MV Oil Trust(MVO) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2025, income from net profits interest was $3,380,004, a decrease of 15.9% compared to $4,019,362 for the same period in 2024[7] - Distributable income for the three months ended June 30, 2025, was $3,162,500, down 16.7% from $3,795,000 in the prior year[7] - Cash distributions per Trust unit decreased to $0.275 for the three months ended June 30, 2025, from $0.330 in the same period of 2024, representing a decline of 16.7%[7] - The Trust's income from net profits interest decreased by $639,358 to $3,380,004 for the quarter ended June 30, 2025, compared to $4,019,362 for the same quarter in 2024[41] - Distributable income for the quarter ended June 30, 2025 was $3,162,500, a decrease of $632,500 from $3,795,000 for the quarter ended June 30, 2024[41] - The Trust's income from net profits interest decreased by $3,205,673 to $6,372,745 for the six months ended June 30, 2025, from $9,578,418 for the same period in 2024[44] Assets and Liabilities - Total assets as of June 30, 2025, were $2,938,534, a decrease of 23.9% from $3,865,849 as of December 31, 2024[9] - The Trust corpus at the end of the period was $2,938,534, down from $4,646,447 at the end of the previous year[11] - As of June 30, 2025, the Trust has built a cash reserve of $1.265 million for future expenses[48] - MV Partners has provided a letter of credit of $1.8 million to protect the Trust against insufficient cash for future expenses[49] Production and Sales - The average price received for crude oil sold was $68.11 per Bbl and for natural gas was $3.07 per Mcf for the period from January 1, 2025 to March 31, 2025[42] - The overall production sales volumes for the period from January 1, 2025 to March 31, 2025 were 111,619 Bbls of oil and 4,727 Mcf of natural gas, totaling 112,407 barrels of oil equivalent[43] - The average price received for crude oil sold was $67.22 per Bbl and for natural gas was $2.37 per Mcf for the period from October 1, 2024 to March 31, 2025[45] - The overall production sales volumes for the period from October 1, 2024 to March 31, 2025 were 225,948 Bbls of oil and 10,393 Mcf of natural gas, totaling 227,683 barrels of oil equivalent[46] Trust Operations - The net profits interest will terminate on June 30, 2026, as the minimum production requirement of 14.4 MMBoe has been met[16] - The Trust will terminate on June 30, 2026, as the minimum production requirement has been met[40] - MV Purchasing, LLC, a majority-owned entity, purchased a majority of the production from the underlying properties under short-term arrangements[27] - The Trust does not have any transactions or relationships with unconsolidated entities that could materially affect its liquidity or capital resources[52] Compliance and Controls - The Trust has not adopted any new accounting pronouncements that would impact its financial statements during the quarter ended June 30, 2025[24] - The Trust is not required to pay federal or state income taxes, and therefore, no provision for income taxes has been made[28] - The Trustee maintains effective disclosure controls and procedures to ensure timely reporting of required information[55][56] - There were no changes in the Trust's internal control over financial reporting during the quarter ended June 30, 2025[58] - The Trust relies on information provided by MV Partners regarding historical operating data and future plans, which may affect its financial results[57] - There have been no material changes in risk factors previously disclosed in the Trust's Form 10-K[60] - No officers or employees of the Trustee adopted or modified any trading arrangements during the three months ended June 30, 2025[61]