MARINE PETROLEUM TRUST
For the period ended Jun 30, 2025. Filed Sep 29, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 29, 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-K
Period ended 2024-06-30; filed 2024-09-30.
0000950170-24-110332
Item 7. TRUSTEE’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001193125-25-222224
Item 7. TRUSTEE’SDISCUSSION 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 31 previous paragraphs and 29 current paragraphs.
20 unchanged; 9 reworded; 0 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 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.
Removed paragraphs (2)
Previous report
Effective October 19, 2017, SFNC completed its acquisition of First Texas BHC, Inc., the parent company of Southwest Bank. SFNC is the parent of Simmons. SFNC merged Southwest Bank, the former corporate trustee of the Trust, with Simmons effective February 20, 2018. Effective December 30, 2022, Argent Trust Company succeeded Simmons as the corporate trustee of the Trust following Simmons resignation as trustee. The defined term “Trustee” as used herein shall refer to Simmons for periods on and after February 20, 2018 through December 29, 2022, and to Argent Trust Company for periods on and after December 30, 2022.
Previous report
Website. Marine has an Internet website and has made available its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, at www.marps-marine.com. Each of these reports will be posted on this website as soon as reasonably practicable after such report is electronically filed with or furnished to the SEC.
Reworded paragraphs (9)
Previous wording
Summary Review. In general, Marine receives royalties two months after oil production and three months after natural gas production. The June 2024 distribution of $0.12 per unit increased from the March 2024 distribution of $0.06 per unit. As disclosed in a press release dated August 20, 2024, the September 2024 distribution of $0.09 per unit will be a decrease from the June 2024 distribution of $0.12 per unit.
Current wording
Summary Review. In general, Marine receives royalties two months after oil production and three months after natural gas production. The June 2025 distribution of $0.11 per unit increased from the March 2025 distribution of $0.08 per unit. As disclosed in a press release dated August 19, 2025, the September 2025 distribution of $0.07 per unit will be a decrease from the June 2025 distribution of $0.11 per unit.
Previous wording
Marine’s distributable income for fiscal 2024 amounted to $713,165, or $0.36 per unit, as compared to $1,375,417, or $0.69 per unit, in fiscal 2023. Distributions to unitholders are calculated and paid out net of reserve for future expenses, which are estimated by the Trustee on a quarterly basis.
Current wording
Marine’s distributable income for fiscal 2025 amounted to $727,995, or $0.36 per unit, as compared to $713,165, or $0.36 per unit, in fiscal 2024. Distributions to unitholders are calculated and paid out net of reserve for future expenses, which are estimated by the Trustee on a quarterly basis.
Previous wording
Marine reviewed information available from the BOEM website, revenue records from remitters received by Marine, and other information available from a third-party, which has access to records from other public sources. Based upon this review, the fiscal 2023 data presented below has been revised to reflect the information available to Marine during this review. This revision does not impact the prior years' financial statements or distributable income. The following table shows the number of wells Marine believes were drilled or recompleted on leases in which Marine had an interest and the number of active wells at the end of each of the past two fiscal years.
Current wording
Marine reviewed information available from the BOEM website, revenue records from remitters received by Marine, and other information available from a third-party, which has access to records from other public sources. The following table shows the number of wells Marine believes were drilled or recompleted on leases in which Marine had an interest and the number of active wells at the end of each of the past two fiscal years.
Previous wording
The fiscal year ended June 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 and related discussion and analysis shows the royalty income, the net quantities sold, and the average price received for oil, natural gas, and natural gas liquids during fiscal 2024 and 2023.
Current wording
The following table and related discussion and analysis shows the royalty income, the net quantities sold, and the average price received for oil, natural gas, and natural gas liquids during fiscal 2025 and 2024.
Previous wording
Fiscal Year 2024 Compared to Fiscal Year 2023. During fiscal 2024, Marine received approximately 99% of its royalty income from the sale of oil and 1% of its royalty income from the sale of natural gas and natural gas liquids, as compared to approximately 95% of its royalty income from the sale of oil and 5% of its royalty income from the sale of natural gas and natural gas liquids in fiscal year 2023. Income from oil and natural gas royalties in fiscal 2024 decreased approximately 38% from fiscal 2023, primarily due to a decrease in prices realized for oil, natural gas and natural gas liquids in addition to a decrease in production of oil.
Current wording
Fiscal Year 2025 Compared to Fiscal Year 2024. During fiscal 2025, Marine received approximately 94% of its royalty income from the sale of oil and 6% of its royalty income from the sale of natural gas and natural gas liquids, as compared to approximately 99% of its royalty income from the sale of oil and 1% of its royalty income from the sale of natural gas and natural gas liquids in fiscal year 2024. Income from oil and natural gas royalties in fiscal 2025 increased approximately 2% from fiscal 2024, primarily due to increases in prices and production of natural gas and natural gas liquids.
