Marine Petroleum Trust(MARPS) - 2023 Q3 - Quarterly Report

Financial Performance - Total income for the three months ended March 31, 2023 was $300,607, down 35.3% from $464,333 in the same period of 2022[19] - Distributable income for the nine months ended March 31, 2023 increased to $1,117,141, a 45% increase compared to $770,793 for the same period in 2022[19] - The Trust's distributable income for the three months ended March 31, 2023 was $215,803, a decrease of 44.1% from $386,137 in the same period of 2022[19] - Distributable income for the three months ended March 31, 2023 decreased to $215,803 from $386,137 for the comparable period in 2022[64] Asset and Trust Corpus - Total assets decreased from $1,154,143 in June 30, 2022 to $940,243 as of March 31, 2023, representing a decline of approximately 18.5%[14] - Trust corpus at the end of the period was $940,243, down from $1,154,143 at the beginning of the period, indicating a decrease of approximately 18.5%[22] - The Trust's corpus at the end of the nine months ended March 31, 2023 was $940,243, compared to $1,115,744 at the end of the same period in 2022, reflecting a decrease of approximately 15.7%[22] Distributions - Distributions per unit for the three months ended March 31, 2023 were $0.11, down from $0.19 in the same period of 2022, reflecting a decrease of 42.1%[19] - Distributable income per unit for the nine months ended March 31, 2023 was $0.56, up from $0.39 for the same period in 2022, while distributions per unit increased to $0.67 from $0.28[58] Expenses - General and administrative expenses for the nine months ended March 31, 2023 were $219,045, an increase of 16.8% compared to $187,542 in the same period of 2022[19] - General and administrative expenses increased to $84,804 for the three months ended March 31, 2023, up from $78,196 in the prior year, mainly due to increased professional fees[69] Production and Income Sources - For the nine months ended March 31, 2023, the Trust's royalty income increased to $1,309,654 from $865,314 for the comparable period in 2022, primarily due to higher oil and natural gas prices and increased oil production[70] - Oil production for the nine months ended March 31, 2023 rose to 12,888 barrels from 11,635 barrels in the prior year, with the average price realized for oil increasing to $95.71 per barrel from $69.30[72] - Natural gas production decreased to 9,652 thousand cubic feet from 10,457 thousand cubic feet, but the average price realized for natural gas increased to $7.89 per thousand cubic feet from $5.65[73] - For the three months ended March 31, 2023, income from oil and natural gas royalties decreased to $288,614 from $371,382 in the same period of 2022, primarily due to lower production[63] Price Realization - The average price realized for oil in the three months ended March 31, 2023 was $81.85 per barrel, compared to $74.05 per barrel in the same period of 2022[65] - The average price realized for natural gas (net of expenses) decreased to $5.82 per thousand cubic feet for the three months ended March 31, 2023, down from $5.98 in the prior year[66] Internal Controls and Risk Factors - As of March 31, 2023, Marine's disclosure controls and procedures were evaluated and deemed effective[80] - There have been no material changes in Marine's internal control over financial reporting during the quarter ended March 31, 2023[81] - No material changes have occurred in the risk factors previously disclosed in Marine's Annual Report for the fiscal year ended June 30, 2022[83]