Marine Petroleum Trust(US:MARPS)2025-11-13 15:00Financial Performance - Total income for the three months ended September 30, 2025, was $223,402, a decrease of 26.1% from $302,192 in the same period of 2024[13] - Distributable income for the three months ended September 30, 2025, was $130,813, down 44.0% from $233,552 in 2024[13] - Distributable income per unit decreased to $0.07 in Q3 2025 from $0.12 in Q3 2024, reflecting a 41.7% decline[13] - The Trust distributed $136,194 to unitholders in Q3 2025, compared to $189,772 in Q3 2024, indicating a reduction of 28.1%[14] - Distributable income per unit for the three months ended September 30, 2025 was $0.07, down from $0.12 for the same period in 2024, with distributions also decreasing to $0.07 per unit from $0.09[46] Trust Assets and Expenses - Trust corpus at the end of Q3 2025 was $916,146, a decrease of 0.4% from $921,527 at the end of Q2 2025[9][14] - General and administrative expenses increased to $92,589 in Q3 2025 from $68,640 in Q3 2024, representing a rise of 34.9%[13] - General and administrative expenses increased to $92,589 for the three months ended September 30, 2025, from $68,640 in the comparable period of 2024, primarily due to the timing of professional fee payments[54] Production and Revenue - For the three months ended September 30, 2025, royalty income from oil and natural gas decreased to $218,526 from $286,498 in the comparable period in 2024, primarily due to lower prices and production levels[48] - Oil production decreased to 3,226 barrels for the three months ended September 30, 2025, compared to 3,265 barrels in the same period in 2024, while natural gas volumes sold decreased to 3,567 thousand cubic feet from 5,095 thousand cubic feet[47] - Income from natural gas royalties decreased to $11,194 for the three months ended September 30, 2025, from $15,362 in the same period in 2024, with natural gas sold volumes also declining[51] Commodity Prices and Market Conditions - The average price realized for oil decreased to $63.52 per barrel in the three months ended September 30, 2025, down from $81.11 per barrel in the comparable period in 2024[47] - The average price realized for natural gas liquids decreased to $0.38 per thousand cubic feet for the three months ended September 30, 2025, down from $0.75 in the same period in 2024[53] - The Trust's income is significantly influenced by commodity prices, which may fluctuate widely due to various factors beyond the Trustee's control[31] - Marine's royalty income is heavily dependent on the operations of third parties, with fluctuations based on the number of productive wells and market prices[42] Future Outlook - The estimated reserve for future expenses deducted from distributable income for Q3 2025 was $84,500[18] - The company anticipates future production declines due to normal well depletion and does not receive information on future drilling or re-working operations from operators[44] Compliance and Controls - Marine's disclosure controls and procedures were evaluated as effective as of September 30, 2025, ensuring compliance with SEC requirements[58]