Marine Petroleum Trust(US:MARPS)2024-05-14 18:19Financial Performance - Total income for the nine months ended March 31, 2024 was $815,159, a decrease of 38.9% compared to $1,336,186 for the same period in 2023[12]. - Distributable income for the three months ended March 31, 2024 was $115,524, down 46.5% from $215,803 in the same period of 2023[12]. - Distributions to unitholders for the nine months ended March 31, 2024 totaled $614,205, a decrease of 53.8% from $1,331,041 in the same period of 2023[14]. - Distributable income per unit for the nine months ended March 31, 2024 was $0.27, down from $0.56 for the same period in 2023[45]. - Distributions per unit for the three months ended March 31, 2024 were $0.10, down from $0.16 in the same period of 2023[16]. Asset and Trust Corpus - Total assets decreased from $978,183 in June 30, 2023 to $906,797 as of March 31, 2024, representing a decline of approximately 7.3%[8]. - Trust corpus at the end of the period was $906,797, down from $978,183 at the beginning of the period, reflecting a decrease of approximately 7.3%[14]. Revenue Sources - Oil and natural gas royalties for the three months ended March 31, 2024 were $234,500, down 18.7% from $288,614 in the same period of 2023[12]. - For the nine months ended March 31, 2024, royalty income decreased to $774,721 from $1,309,654 for the comparable period in 2023, primarily due to a decrease in the price and production of oil and natural gas[55]. - Income from oil royalties for the nine months ended March 31, 2024 decreased to $766,295 from $1,233,506 for the comparable period in 2023[57]. - Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2024 decreased to $8,426 from $76,148 for the comparable period in 2023[58]. - The Trust realized approximately 99% of its royalty income from the sale of oil and approximately 1% from the sale of natural gas during the nine months ended March 31, 2024[44]. Production and Pricing - Oil production decreased to 10,005 barrels for the nine months ended March 31, 2024, compared to 12,888 barrels for the same period in 2023[46]. - The average price realized for oil decreased to $76.60 per barrel for the nine months ended March 31, 2024, down from $95.71 per barrel for the comparable period in 2023[57]. - Natural gas production decreased to 7,615 thousand cubic feet for the nine months ended March 31, 2024, from 9,652 thousand cubic feet for the same period in 2023[58]. - The average price realized for natural gas (net of expenses) decreased to $1.11 per thousand cubic feet for the nine months ended March 31, 2024, down from $7.89 for the comparable period in 2023[58]. Expenses - General and administrative expenses increased to $272,340 for the nine months ended March 31, 2024, from $219,045 for the comparable period in 2023[60]. - A reserve of $31,500 was deducted from calculated distributable income for the three months ended March 31, 2024 for future expenses[20]. Risk and Control - The Trust's income is heavily influenced by commodity prices, which can fluctuate widely due to supply and demand changes[31]. - The Trust's only obligation is to distribute the collected distributable income to unitholders, with no capital requirements due to its limited purpose[33]. - There has been no material change in Marine's market risk disclosures since the Annual Report for the fiscal year ended June 30, 2023[63]. - Marine's disclosure controls and procedures were evaluated as effective as of March 31, 2024[64]. - No changes in internal control over financial reporting have materially affected Marine's reporting during the quarter ended March 31, 2024[65]. - There have been no material changes in risk factors since the last Annual Report filed for the fiscal year ended June 30, 2023[68].