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MV Oil Trust(MVO) - 2024 Q3 - Quarterly Report
MVOMV Oil Trust(MVO)2024-11-07 21:14

Financial Performance - The Trust's income from net profits interest increased by 1,009,906to1,009,906 to 4,949,064 for the quarter ended September 30, 2024, compared to 3,939,158forthesamequarterin2023,primarilyduetoa3,939,158 for the same quarter in 2023, primarily due to a 1,262,382 increase in excess revenues over direct operating expenses[37] - Distributable income for the quarter ended September 30, 2024, was 4,715,000,anincreaseof4,715,000, an increase of 977,500 from 3,737,500forthesamequarterin2023[37]−FortheninemonthsendedSeptember30,2024,theTrust′sincomefromnetprofitsinterestincreasedby3,737,500 for the same quarter in 2023[37] - For the nine months ended September 30, 2024, the Trust's income from net profits interest increased by 1,012,524 to 14,527,482from14,527,482 from 13,514,958 for the same period in 2023[39] - Distributable income for the nine months ended September 30, 2024, was 13,857,500,anincreaseof13,857,500, an increase of 1,437,500 from 12,420,000forthesameperiodin2023[39]ProductionandSales−Theaveragepricereceivedforcrudeoilsoldwas12,420,000 for the same period in 2023[39] Production and Sales - The average price received for crude oil sold was 77.13 per Bbl and for natural gas was 2.07perMcffortheperiodfromApril1,2024,throughJune30,2024,comparedto2.07 per Mcf for the period from April 1, 2024, through June 30, 2024, compared to 70.33 per Bbl and 3.58perMcfforthesameperiodin2023[38]−OverallproductionsalesvolumesfortheperiodfromApril1,2024,throughJune30,2024,were119,962Bblsofoiland5,697Mcfofnaturalgas,totaling120,912barrelsofoilequivalent,comparedto123,919barrelsofoilequivalentforthesameperiodin2023[38]−TheaveragepricereceivedforcrudeoilsoldfromOctober1,2023,throughJune30,2024,was3.58 per Mcf for the same period in 2023[38] - Overall production sales volumes for the period from April 1, 2024, through June 30, 2024, were 119,962 Bbls of oil and 5,697 Mcf of natural gas, totaling 120,912 barrels of oil equivalent, compared to 123,919 barrels of oil equivalent for the same period in 2023[38] - The average price received for crude oil sold from October 1, 2023, through June 30, 2024, was 75.90 per Bbl, compared to 74.72perBblforthesameperiodin2022[40]−OverallproductionsalesvolumesfromOctober1,2023,throughJune30,2024,were358,874Bblsofoiland17,212Mcfofnaturalgas,totaling361,750barrelsofoilequivalent,comparedto367,721barrelsofoilequivalentforthesameperiodin2022[41]CashandFutureOutlook−AsofSeptember30,2024,theTrusteeheld74.72 per Bbl for the same period in 2022[40] - Overall production sales volumes from October 1, 2023, through June 30, 2024, were 358,874 Bbls of oil and 17,212 Mcf of natural gas, totaling 361,750 barrels of oil equivalent, compared to 367,721 barrels of oil equivalent for the same period in 2022[41] Cash and Future Outlook - As of September 30, 2024, the Trustee held 1,257,594 in cash and cash equivalents, which is reported as cash held for future expenses[43] - The Trust is set to terminate on June 30, 2026, after which it is anticipated that a final quarterly cash distribution will be made to unitholders[36] - The Trust must sell the net profits interest if annual cash proceeds are less than $1.0 million for two consecutive years[59] - The Trust is expected to wind up its affairs and terminate shortly after June 30, 2026[60] - After the termination date, a final quarterly cash distribution may be made to Trust unitholders, but no further net proceeds will be available[60] - The market price of the Trust units is anticipated to approach zero after the net profits interest term ends due to cessation of cash distributions[60] Compliance and Governance - No officers or employees adopted or modified any Rule 10b5-1 trading arrangements during the three months ended September 30, 2024[61]