Marine Petroleum Trust(US:MARPS)2021-05-17 18:27Financial Performance - Total income for the three months ended March 31, 2021 was $82,853, down 62% from $218,106 in the same period of 2020[17]. - Distributable income for the three months ended March 31, 2021 was $11,241, a decrease of 92.6% compared to $150,841 for the same period in 2020[17]. - Distributions to unitholders for the nine months ended March 31, 2021 totaled $139,647, down 64.9% from $399,423 in the same period of 2020[20]. - Distributions per unit decreased from $0.20 in the nine months ended March 31, 2020 to $0.02 in the same period of 2021[20]. - For the nine months ended March 31, 2021, royalty income decreased to $237,686 from $554,588 for the comparable period in 2020, primarily due to a decrease in the price and production of oil and natural gas[66]. - Distributable income per unit for the nine months ended March 31, 2021 was $0.02, a significant decrease from $0.20 for the comparable period in 2020[55]. Asset and Trust Value - Total assets decreased from $936,552 in June 30, 2020 to $846,134 in March 31, 2021, representing a decline of approximately 9.6%[13][15]. - The trust corpus at the end of the period was $846,134, down from $964,835 at the end of the same period in 2020, reflecting a decline of approximately 12.3%[20]. Production and Pricing - Oil production decreased to 6,624 barrels for the nine months ended March 31, 2021, down from 8,161 barrels for the comparable period in 2020[56]. - The average price realized for oil decreased to $34.14 per barrel for the nine months ended March 31, 2021, compared to $59.31 per barrel for the comparable period in 2020[68]. - Natural gas production decreased to 5,546 thousand cubic feet for the nine months ended March 31, 2021, down from 28,110 thousand cubic feet for the comparable period in 2020[69]. - The average price realized for natural gas decreased to $2.08 per thousand cubic feet for the nine months ended March 31, 2021, compared to $2.52 per thousand cubic feet for the comparable period in 2020[69]. Income Sources - Income from oil royalties for the nine months ended March 31, 2021 decreased to $226,167 from $484,061 for the comparable period in 2020[68]. - Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2021 decreased to $11,519 from $70,527 for the comparable period in 2020[69]. - The Trust did not receive any income from distributions from Tidelands for the nine months ended March 31, 2021 and 2020, and does not expect to receive any in future quarters[70]. Expenses and Financial Reporting - General and administrative expenses increased to $188,641 for the nine months ended March 31, 2021, from $172,614 for the comparable period in 2020[72]. - The trust's financial statements are prepared on a modified cash basis, which may differ from GAAP standards[26]. Risk and Control - The trust's income is heavily influenced by commodity prices, which may fluctuate widely due to supply and demand changes[40]. - The trust's distributable income is affected by oil and natural gas prices, with declines leading to reduced income and potential delays in exploration activities[41]. - Marine's disclosure controls and procedures were evaluated as effective as of March 31, 2021[78]. - There have been no material changes in internal control over financial reporting during the quarter ended March 31, 2021[79]. - No material changes in risk factors have been disclosed since the Annual Report for the fiscal year ended June 30, 2020[81].