Marine Petroleum Trust(MARPS) - 2023 Q2 - Quarterly Report

Financial Performance - Total income for the three months ended December 31, 2022, was $435,129, a 64.4% increase from $264,707 in the same period of 2021[15] - Distributable income for the six months ended December 31, 2022, was $901,338, compared to $384,656 for the same period in 2021, reflecting a 134% increase[15] - Distributions to unitholders for the six months ended December 31, 2022, totaled $1,012,417, significantly higher than $342,109 in the prior year[18] - Distributable income per unit for the six months ended December 31, 2022, was $0.45, up from $0.19 in the same period of 2021[15] - Distributable income per unit for the six months ended December 31, 2022 was $0.45, up from $0.19 for the same period in 2021, while distributions per unit increased to $0.51 from $0.17[53] Asset and Trust Corpus - The trust corpus at the end of the period was $1,043,064, down from $1,154,143 at the end of June 2022, representing a decrease of 9.6%[10] - The trust's total assets decreased from $1,154,143 as of June 30, 2022, to $1,043,064 as of December 31, 2022, a decline of 9.6%[10] - The trust's corpus at the beginning of the six months ended December 31, 2022, was $1,154,143, compared to $902,030 at the beginning of the same period in 2021, indicating a growth of 28%[18] Production and Revenue - For the six months ended December 31, 2022, royalty income increased to $1,021,040 from $493,932 for the comparable period in 2021, primarily due to increased oil and natural gas prices and production[65] - Oil production for the six months ended December 31, 2022 rose to 9,499 barrels from 6,917 barrels in the same period in 2021, with the average price realized for oil increasing to $100.65 per barrel from $66.06[67] - Natural gas production increased to 7,738 thousand cubic feet from 6,775 thousand cubic feet, with the average price realized for natural gas rising to $8.40 per thousand cubic feet from $5.46[68] - Income from oil royalties for the three months ended December 31, 2022 increased to $397,391 from $248,187 for the comparable period in 2021, with oil sold increasing to 4,311 barrels from 3,676 barrels[60] - Income from natural gas royalties for the three months ended December 31, 2022 increased to $27,931 from $16,505 for the comparable period in 2021, with natural gas sold increasing to 3,321 thousand cubic feet from 2,967 thousand cubic feet[61] Expenses - General and administrative expenses for the three months ended December 31, 2022, were $56,160, down from $83,263 in the same period of 2021, a reduction of 32.5%[15] - General and administrative expenses decreased to $56,160 for the three months ended December 31, 2022 from $83,263 for the comparable period in 2021[64] Risk and Control - The Trust's income is heavily influenced by commodity prices, which may fluctuate due to various factors including political conditions and market uncertainty[41] - The Trust's only obligation is to distribute the collected distributable income to unitholders, with no requirement for capital due to its limited purpose[42] - The Trust's royalty income is derived from third-party oil and natural gas production activities, and is subject to fluctuations based on production levels and market prices[49] - Marine's disclosure controls and procedures were evaluated as effective as of December 31, 2022[77] - There have been no material changes in Marine's internal control over financial reporting during the quarter ended December 31, 2022[78] - No material changes in risk factors have been disclosed since the Annual Report for the fiscal year ended June 30, 2022[80] - Marine's forward-looking statements include potential impacts from oil and natural gas price reductions and COVID-19[72] - The company anticipates that actual results may differ from expected results due to various uncertainties[72] - The Trustee is responsible for maintaining Marine's disclosure controls and procedures[75] - The company has not reported any changes in market risk disclosures since the last Annual Report[74] Strategic Developments - Marine has not disclosed any new strategies or market expansions in the current report[80] - No new products or technologies have been mentioned in the current report[80]