Marine Petroleum Trust(MARPS) - 2026 Q2 - Quarterly Report

Financial Performance - Distributable income for the three months ended December 31, 2025, was $191,844, a significant increase of 136.5% from $81,138 in the same period of 2024[13] - Distributable income per unit for the three months ended December 31, 2025, was $0.10, compared to $0.04 in the same period of 2024, representing a 150% increase[13] - Distributable income per unit for the six months ended December 31, 2025, was $0.16, unchanged from the comparable period in 2024, while distributions per unit decreased to $0.12 from $0.20[50] Asset Growth - Total assets increased to $1,009,718 as of December 31, 2025, compared to $921,527 as of June 30, 2025, reflecting a growth of approximately 9.5%[9] - The trust corpus increased to $1,009,718 at the end of December 2025, compared to $884,292 at the end of December 2024, marking a year-over-year increase of approximately 14.2%[15] Royalty Income - Oil and natural gas royalties for the six months ended December 31, 2025, totaled $481,897, up 8.1% from $445,562 in the prior year[13] - For the six months ended December 31, 2025, the Trust's royalty income from oil was approximately 94%, and from natural gas and natural gas liquids was about 6%[49] - Total royalty income for the six months ended December 31, 2025, was $481,897, an increase from $445,562 for the comparable period in 2024[59] - Income from oil royalties for the six months ended December 31, 2025, increased to $454,888 from $416,705 for the same period in 2024[61] - Income from natural gas royalties (net of expenses) for the six months ended December 31, 2025, increased to $21,764 from $20,474 for the comparable period[62] - Income from natural gas liquids royalties (net of expenses) decreased to $5,245 for the six months ended December 31, 2025, from $8,383 for the same period in 2024[63] Production and Sales - Oil production increased to 7,090 barrels for the six months ended December 31, 2025, compared to 5,263 barrels for the same period in 2024[51] - The volume of natural gas sold decreased to 7,218 thousand cubic feet for the six months ended December 31, 2025, from 8,438 thousand cubic feet for the same period in 2024[62] - For the six months ended December 31, 2025, oil sales increased to 7,090 Bbls compared to 5,263 Bbls in the same period of 2024, representing a 34.7% increase[66] - Natural gas sales were 7,218 Mcf in 2025, down from 8,438 Mcf in 2024, indicating a decrease of 14.4%[66] - Natural Gas Liquids sales decreased to 13,657 Mcf in 2025 from 14,930 Mcf in 2024, a decline of 8.5%[66] Pricing Trends - The average price realized for oil decreased to $64.15 per barrel for the six months ended December 31, 2025, down from $79.17 per barrel in the comparable period[61] - The average price of oil decreased to $64.15 per Bbl in 2025 from $79.17 per Bbl in 2024, reflecting a decline of 18.9%[66] - The average price of natural gas, net of expenses, increased to $3.02 per Mcf in 2025 from $2.43 per Mcf in 2024, marking a rise of 24.3%[66] - The average price of Natural Gas Liquids fell to $0.38 per Mcf in 2025 from $0.56 per Mcf in 2024, a decrease of 32.1%[66] Expenses - General and administrative expenses increased to $168,924 for the six months ended December 31, 2025, up from $153,398 in 2024, an increase of 10.1%[66] Internal Controls and Reporting - Marine's disclosure controls and procedures were evaluated as effective as of December 31, 2025[72] - There have been no material changes in internal control over financial reporting during the quarter ended December 31, 2025[73] - Marine does not undertake any obligation to update or revise forward-looking statements unless required by applicable securities laws[67] Income Recognition - The trust's royalty income is recognized in the month received, rather than in the month of production, affecting the timing of income recognition[23] - The trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes, market uncertainty, and other factors[34] - The trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[36]