MARINE PETROLEUM TRUST
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 13, 2025
MARPS$4.21-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000950170-24-125222
Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-13.
0000950170-25-019761
Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 69 current paragraphs.
45 unchanged; 12 reworded; 10 added; 4 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
trade barriers and tariffs;
Current report
Distributable income decreased to $81,138 for the three months ended December 31, 2024, from $199,238 realized for the comparable period in 2023.
Current report
Income from natural gas royalties (net of expenses), for the three months ended December 31, 2024, increased to $5,090 from $1,737 for the comparable period in 2023. The volume of natural gas sold in the three months ended December 31, 2024, increased to 3,343 mcf from 2,291 mcf realized for the comparable period in 2023, and the average price realized for natural gas (net of expenses) increased to $1.52 per mcf for the three months ended December 31, 2024, from $0.76 per mcf realized for the comparable period in 2023.
Current report
Income from natural gas liquids royalties (net of expenses), for the three months ended December 31, 2024, increased to $2,055 from $522 for the comparable period in 2023. The volume of natural gas liquids sold in the three months ended December 31, 2024, increased to 6,493 mcf from 5,471 mcf realized for the comparable period in 2023, and the average price realized for natural gas liquids (net of expenses) increased to $0.32 per mcf for the three months ended December 31, 2024, from $0.10 per mcf realized for the comparable period in 2023.
Current report
Results of Operations—Six Months Ended December 31, 2024 Compared to the Six Months Ended December 31, 2023
Current report
Income from oil and natural gas royalties decreased to $445,562 during the six months ended December 31, 2024, from $540,221 realized for the comparable period in 2023. Royalties decreased for the six months ended December 31, 2024, primarily due to a decrease in production of oil, offset somewhat by increases in the price of oil, natural gas and natural gas liquids, as well as increases in the production of natural gas and natural gas liquids.
Current report
Distributable income decreased to $314,690 for the six months ended December 31, 2024 from $427,295 realized for the comparable period in 2023.
Current report
Income from oil royalties for the six months ended December 31, 2024, decreased to $416,705 from $533,109 realized for the comparable period in 2023. The volume of oil sold in the six months ended December 31, 2024, decreased to 5,263 bbls from 7,041 bbls realized for the comparable period in 2023, and the average price realized for oil inccreased to $79.17 per bbl for the six months ended December 31, 2024, from $75.71 per bbl realized for the comparable period in 2023.
Current report
Income from natural gas royalties (net of expenses) for the six months ended December 31, 2024, increased to $20,474 from $5,272 for the comparable period in 2023. The volume of natural gas sold in the six months ended December 31, 2024, increased to 8,438 mcf from 5,439 mcf realized for the comparable period in 2023, and the average price realized for natural gas (net of expenses) decreased to $2.43 per mcf for the six months ended December 31, 2024, from $0.97 per mcf realized for the comparable period in 2023.
Current report
Income from natural gas liquids royalties (net of expenses), for the six months ended December 31, 2024, increased to $8,383 from $1,839 for the comparable period in 2023. The volume of natural gas liquids sold in the six months ended December 31, 2024, increased to 14,930 mcf from 10,983 mcf realized for the comparable period in 2023, and the average price realized for natural gas liquids (net of expenses) increased to $0.56 per mcf for the six months ended December 31, 2024, from $0.17 per mcf realized for the comparable period in 2023.
Removed paragraphs (4)
Previous report
trade barriers;
Previous report
Distributable income increased to $233,552 for the three months ended September 30, 2024 from $228,057 realized for the comparable period in 2023.
Previous report
Income from natural gas royalties (net of expenses), for the three months ended September 30, 2024 increased to $15,362 from $3,964 for the comparable period in 2023. The volume of natural gas sold in the three months ended September 30, 2024 increased to 5,095 mcf from 3,148 mcf realized for the comparable period in 2023, and the average price realized for natural gas (net of expenses) increased to $3.02 per mcf for the three months ended September 30, 2024 from $2.28 per mcf realized for the comparable period in 2023.
Previous report
Income from natural gas liquids royalties (net of expenses), for the three months ended September 30, 2024 increased to $6,350 from $1,375 for the comparable period in 2023. The volume of natural gas liquids sold in the three months ended September 30, 2024 increased to 8,437 mcf from 5,512 mcf realized for the comparable period in 2023, and the average price realized for natural gas liquids (net of expenses) increased to $0.75 per mcf for the three months ended September 30, 2024 from $0.51 per mcf realized for the comparable period in 2023.
Reworded paragraphs (12)
Previous wording
The Trust is a royalty trust that was created in 1956 under the laws of the State of Texas. Effective February 20, 2018, Simmons Bank became corporate trustee of the Trust (“Simmons”) as a result of a merger between Simmons Bank and Southwest Bank, the former corporate trustee of the Trust. On November 4, 2021, Simmons announced that it had entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (the “Trustee”), pursuant to which Simmons would resign as trustee of the Trust and nominate Argent Trust Company as successor trustee of the Trust. The change in trustee from Simmons to Argent Trust Company was effective on December 30, 2022.
