MARINE PETROLEUM TRUST

Previous wording

The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between the Trust’s predecessors and Gulf Oil Corporation (“Gulf”). As a result of various transactions that have occurred since 1956, these interests were largely held by Chevron Corporation (“Chevron”) and are now predominantly held by its assignees, including Arena Energy, LP (collectively with Chevron and its assignees, the “Interest Owners”). The Trust holds title to interests in properties that are situated offshore of Texas.

Current wording

The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of America, pursuant to license agreements and amendments between the Trust’s predecessors and Gulf Oil Corporation (“Gulf”). As a result of various transactions that have occurred since 1956, these interests were largely held by Chevron Corporation (“Chevron”) and are now predominantly held by its assignees, including Arena Energy, LP (collectively with Chevron and its assignees, the “Interest Owners”). The Trust holds title to interests in properties that are situated offshore of Texas.

Previous wording

Marine has performed a review of the public records from the Bureau of Ocean Energy Management (BOEM) and Marine's revenue records provided by the operators. Based on this information, Marine believes that as of December 31, 2024, Marine had an overriding royalty interest in 19 different oil and natural gas leases covering an aggregate of 87,326 gross acres. The lease acreage is all located in federal waters in the Central and Western areas of the Gulf of Mexico off the coasts of Louisiana and Texas.

Current wording

Marine has performed a review of the public records from the Bureau of Ocean Energy Management (BOEM) and Marine's revenue records provided by the operators. Based on this information, Marine believes that as of March 31, 2025, Marine had an overriding royalty interest in 19 different oil and natural gas leases covering an aggregate of 87,326 gross acres. The lease acreage is all located in federal waters in the Central and Western areas of the Gulf of America off the coasts of Louisiana and Texas.

Previous wording

Marine holds an overriding royalty interest that is equal to three-fourths of one percent of the working interest and is calculated on the value at the well of any oil, natural gas or other minerals produced and sold from 19 leases covering 87,326 gross acres located in the Gulf of Mexico. Marine’s overriding royalty interest applies only to existing leases and does not apply to any new leases that the Interest Owners may acquire.

Current wording

Marine holds an overriding royalty interest that is equal to three-fourths of one percent of the working interest and is calculated on the value at the well of any oil, natural gas or other minerals produced and sold from 19 leases covering 87,326 gross acres located in the Gulf of America. Marine’s overriding royalty interest applies only to existing leases and does not apply to any new leases that the Interest Owners may acquire.

Previous 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.

Current wording

Marine did not have any changes in its critical accounting policies or estimates during the three and nine months ended March 31, 2025. 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 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.

Current wording

During the nine months ended March 31, 2025, 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 nine months ended March 31, 2024, 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 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.

Current wording

Distributable income per unit for the nine months ended March 31, 2025, was $0.28 as compared to $0.27 for the comparable period in 2024. Distributions per unit also amounted to $0.27 per unit for the nine months ended March 31, 2025, a decrease from distributions of $0.31 per unit for the comparable period in 2024.

Previous 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.

Current wording

For the nine months ended March 31, 2025, oil production decreased to 9,718 barrels (bbls) from 10,005 bbls for the comparable period in 2024. Natural gas volumes sold increased to 14,677 thousand cubic feet (mcf) from 7,615 mcf and natural gas liquids sold increased from 14,524 mcf to 26,686 mcf for the nine months ended March 31, 2025, as compared to the same period in 2024. For the nine months ended March 31, 2025, the average price realized for oil decreased to $75.67 per barrel (bbl) as compared to the price of $76.60 per bbl realized for the comparable period in 2024. The average price realized for natural gas (net of expenses) increased to $2.10 per mcf as compared to the average price of $0.84 per mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) increased to $0.46 per mcf as compared to the average price of $0.14 per mcf realized for the comparable period in 2024.

Previous wording

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 wording

Income from oil and natural gas royalties increased to $332,993 during the three months ended March 31, 2025, from $234,500 realized for the comparable period in 2024. Royalties increased for the three months ended March 31, 2025 as compared to the comparable period in 2024 primarily due to increases in the production of oil, natural gas, and natural gas liquids.

Previous 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.

Current wording

Income from oil royalties, for the three months ended March 31, 2025, increased to $318,672 from $233,186 realized for the comparable period in 2024. The volume of oil sold in the three months ended March 31, 2025, increased to 4,455 bbls from 2,964 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $71.53 per bbl for the three months ended March 31, 2025, from $78.67 per bbl realized for the comparable period in 2024.

Previous 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.

Current wording

General and administrative expenses decreased to $95,670 for the three months ended March 31, 2025 from $132,046 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

Previous wording

Results of Operations—Six Months Ended December 31, 2024 Compared to the Six Months Ended December 31, 2023

Current wording

Results of Operations—Nine months Ended March 31, 2025 Compared to the Nine months ended March 31, 2024

Previous wording

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 wording

Income from oil royalties for the nine months ended March 31, 2025, decreased to $735,377 from $766,295 realized for the comparable period in 2024. The volume of oil sold in the nine months ended March 31, 2025, decreased to 9,718 bbls from 10,005 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $75.67 per bbl for the nine months ended March 31, 2025, from $76.60 per bbl realized for the comparable period in 2024.

Previous wording

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 wording

The following table presents the quantities of oil and natural gas sold and the average price realized for the nine months ended March 31, 2025, and those realized for the comparable period in 2024. The nine months ended March 31, 2024, 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 2024 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 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.

Current wording

General and administrative expenses decreased to $249,073 for the nine months ended March 31, 2025 from $272,340 for the comparable period of 2024, primarily due to the timing of payment of professional fees.