Previous wording
Revenue from oil royalties amounted to $980,110 in fiscal 2024, a decrease from the $1,523,617 realized in fiscal 2023. The average price realized for a barrel of oil decreased to $76.54 in fiscal 2024 from the $90.59 realized in fiscal 2023. In fiscal 2024, oil production decreased to 12,805 bbls from the 16,817 bbls sold in fiscal 2023.
Current wording
Revenue from oil royalties amounted to $948,249 in fiscal 2025, a decrease from the $980,110 realized in fiscal 2024. The average price realized for a barrel of oil decreased to $74.63 in fiscal 2025 from the $76.54 realized in fiscal 2024. In fiscal 2025, oil production decreased to 12,706 bbls from the 12,805 bbls sold in fiscal 2024.
Previous wording
Revenue from natural gas royalties amounted to $10,464 in fiscal 2024, a decrease from the $71,079 realized in fiscal 2023. Revenue from natural gas liquids royalties amounted to $3,568 in fiscal 2024, a decrease from $15,186 realized in fiscal 2023. In fiscal 2024, the average price per mcf of natural gas decreased to $0.92, from the $5.59 realized in fiscal 2023. Natural gas liquids average price per mcf was 0.16 in fiscal 2024, a decrease from 0.69 for fiscal 2023. Natural gas production decreased to 11,399 mcf for natural gas and 20,339 mcf for natural gas liquids for fiscal year 2024 from 12,712 mcf for natural gas and 22,152 mcf for natural gas liquids production for fiscal year 2023.
Current wording
Revenue from natural gas royalties amounted to $46,956 in fiscal 2025, an increase from the $10,464 realized in fiscal 2024. Revenue from natural gas liquids royalties amounted to $15,899 in fiscal 2025, an increase from $3,568 realized in fiscal 2024. In fiscal 2025, the average price per mcf of natural gas increased to $2.41, from the $0.92 realized in fiscal 2024. Natural gas liquids average price per mcf was $0.45 in fiscal 2025, an increase from $0.16 for fiscal 2024. Natural gas production increased to 19,524 mcf for natural gas and 35,183 mcf for natural gas liquids for fiscal year 2025 from 11,399 mcf for natural gas and 20,339 mcf for natural gas liquids production for fiscal year 2024.
Previous wording
General and administrative expenses for fiscal 2024 amounted to $331,832 an increase from the $273,526 recorded in fiscal 2023, due to an increase in professional fees, investor fees and printing expenses.
Current wording
General and administrative expenses for fiscal 2025 amounted to $315,835 a decrease from the $331,832 recorded in fiscal 2024, due to a decrease in investor fees and printing expenses.
Previous wording
Forward-Looking Statements. The statements discussed in this Annual Report on Form 10-K regarding Marine’s future financial performance and results of operations, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Marine uses the words "anticipate," "believe," "budget," "continue," “estimate,” “expect,” “intend,” "may," "plan,” or other similar words to identify forward-looking statements. All forward-looking statements speak only as of the date on which they are made. You should read statements that contain these words carefully because they discuss future expectations, contain projections of Marine’s financial condition, and/or state other “forward-looking” information. Actual results may differ from expected results because of factors, risks and uncertainties including, but not limited to, the following: reductions in prices or demand for oil and natural gas, due to, for example, the COVID-19 pandemic or other pandemics, which might then lead to decreased production or impair Marine’s ability to make distributions; reductions in production due to the depletion of existing wells or disruptions in service, which may be caused by storm damage to production facilities, blowouts or other production accidents, or geological changes such as cratering of productive formations; changes in regulations; general economic conditions; actions and policies of petroleum producing nations; other changes in domestic and international energy markets; the resignation of the Trustee; and the expiration, termination or release of leases subject to Marine’s interests. Events may occur in the future that Marine is unable to accurately predict, or over which it has no control. If one or more of these uncertainties as well as other risks of which we are not aware materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those contained in the forward-looking statements included in this Annual Report on Form 10-K. Except as required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.
Current wording
Forward-Looking Statements. The statements discussed in this Annual Report on Form 10-K regarding Marine’s future financial performance and results of operations, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Marine uses the words “anticipate,” “believe,” “budget,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” or other similar words to identify forward-looking statements. All forward-looking statements speak only as of the date on which they are made. You should read statements that contain these words carefully because they discuss future expectations, contain projections of Marine’s financial condition, and/or state other “forward-looking” information. Actual results may differ from expected results because of factors, risks and uncertainties including, but not limited to, the following: reductions in prices or demand for oil and natural gas, which might then lead to decreased production or impair Marine’s ability to make distributions; reductions in production due to the depletion of existing wells or disruptions in service, which may be caused by storm damage to production facilities, blowouts or other production accidents, or geological changes such as cratering of productive formations; changes in regulations; general economic conditions; actions and policies of petroleum producing nations; other changes in domestic and international energy markets; the impact of pandemics or other public health concerns; and the expiration, termination or release of leases subject to Marine’s interests. Events may occur in the future that Marine is unable to accurately predict, or over which it has no control. If one or more of these uncertainties as well as other risks of which we are not aware materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those contained in the forward-looking statements included in this Annual Report on Form 10-K. Except as required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.