MARINE PETROLEUM TRUST

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 Middle East and Eastern Europe;

Current wording

political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, Eastern Europe, the Middle East and South America;

Previous wording

The Indenture (and MPC’s charter and by-laws) expressly prohibits the operation of any kind of trade or business. The Trust’s oil and natural gas properties are depleting assets that are not being replaced due to the prohibition against investments. These restrictions, along with other factors, allow the Trust to be treated as a grantor trust for U.S. federal income tax purposes. A grantor trust is not subject to tax at the trust level. As a grantor trust, unitholders are taxed directly on their proportionate share of income, deduction and credit of the Trust consistent with each such unitholder's tax status and applicable facts as though no trust were in existence. The State of Texas imposes a franchise tax, but the Trust does not believe that it is subject to the franchise tax because at least 90% of its federal gross income is from passive sources. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for further information. MPC is a taxable entity that pays state and U.S. federal income taxes and state franchise taxes. However, MPC’s income specifically excludes 98% of the oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust because of the Trust’s net profits interest. Each unitholder should consult its own tax advisor regarding income and franchise tax requirements, if any, applicable to such person’s ownership of Trust units.

Current wording

The Indenture (and MPC’s charter and by-laws) expressly prohibits the operation of any kind of trade or business. The Trust’s oil and natural gas properties are depleting assets that are not being replaced due to the prohibition against investments. These restrictions, along with other factors, allow the Trust to be treated as a grantor trust for U.S. federal income tax purposes. A grantor trust is not subject to tax at the trust level. As a grantor trust, unitholders are taxed directly on their proportionate share of income, deduction and credit of the Trust consistent with each such unitholder’s tax status and applicable facts as though no trust were in existence. The State of Texas imposes a franchise tax, but the Trust does not believe that it is subject to the franchise tax because at least 90% of its federal gross income is from passive sources. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for further information. MPC is a taxable entity that may owe state and U.S. federal income taxes and state franchise taxes. However, MPC’s income specifically excludes 98% of the oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust because of the Trust’s net profits interest. Each unitholder should consult its own tax advisor regarding income and franchise tax requirements, if any, applicable to such person’s ownership of Trust units.

Previous wording

Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2025. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 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, 2025. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for a detailed discussion of its critical accounting policies.

Previous wording

Since the Trust financial statements are prepared on a modified-cash basis, most accounting pronouncements are not applicable to the Trust. No new accounting pronouncements have been adopted or issued that would have a significant impact on Marine’s financial statements.

Current wording

Since the Trust’s financial statements are prepared on a modified-cash basis, most accounting pronouncements are not applicable to the Trust. No new accounting pronouncements have been adopted or issued that would have a significant impact on Marine’s financial statements.

Previous wording

During the three months ended September 30, 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 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. Royalty income includes royalties from oil and natural gas received from producers.

Current wording

During the six month period ending December 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 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. 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, 2025 was $0.07 as compared to $0.12 for the comparable period in 2024. Distributions per unit also amounted to $0.07 per unit for the three months ended September 30, 2025, a decrease from distributions of $0.09 per unit for the comparable period in 2024.

Current wording

Distributable income per unit for the six months ended December 31, 2025, was $0.16 as compared to $0.16 for the comparable period in 2024. Distributions per unit also amounted to $0.12 per unit for the six months ended December 31, 2025, a decrease from distributions of $0.20 per unit for the comparable period in 2024.

Previous wording

For the three months ended September 30, 2025, oil production decreased to 3,226 barrels (bbls) from 3,265 bbls for the comparable period in 2024. Natural gas volumes sold decreased to 3,567 thousand cubic feet (mcf) from 5,095 mcf and natural gas liquids sold decreased to 6,290 mcf from 8,437 mcf for the three months ended September 30, 2025, as compared to the same period in 2024. For the three months ended September 30, 2025, the average price realized for oil decreased to $63.52 per barrel (bbl) as compared to the price of $81.11 per bbl realized for the comparable period in 2024. The average price realized for natural gas (net of expenses) increased to $3.14 per mcf as compared to the average price of $3.02 per mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) decreased to $0.38 per mcf as compared to the average price of $0.75 per mcf realized for the comparable period in 2024.

Current wording

For the six months ended December 31, 2025, oil production increased to 7,090 barrels (bbls) from 5,263 bbls for the comparable period in 2024. Natural gas volumes sold decreased to 7,218 thousand cubic feet (mcf) from 8,438 mcf and natural gas liquids sold decreased to 13,657 mcf from 14,930 mcf for the six months ended December 31, 2025, as compared to the same period in 2024. For the six months ended December 31, 2025, the average price realized for oil decreased to $64.15 per barrel (bbl) as compared to the price of $79.17 per bbl realized for the comparable period in 2024. The average price realized for natural gas (net of expenses) increased to $3.02 per mcf as compared to the average price of $2.43 per mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) decreased to $0.38 per mcf as compared to the average price of $0.56 per mcf realized for the comparable period in 2024.

