MARINE PETROLEUM TRUST

Previous 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;

Current wording

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

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 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.

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. 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. Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for further information. 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 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.

Current wording

Marine did not have any changes in its critical accounting policies or estimates during the three and nine months ended March 31, 2026. 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

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.

Current wording

During the nine months ended March 31, 2026, the Trust realized approximately 93% of its royalty income from the sale of oil and approximately 7% of its royalty income from the sale of natural gas and natural gas liquids. 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. 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, 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.

Current wording

Distributable income per unit for the nine months ended March 31, 2026, was $0.23 as compared to $0.28 for the comparable period in 2025. Distributions per unit also amounted to $0.22 per unit for the nine months ended March 31, 2026, a decrease from distributions of $0.27 per unit for the comparable period in 2025.

Previous 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.

Current wording

For the nine months ended March 31, 2026, oil production increased to 10,744 barrels (bbls) from 9,718 bbls for the comparable period in 2025. Natural gas volumes sold decreased to 11,583 thousand cubic feet (mcf) from 14,677 mcf and natural gas liquids sold decreased from 26,686 mcf to 21,156 mcf for the nine months ended March 31, 2026, as compared to the same period in 2025. For the nine months ended March 31, 2026, the average price realized for oil decreased to $61.92 per barrel (bbl) as compared to the price of $75.67 per bbl realized for the comparable period in 2025. The average price realized for natural gas (net of expenses) increased to $3.19 per mcf as compared to the average price of $2.10 per mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) decreased to $0.37 per mcf as compared to the average price of $0.46 per mcf realized for the comparable period in 2025.

Previous 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.

Current wording

Income from oil and natural gas royalties decreased to $228,173 during the three months ended March 31, 2026, from $332,993 realized for the comparable period in 2025. Royalties decreased $104,820 for the three months ended March 31, 2026 as compared to the comparable period in 2025 primarily due to decreases in the production of oil, natural gas, and natural gas liquids ($54,150) as well as lower oil prices ($62,198), partially offset by higher natural gas and plant products prices ($11,528).

Previous 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.

Current wording

Income from oil royalties, for the three months ended March 31, 2026, decreased to $210,403 from $318,672 realized for the comparable period in 2025. The volume of oil sold in the three months ended March 31, 2026, decreased to 3,654 bbls from 4,455 bbls realized for the comparable period in 2025, while the average price realized for oil decreased to $57.59 per bbl for the three months ended March 31, 2026, from $71.53 per bbl realized for the comparable period in 2025.

Previous 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.

Current wording

Income from natural gas liquids royalties (net of expenses), for the three months ended March 31, 2026, decreased to $2,667 from $4,001 for the comparable period in 2025. The volume of natural gas liquids sold in the three months ended March 31, 2026, decreased to 7,500 mcf from 11,756 mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) increased to $0.36 per mcf for the three months ended March 31, 2026, from $0.34 per mcf realized for the comparable period in 2025.

Previous 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.

Current wording

General and administrative expenses increased to $98,731 for the three months ended March 31, 2026 from $95,670 for the comparable period of 2025, primarily due to the timing of payment of professional fees.

Previous wording

Results of Operations—Six Months Ended December 31, 2025 Compared to the Six Months Ended December 31, 2024

Current wording

Results of Operations—Nine months Ended March 31, 2026 Compared to the Nine months ended March 31, 2025

Previous wording

Income from oil and natural gas royalties increased to $481,897 during the six months ended December 31, 2025, from $445,562 realized for the comparable period in 2024. Royalties increased for the six months ended December 31, 2025, primarily due to an increase in production of oil, and natural gas prices, offset somewhat by decreases in the price of oil and natural gas liquids, as well as decreases in the production of natural gas and natural gas liquids.

Current wording

Income from oil and natural gas royalties decreased to $710,069 during the nine months ended March 31, 2026, from $778,554 realized for the comparable period in 2025. Royalties decreased $68,485 for the nine months ended March 31, 2026, primarily due to lower prices for oil and plant products ($136,097) and decreases in the volumes of both natural gas and plant products ($11,916), partially offset by an increase in the production of oil ($63,530) as well as higher natural gas prices ($15,998).

Previous wording

Income from oil royalties for the six months ended December 31, 2025, increased to $454,888 from $416,705 realized for the comparable period in 2024. The volume of oil sold in the six months ended December 31, 2025, increased to 7,090 bbls from 5,263 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $64.15 per bbl for the six months ended December 31, 2025, from $79.17 per bbl realized for the comparable period in 2024.

Current wording

Income from oil royalties for the nine months ended March 31, 2026, decreased to $665,291 from $735,377 realized for the comparable period in 2025. The volume of oil sold in the nine months ended March 31, 2026, increased to 10,744 bbls from 9,718 bbls realized for the comparable period in 2025, while the average price realized for oil decreased to $61.92 per bbl for the nine months ended March 31, 2026, from $75.67 per bbl realized for the comparable period in 2025.

Previous wording

Income from natural gas liquids royalties (net of expenses), for the six months ended December 31, 2025, decreased to $5,245 from $8,383 for the comparable period in 2024. The volume of natural gas liquids sold in the six months ended December 31, 2025, decreased to 13,657 mcf from 14,930 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 for the six months ended December 31, 2025, from $0.56 per mcf realized for the comparable period in 2024.

Current wording

Income from natural gas liquids royalties (net of expenses), for the nine months ended March 31, 2026, decreased to $7,863 from $12,330 for the comparable period in 2025. The volume of natural gas liquids sold in the nine months ended March 31, 2026, decreased to 21,156 mcf from 26,686 mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) decreased to $0.37 per mcf for the nine months ended March 31, 2026, from $0.46 per mcf realized for the comparable period in 2025.

Previous wording

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

Current wording

The following table presents the quantities of oil, natural gas and natural gas liquids sold and the average price realized for the nine months ended March 31, 2026, and those realized for the comparable period in 2025.

Previous wording

General and administrative expenses increased to $168,924 for the six months ended December 31, 2025 from $153,398 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

Current wording

General and administrative expenses increased to $267,655 for the nine months ended March 31, 2026 from $249,073 for the comparable period of 2025, primarily due to the timing of payment of professional fees.