Marine Petroleum Trust(MARPS) - 2025 Q3 - Quarterly Report

Financial Performance - Distributable income for the three months ended March 31, 2025, was $242,418, a significant increase of 109.9% from $115,524 for the same period in 2024[13] - Total income for the nine months ended March 31, 2025, was $806,181, slightly down by 1.4% from $815,159 for the same period in 2024[13] - Distributions to unitholders for the nine months ended March 31, 2025, totaled $549,722, a decrease of 10.5% compared to $614,205 in the same period of 2024[15] - Distributable income per unit for the three months ended March 31, 2025, was $0.12, compared to $0.06 for the same period in 2024, marking a 100% increase[13] - Distributable income per unit for the nine months ended March 31, 2025, was $0.28, an increase from $0.27 for the same period in 2024[47] Asset and Trust Information - Total assets increased to $972,606 as of March 31, 2025, compared to $965,220 as of June 30, 2024, reflecting a growth of approximately 0.4%[9] - The trust corpus at the end of the period was $972,606, an increase from $906,797 at the end of March 31, 2024, representing a growth of approximately 7.3%[15] - The trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[34] Revenue Sources - Oil and natural gas royalties for the three months ended March 31, 2025, amounted to $332,993, up 41.9% from $234,500 in the prior year[13] - For the nine months ended March 31, 2025, the company realized approximately 94% of its royalty income from oil sales and 6% from natural gas and natural gas liquids[46] - Income from natural gas royalties increased to $30,848 for the nine months ended March 31, 2025, from $6,395 for the comparable period in 2024[59] - The volume of natural gas sold increased to 14,677 thousand cubic feet for the nine months ended March 31, 2025, from 7,615 thousand cubic feet for the same period in 2024[59] - Income from natural gas liquids royalties increased to $12,330 for the nine months ended March 31, 2025, from $2,031 for the comparable period in 2024[60] Production and Pricing - Oil production decreased to 9,718 barrels for the nine months ended March 31, 2025, down from 10,005 barrels for the same period in 2024[48] - The average price realized for oil decreased to $75.67 per barrel for the nine months ended March 31, 2025, compared to $76.60 per barrel for the same period in 2024[58] Expenses - General and administrative expenses decreased to $249,073 for the nine months ended March 31, 2025, from $272,340 for the comparable period in 2024[63] Internal Controls and Risk Factors - Marine's disclosure controls and procedures were evaluated as effective as of March 31, 2025[68] - There have been no material changes in internal control over financial reporting during the quarter ended March 31, 2025[69] - No material changes in risk factors have been reported since the Annual Report for the fiscal year ended June 30, 2024[73] Market Influences - The trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes[32] - The company’s royalty income is influenced by factors such as the number of productive wells and the prices at which oil and natural gas are sold[43] Future Expenses - The estimated reserve for future expenses deducted from distributable income for the three months ended March 31, 2025, was $75,500[21] Lease Information - As of March 31, 2025, the company holds an overriding royalty interest in 19 oil and natural gas leases covering a total of 87,326 gross acres in the Gulf of America[36]