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MV Oil Trust(MVO) - 2024 Q1 - Quarterly Report
MVOMV Oil Trust(MVO)2024-05-08 20:13

Financial Performance - Distributable income for Q1 2024 was 5,347,500,anincreaseof13.45,347,500, an increase of 13.4% from 4,715,000 in Q1 2023[9] - Income from net profits interest for Q1 2024 was 5,559,056,up7.25,559,056, up 7.2% from 5,186,301 in Q1 2023[27] - Cash distributions per Trust unit increased to 0.465inQ12024from0.465 in Q1 2024 from 0.410 in Q1 2023, representing a 13.4% increase[9] - The first quarterly distribution in 2024 was 5,347,500,madeonJanuary25,2024,comparedto5,347,500, made on January 25, 2024, compared to 4,715,000 in the same period of 2023[33] - The second quarterly distribution in 2024 was 3,795,000,or3,795,000, or 0.33 per Trust unit, made on April 25, 2024[36] - The Trust's income from net profits interest increased by 372,755to372,755 to 5,559,056 for the quarter ended March 31, 2024, compared to 5,186,301forthesamequarterin2023[39]−DistributableincomeforthequarterendedMarch31,2024,was5,186,301 for the same quarter in 2023[39] - Distributable income for the quarter ended March 31, 2024, was 5,347,500, an increase of 632,500from632,500 from 4,715,000 for the quarter ended March 31, 2023[39] Asset Management - Total assets decreased to 4,940,153asofMarch31,2024,downfrom4,940,153 as of March 31, 2024, down from 5,456,085 as of December 31, 2023, a decline of 9.4%[11] - Trust corpus at the end of Q1 2024 was 4,940,153,downfrom4,940,153, down from 6,597,502 at the end of Q1 2023, a decrease of 25.2%[13] - Cash and cash equivalents as of March 31, 2024, were 1,160,776,downfrom1,160,776, down from 1,263,932 as of December 31, 2023, a decrease of 8.2%[11] - As of March 31, 2024, the Trustee held 1,160,776incashandcashequivalents[43]CapitalExpenditures−TheTrust′sreservebalanceforfuturecapitalexpendituresremainedat1,160,776 in cash and cash equivalents[43] Capital Expenditures - The Trust's reserve balance for future capital expenditures remained at 1,000,000 as of March 31, 2024[29] - MV Partners established a capital reserve of 1,000,000asofMarch31,2024,tomitigatetheimpactofunevencapitalexpendituretiming[47]ProductionandSales−Theaveragepricereceivedforcrudeoilsoldwas1,000,000 as of March 31, 2024, to mitigate the impact of uneven capital expenditure timing[47] Production and Sales - The average price received for crude oil sold was 80.07 per Bbl for the period from October 1, 2023, through December 31, 2023, compared to 80.66perBblforthesameperiodin2022[40]−OverallproductionsalesvolumesforoilandgasduringtheperiodfromOctober1,2023,throughDecember31,2023,were122,548Bblsofoiland5,977Mcfofnaturalgas,totaling123,548barrelsofoilequivalent[41]ExpensesandBorrowing−TheTrust′sadministrativeexpensesforthequarterendedMarch31,2024,were80.66 per Bbl for the same period in 2022[40] - Overall production sales volumes for oil and gas during the period from October 1, 2023, through December 31, 2023, were 122,548 Bbls of oil and 5,977 Mcf of natural gas, totaling 123,548 barrels of oil equivalent[41] Expenses and Borrowing - The Trust's administrative expenses for the quarter ended March 31, 2024, were 314,712, compared to $332,503 for the same quarter in 2023[39] - The Trust has not borrowed funds during the three months ended March 31, 2024, and 2023, to cover expenses[44] - The Trust's only use of cash, aside from administrative expenses, is for distributions to Trust unitholders[42] - The Trustee may adjust the targeted amount of cash reserves at any time without advance notice to unitholders[43]