MARINE PETROLEUM TRUST
For the period ended Jun 30, 2026. Filed Sep 25, 2026.
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.
FY2026 · Filed Sep 25, 2026
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 2025-06-30; filed 2025-09-29.
0001193125-25-222224
Item 7. TRUSTEE’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-25.
0001193125-26-402574
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 29 previous paragraphs and 32 current paragraphs.
20 unchanged; 8 reworded; 3 added; 1 removed; 0 previous and 1 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.
Added paragraphs (3)
Current report
Revenue Recognition. Revenues from royalty interests are recognized in the period in which amounts are received by the Trust.
Current report
Gas volumes, reported in thousand cubic feet (“Mcf”), are converted to barrel of oil equivalent (“BOE”) at a ratio of six Mcf of gas to one bbl of oil.
Current report
Revenue from natural gas liquids royalties amounted to $9,581 in fiscal year 2026, a decrease from $15,899 realized in fiscal year 2025. Natural gas liquids average price per mcf was $0.31 in fiscal year 2026, a decrease from $0.45 for fiscal year 2025, while production for natural gas liquids in fiscal year 2026 was 30,519 mcf, a decrease from 35,183 mcf for fiscal year 2025.
Removed paragraphs (1)
Previous report
Revenue Recognition. In May 2014, the FASB issued updated guidance for recognizing revenue from contracts with customers. This update amends the existing accounting standards for revenue recognition and is based on the principle that revenue should be recognized to depict the transfer of goods and services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services and revenue streams related solely to oil and gas royalties. The Trust adopted the disclosure standards of this update, as required, beginning with the first quarter of fiscal year 2019. The adoption of this standard has not had a significant impact on its financial statements due to the modified cash basis of reporting used by the Trust.
Reworded paragraphs (8)
Previous 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.
Current wording
Summary Review. In general, Marine receives royalties two months after oil production and three months after natural gas production. The June 2026 distribution of $0.10 per unit was consistent with the March 2026 distribution of $0.10 per unit. As disclosed in a press release dated August 21, 2026, the September 2026 distribution of $0.10 per unit will be consistent with the June 2026 distribution of $0.10 per unit.
Previous 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.
Current wording
Marine’s distributable income for fiscal year 2026 amounted to $659,781, or $0.33 per unit, as compared to $727,995, or $0.36 per unit, in fiscal year 2025. 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
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.
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 years 2026 and 2025.
Previous 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.
Current wording
Fiscal Year 2026 Compared to Fiscal Year 2025. During fiscal year 2026, Marine received approximately 93% of its royalty income from the sale of oil and 7% of its royalty income from the sale of natural gas and natural gas liquids, as compared to 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 in fiscal year 2025. Income from oil and natural gas royalties in fiscal year 2026 decreased approximately 4% from fiscal year 2025, primarily due to decreases in production of natural gas and natural gas liquids, as well as decreases in the prices of natural gas liquids and oil.
Previous 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.
Current wording
Revenue from oil royalties amounted to $899,175 in fiscal year 2026, a decrease from the $948,249 realized in fiscal year 2025. The average price realized for a barrel of oil decreased to $63.88 in fiscal year 2026 from the $74.63 realized in fiscal year 2025. In fiscal year 2026, oil production increased to 14,076 bbls from the 12,706 bbls sold in fiscal year 2025.
Previous 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.
Current wording
Revenue from natural gas royalties amounted to $58,093 in fiscal year 2026, an increase from the $46,956 realized in fiscal year 2025. In fiscal year 2026, the average price per mcf of natural gas increased to $3.56, from the $2.41 realized in fiscal year 2025. Production decreased to 16,328 mcf for natural gas for fiscal year 2026 from 19,524 mcf for natural gas for fiscal year 2025.
Previous 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.
Current wording
General and administrative expenses for fiscal year 2026 amounted to $325,939 an increase from the $315,835 recorded in fiscal year 2025, due to an increase in professional services expenses.
Previous wording
Capital Resources and Liquidity. The Trust’s Indenture (and the charter and by-laws of MPC) expressly prohibits the operation of any kind of trade or business. Due to the limited purpose of the Trust as stated in the Trust’s Indenture, there is no requirement for capital. Its only obligation is to distribute to unitholders the distributable income actually collected.
Current wording
Capital Resources and Liquidity. The Trust’s Indenture (and the charter and by-laws of MPC) expressly prohibits the operation of any kind of trade or business. Due to the limited purpose of the Trust as stated in the Trust’s
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Indenture, there is no requirement for capital. Its only obligation is to distribute to unitholders the distributable income actually collected.