Marine Petroleum Trust(US:MARPS)2024-11-12 20:23Revenue 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].