Current wording
The Trust is a royalty trust that was created in 1956 under the laws of the State of Texas. Effective February 20, 2018, Simmons Bank became corporate trustee of the Trust (“Simmons”) as a result of a merger between Simmons Bank and Southwest Bank, the former corporate trustee of the Trust. On November 4, 2021, Simmons announced that it had entered into an agreement with Argent Trust Company, pursuant to which Simmons would resign as trustee of the Trust and nominate Argent Trust Company as successor trustee of the Trust. The change in trustee from Simmons to Argent Trust Company was effective on December 30, 2022.
Previous wording
Notwithstanding the foregoing, the middlemen holding Trust units on behalf of unitholders, and not the Trustee of the Trust, are solely responsible for complying with the information reporting requirements under the U.S. Treasury Regulations with respect to such Trust units, including the issuance of IRS Forms 1099 and certain written tax statements. Unitholders whose Trust units are held by middlemen should consult with such middlemen regarding the information that will be reported to them by the middlemen with respect to the Trust units.
Current wording
Notwithstanding the foregoing, the middlemen holding Trust units on behalf of unitholders, and not the Trustee of the Trust, are solely responsible for complying with the information reporting requirements under the U.S. Treasury Regulations with respect to such Trust units, including the issuance of Internal Revenue Service Forms 1099 and certain written tax statements. Unitholders whose Trust units are held by middlemen should consult with such middlemen regarding the information that will be reported to them by the middlemen with respect to the Trust units.
Previous wording
Each unitholder should consult its own tax advisor regarding Trust tax compliance matters.
Current wording
Each unitholder should consult their own tax advisor regarding Trust tax compliance matters.
Previous wording
political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, including the war in Ukraine and the Israel-Hamas war;
Current wording
political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, including the war in Eastern Europe and the Middle East;
Previous wording
Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2024. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for a detailed discussion of its critical accounting policies.
Current wording
Marine did not have any changes in its critical accounting policies or estimates during the three and six months ended December 31, 2024. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for a detailed discussion of its critical accounting policies.
Previous wording
During the three months ended September 30, 2024 the Trust realized approximately 92% of its royalty income from the sale of oil and approximately 8% of its royalty income from the sale of natural gas and natural gas liquids. During the three months ended September 30, 2023, the Trust realized approximately 97% of its royalty income from the sale of oil and approximately 3% of its royalty income from the sale of natural gas and natural gas liquids. Royalty income includes royalties from oil and natural gas received from producers.
Current wording
During the six month period ending December 31, 2024, the Trust realized approximately 94% of its royalty income from the sale of oil and approximately 6% of its royalty income from the sale of natural gas and natural gas liquids. During the six month period ending December 31, 2023, the Trust realized approximately 99% of its royalty income from the sale of oil and approximately 1% of its royalty income from the sale of natural gas and natural gas liquids. Royalty income includes royalties from oil, natural gas, and natural gas liquids received from producers.
Previous wording
Distributable income per unit for the three months ended September 30, 2024 was $0.12 as compared to $0.11 for the comparable period in 2023. Distributions per unit also amounted to $0.09 per unit for the three months ended September 30, 2024, a decrease from distributions of $0.12 per unit for the comparable period in 2023.
Current wording
Distributable income per unit for the six months ended December 31, 2024, was $0.16 as compared to $0.21 for the comparable period in 2023. Distributions per unit also amounted to $0.20 per unit for the six months ended December 31, 2024, a decrease from distributions of $0.21 per unit for the comparable period in 2023.
Previous wording
For the three months ended September 30, 2024, oil production decreased to 3,265 barrels (bbls) from 3,964 bbls. Natural gas volumes sold increased to 5,095 thousand cubic feet (mcf) from 3,148 mcf and natural gas liquids sold increased from 5,512 mcf to 8,437 mcf for the three months ended September 30, 2024 as compared to the same period in 2023. For the three months ended September 30, 2024, the average price realized for oil increased to $81.11 per barrel (bbl) as compared to the price of $72.19 per bbl realized for the comparable period in 2023. The average price realized for natural gas (net of expenses) increased to $3.02 per mcf as compared to the average price of $2.28 per mcf realized for the comparable period in 2023, and the average price realized for natural gas liquids (net of expenses) increased to $0.75 per mcf as compared to the average price of $0.51 per mcf realized for the comparable period in 2023.
Current wording
For the six months ended December 31, 2024, oil production decreased to 5,263 barrels (bbls) from 7,041 bbls for the comparable period in 2023. Natural gas volumes sold increased to 8,438 thousand cubic feet (mcf) from 5,439 mcf and natural gas liquids sold increased from 10,983 mcf to 14,930 mcf for the six months ended December 31, 2024, as compared to the same period in 2023. For the six months ended December 31, 2024, the average price realized for oil increased to $79.17 per barrel (bbl) as compared to the price of $75.71 per bbl realized for the comparable period in 2023. The average price realized for natural gas (net of expenses) increased to $2.43 per mcf as compared to the average price of $0.97 per mcf realized for the comparable period in 2023, and the average price realized for natural gas liquids (net of expenses) increased to $0.56 per mcf as compared to the average price of $0.17 per mcf realized for the comparable period in 2023.
