Financial Performance - Distributable income for Q1 2025 was $2,760,000, a decrease of 48.7% compared to $5,347,500 in Q1 2024[8] - Cash distributions per Trust unit decreased to $0.240 in Q1 2025 from $0.465 in Q1 2024, representing a decline of 48.4%[8] - Income from net profits interest for Q1 2025 was $2,992,742, a decrease of 46.1% from $5,559,056 in Q1 2024[27] - The Trust's income from net profits interest decreased by $2,566,314 to $2,992,742 for the quarter ended March 31, 2025, compared to $5,559,056 for the same quarter in 2024[39] - Distributable income for the quarter ended March 31, 2025, was $2,760,000, a decrease of $2,587,500 from $5,347,500 for the quarter ended March 31, 2024[39] Assets and Cash Position - Total assets as of March 31, 2025, were $3,322,228, down 13.9% from $3,865,849 as of December 31, 2024[10] - The Trust's cash and cash equivalents decreased to $1,123,510 as of March 31, 2025, from $1,281,396 as of December 31, 2024, a decline of 12.3%[10] - As of March 31, 2025, the Trust held $1,123,510 in cash and cash equivalents[44] Production and Sales - The average price received for crude oil sold was $66.34 per barrel and for natural gas was $1.78 per Mcf for the period from October 1, 2024, to December 31, 2024[41] - The overall production sales volumes attributable to the net profits interest for the period from October 1, 2024, to December 31, 2024, were 115,276 barrels of oil equivalent[42] - Cumulatively, the Trust has received payment for 80% of the net proceeds from the sale of 14.8 million barrels of oil equivalent since inception[17] - The Trust received payment for 80% of the net proceeds from the sale of 14.8 million barrels of oil equivalent (MMBoe) since inception, with 11.9 MMBoe attributable to the Trust's net profits interest[38] Trust Operations and Future Outlook - The Trust's net profits interest is expected to terminate on June 30, 2026, as the minimum production requirement has been met[17] - The Trust's net profits interest will terminate on June 30, 2026, as the minimum production amount of 14.4 MMBoe has been produced and sold[38] - The Trust does not expect future costs for the underlying properties to change significantly, other than fluctuations in the general cost of oilfield services[47] Expenses - The Trustee paid general and administrative expenses of $390,628 for the quarter ended March 31, 2025, compared to $314,712 for the same quarter in 2024[39] - MV Partners has provided a letter of credit in the amount of $1.8 million to protect the Trust against insufficient cash to pay future expenses[45] Taxation - The Trust has not made any provisions for federal or state income taxes as it is a Delaware statutory trust[29] Distribution - The first quarterly distribution in 2025 was made on January 24, totaling $2,760,000, which included proceeds from production from October 1, 2024, to December 31, 2024[31]
MV Oil Trust(MVO) - 2025 Q1 - Quarterly Report