Previous wording

Income from oil and natural gas royalties decreased to $218,526 during the three months ended September 30, 2025 from $286,498 realized for the comparable period in 2024. Royalties decreased for the three months ended September 30, 2025 as compared to the comparable period in 2024 primarily due to decreases in the prices of oil and natural gas liquids and decreases in production of oil, natural gas, and natural gas liquids, partially offset by higher natural gas pricing.

Current wording

Income from oil and natural gas royalties increased to $263,371 during the three months ended December 31, 2025, from $159,064 realized for the comparable period in 2024. Royalties increased for the three months ended December 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, along with higher natural gas and natural gas liquids prices; partially offset by lower oil prices. The increase in production for 2025 is due to the fact that a check from one remitter was not received and processed by the deadline to be included in the three months ended December 31, 2024 oil and natural gas royalty income.

Previous wording

Income from oil royalties, for the three months ended September 30, 2025 decreased to $204,913 from $264,786 realized for the comparable period in 2024. The volume of oil sold in the three months ended September 30, 2025 decreased to 3,226 bbls from 3,265 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $63.52 per bbl for the three months ended September 30, 2025 from $81.11 per bbl realized for the comparable period in 2024.

Current wording

Income from oil royalties, for the three months ended December 31, 2025, increased to $249,975 from $151,919 realized for the comparable period in 2024. The volume of oil sold in the three months ended December 31, 2025, increased to 3,864 bbls from 1,999 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $64.68 per bbl for the three months ended December 31, 2025, from $76.01 per bbl realized for the comparable period in 2024.

Previous wording

Income from natural gas liquids royalties (net of expenses), for the three months ended September 30, 2025 decreased to $2,419 from $6,350 for the comparable period in 2024. The volume of natural gas liquids sold in the three months ended September 30, 2025 decreased to 6,290 mcf from 8,437 mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids

Current wording

Income from natural gas liquids royalties (net of expenses), for the three months ended December 31, 2025, increased to $2,822 from $2,054 for the comparable period in 2024. The volume of natural gas liquids sold in the three months ended December 31, 2025, increased to 7,367 mcf from 6,493 mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) increased to $0.38 per mcf for the three months ended December 31, 2025, from $0.32 per mcf realized for the comparable period in 2024.

Previous wording

General and administrative expenses increased to $92,589 for the three months ended September 30, 2025 from $68,640 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

Current wording

General and administrative expenses decreased to $76,335 for the three months ended December 31, 2025 from $84,758 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

Previous wording

Income from natural gas royalties (net of expenses), for the three months ended September 30, 2025 decreased to $11,194 from $15,362 for the comparable period in 2024. The volume of natural gas sold in the three months ended September 30, 2025 decreased to 3,567 mcf from 5,095 mcf realized for the comparable period in 2024, and the average price realized for natural gas (net of expenses) increased to $3.14 per mcf for the three months ended September 30, 2025 from $3.02 per mcf realized for the comparable period in 2024.

Current wording

Income from natural gas royalties (net of expenses) for the six months ended December 31, 2025, increased to $21,764 from $20,474 for the comparable period in 2024. The volume of natural gas sold in the six months ended December 31, 2025, decreased to 7,218 mcf from 8,438 mcf realized for the comparable period in 2024, and the average price realized for natural gas (net of expenses) increased to $3.02 per mcf for the six months ended December 31, 2025, from $2.43 per mcf realized for the comparable period in 2024.

Previous wording

The statements discussed in this Quarterly Report on Form 10-Q regarding Marine’s future financial performance and results, 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”), which are intended to be covered by the safe harbor created thereby. This report uses the words “anticipate,” “believe,” “budget,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” or other similar words to identify forward-looking statements. 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 price 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. Additional risks are set forth in Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025. 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 materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those forward-looking statements included in this Quarterly Report on Form 10-Q. Except as required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.

Current wording

The statements discussed in this Quarterly Report on Form 10-Q regarding Marine’s future financial performance and results, 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”), which are intended to be covered by the safe harbor created thereby. This report uses the words “anticipate,” “believe,” “budget,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” or other similar words to identify forward-looking statements. 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 price or demand for oil and natural gas, which might then lead to decreased production or impair Marine’s ability to make distributions; the impact of public health concerns, such as COVID-19, on future production and 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; and the expiration, termination or release of leases subject to Marine’s interests. Additional risks are set forth in Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025. 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 materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those forward-looking statements included in this Quarterly Report on Form 10-Q. Except as required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.