&id=Item%2011.%20Executive%20Compensation) The trust has no executive officers, with the trustee receiving a consistent compensation of $150,000 annually from 2017 to 2019 - The trustee received compensation of **$150,000** for the year ended December 31, 2019[399](index=399&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters](index=66&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Unitholder%20Matters) As of March 13, 2020, MV Energy, LLC, VAP-I, LLC, and Robert J. Raymond were the largest beneficial owners of trust units Security Ownership of Beneficial Owners (>5%) as of March 13, 2020 | Beneficial Owner | Trust Units Beneficially Owned | Percent of Class | | :--- | :--- | :--- | | MV Energy, LLC | 2,875,000 | 25.0% | | VAP-I, LLC | 1,437,500 | 12.5% | | Robert J. Raymond | 1,016,114 | 8.8% | [Certain Relationships and Related Transactions, and Director Independence](index=67&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The trust has an administrative services agreement with MV Partners, paying an annual fee, and a registration rights agreement - The trust paid MV Partners an administrative services fee of **$99,904** for 2019, which increases by **4%** each year[406](index=406&type=chunk) [Principal Accounting Fees and Services](index=68&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Grant Thornton LLP is the trust's principal auditor, with audit fees increasing to $257,250 in 2019 Auditor Fees | Fee Type | 2018 ($) | 2019 ($) | | :--- | :--- | :--- | | Audit fees | 246,750 | 257,250 | | Audit-related fees | — | — | | Tax fees | — | — | | All other fees | — | — | | **Total fees** | **246,750** | **257,250** | Part IV [Exhibits, Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements and exhibits filed with the Form 10-K, including key agreements and certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number: 001-33219 MV OIL TRUST (Exact name of registrant as specified in its charter) Delaware 06-6554331 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to The Bank of New York Mellon Trust Company, N.A., Trustee Global Corporate Trust 601 Travis Street, Floor 16 Houston, Texas 77002 (Address of principal executive office ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number: 001-33219 MV OIL TRUST (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) D ...

Use these links to rapidly review the document TABLE OF CONTENTS PART IV Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-33219 MV OIL TRUST (Exact name of registrant as ...