Previous wording
Income from oil and natural gas royalties decreased to $286,498 during the three months ended September 30, 2024 from $291,021 realized for the comparable period in 2023. Royalties decreased for the three months ended September 30, 2024 as compared to the comparable period in 2023 primarily due to a decrease in the production of oil, partially offset by increases in the production of both natural gas and natural gas liquids, and by higher oil, natural gas, and natural gas liquids prices.
Current wording
Income from oil and natural gas royalties decreased to $159,064 during the three months ended December 31, 2024, from $249,200 realized for the comparable period in 2023. Royalties decreased for the three months ended December 31, 2024 as compared to the comparable period in 2023 primarily due to a check from one remitter not being received and processed by the deadline to be included in this quarter’s distribution. The decrease was partially offset by increases in the production of natural gas and natural gas liquids, and by higher natural gas, and natural gas liquids prices.
Previous wording
Income from oil royalties, for the three months ended September 30, 2024 decreased to $264,786 from $286,168 realized for the comparable period in 2023. The volume of oil sold in the three months ended September 30, 2024 decreased to 3,265 bbls from 3,964 bbls realized for the comparable period in 2023, and the average price realized for oil increased to $81.11 per bbl for the three months ended September 30, 2024 from $72.19 per bbl realized for the comparable period in 2023.
Current wording
Income from oil royalties, for the three months ended December 31, 2024, decreased to $151,919 from $246,941 realized for the comparable period in 2023. The volume of oil sold in the three months ended December 31, 2024, decreased to 1,999 bbls from 3,077 bbls realized for the comparable period in 2023, and the average price realized for oil decreased to $76.01 per bbl for the three months ended December 31, 2024, from $80.25 per bbl realized for the comparable period in 2023.
Previous wording
The three months ended September 30, 2023 has been revised to present the natural gas liquids separately from natural gas. In previous years, the natural gas liquids revenue was included with the natural gas revenue and the average price of natural gas was calculated using the combined revenue number but did not include the natural gas liquids quantities sold. The information in the table was revised for fiscal year 2023 to conform with the current year presentation to (i) provide natural gas liquids royalties, natural gas liquids quantities sold, and average sales price for natural gas liquids, (ii) update natural gas royalties to reflect the split from natural gas liquids royalties (the aggregate amount of natural gas royalties and natural gas liquids royalties is the same as previously reflected for fiscal year 2023 for natural gas royalties), and (iii) corrected average sales price for natural gas. This change does not impact the prior years' financial statements or distributable income. The following table presents the quantities of oil, natural gas, and natural gas liquids sold and the average price realized for the three months ended September 30, 2024, and those realized for the comparable period in 2023.
Current wording
The following table presents the quantities of oil, natural gas, and natural gas liquids sold and the average price realized for the three months ended December 31, 2024, and those realized for the comparable period in 2023. The three months ended December 31, 2023 has been revised from the prior presentation to present the natural gas liquids separately from natural gas. In previous years, the natural gas liquids revenue was included with the natural gas revenue and the average price of natural gas was calculated using the combined revenue number but did not include the natural gas liquids quantities sold. The information in the table below was revised for fiscal year 2023 to conform with the current year presentation to (i) provide natural gas liquids quantities sold, and average sales price for natural gas liquids and (ii) update the average sales price for natural gas. The volumes for natural gas have not been changed. These updates do not impact the prior years' financial statements or distributable income.
Previous wording
General and administrative expenses decreased to $68,640 for the three months ended September 30, 2024 from $76,618 for the comparable period of 2023, primarily due to the timing of payment of professional fees.
Current wording
General and administrative expenses increased to $84,758 for the three months ended December 31, 2024 from $63,676 for the comparable period of 2023, primarily due to the timing of payment of professional fees.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table presents the quantities of oil and natural gas sold and the average price realized for the six months ended December 31, 2024, and those realized for the comparable period in 2023. The six months ended December 31, 2023, has been revised from the prior presentation to present the natural gas liquids separately from natural gas. In previous years, the natural gas liquids revenue was included with the natural gas revenue and the average price of natural gas was calculated using the combined revenue number but did not include the natural gas liquids quantities sold. The information in the table below was revised for fiscal year 2023 to conform with the current year presentation to (i) provide natural gas liquids quantities sold, and average sales price for natural gas liquids and (ii) update the average sales price for natural gas. The volumes for natural gas have not been changed. These updates do not impact the prior years’ financial statements or distributable income.
Current report — wording carried from elsewhere
General and administrative expenses increased to $153,398 for the six months ended December 31, 2024 from $140,294 for the comparable period of 2023, primarily due to the timing of payment of professional fees.