What changed in this filing

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Item 1. Financial Statements

2024-02-14 compared with 2023-11-13 · 157 added, 128 removed, 185 unchanged (61% of the section changed)

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CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of September 30, 2023 and June 30, 2023

September 30,

As of December 31, 2023 and June 30, 2023

Current assets:

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CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

For the Three Months Ended September 30, 2023 and 2022

For the Three and Six Months Ended December 31, 2023 and 2022

Three Months Ended

September 30,

Six Months Ended

Oil and natural gas royalties

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Three Months Ended September 30, 2023 and 2022

For the Six Months Ended December 31, 2023 and 2022

Six Months Ended

Trust corpus, beginning of period

Distributable income

Distributions to unitholders

Trust corpus, end of period

Distributions per unit

See accompanying notes to condensed consolidated financial statements.

MARINE PETROLEUM TRUST AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Three Months Ended December 31, 2023 and 2022

Three Months Ended

September 30,

Trust corpus, beginning of period

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

December 31, 2023

The financial statements herein include the financial statements of Marine Petroleum Trust (the Trust) and its

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Total estimated reserve for future expenses deducted from

calculated distributable income for the three months ended September 30, 2023 was $76,500.

calculated distributable income for the three months ended December 31, 2023 was $120,500.

As stated under Note 1.

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account balances of the Trust.

Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the royalties received from offshore Louisiana leases owned by

MPC, which are retained by and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B

(Tidelands), a separate royalty trust, until Tidelands was wound up, (iv) dividends paid by MPC, less (v) administrative expenses incurred by the Trust.

Distributions fluctuate from quarter to quarter primarily due to changes

in oil and natural gas prices and production quantities and expenses incurred.

Investment in Affiliate Tidelands Royalty Trust

At March 31, 2022, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands, which entity

was wound up prior to June 30, 2022.

Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the royalties received from offshore Louisiana leases owned by MPC, which are retained by

and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B (Tidelands), a separate royalty trust, until Tidelands was wound up,

(iv) dividends paid by MPC, less (v) administrative expenses incurred by the Trust.

Distributions fluctuate from quarter to quarter primarily due to changes in oil and natural gas prices and production quantities and expenses incurred.

Investment in Affiliate Tidelands Royalty Trust B

At March 31, 2022, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands, which entity was wound up prior to

June 30, 2022.

Due to Tidelands being wound up prior to June 30, 2022, there was no market underlying the 452,366 units owned by the Trust at the time Tidelands was wound up.

A reserve of $133,180 has been established

for future reporting and compliance issues that may arise in years to come and will be used for such transactions.

Due to Tidelands being wound up prior to June 30, 2022, there was no income received for the three months ended

September 30, 2023 or September 30, 2022.

Tidelands was a reporting company under the Securities Exchange Act of 1934, as

On March 8, 2019, Tidelands terminated the registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under Section 13(a) of the Exchange Act.

As of that date, Tidelands

obligations to file certain reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, were automatically and immediately suspended.

A reserve of $123,193 has been established for future reporting

and compliance issues that may arise in years to come and will be used for such transactions.

Due to Tidelands being wound up prior to June 30, 2022, there was no income received for the three and six months ended December 31, 2023 or

December 31, 2022.

Tidelands was a reporting company under the Securities Exchange Act of 1934, as amended.

On March 8, 2019,

Tidelands terminated the registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under Section 13(a) of the Exchange Act.

As of that date, Tidelands obligations to file certain

reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and

Form 8-K, respectively, were automatically and immediately suspended.

The last regular distribution Marine received from Tidelands was in the fourth quarter of 2018.

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An overriding royalty interest is created by an assignment by the owner of a working interest in an oil or natural gas lease.

The royalty rights associated with an overriding royalty interest terminate when the underlying lease terminates.

All production and marketing functions are conducted by the working interest

owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or (ii) at the value at the wellhead as determined by

industry standards, when the selling price does not reflect the value at the wellhead.

The Trustee assumes that some units of beneficial

interest are held by middlemen, as such term is broadly defined in U.S.

The royalty rights associated with an

overriding royalty interest terminate when the underlying lease terminates.

All production and marketing functions are conducted by the working interest owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the

basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or (ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead.

The Trustee assumes that some units of beneficial interest are held by middlemen, as such

term is broadly defined in U.S.

Treasury Regulations (and includes custodians, nominees, certain joint owners and brokers holding an interest for a customer in street name).

Therefore, the Trustee considers

the Trust to be a widely held fixed investment trust (WHFIT) for U.S.

Therefore, the Trustee considers the Trust to be a widely held fixed

investment trust (WHFIT) for U.S.

federal income tax purposes.

Accordingly, the Trust will provide tax information in accordance with applicable U.S.

Treasury Regulations governing the information

reporting requirements of the Trust as a WHFIT.

Treasury Regulations governing the information reporting requirements of the Trust as a

The Trustee will provide the required information and the contact information for the Trustee is below:

Argent Trust Company

Trust Company

3838 Oak Lawn Avenue, Suite 1720

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political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other

armed conflicts in oil producing regions, including the war in Ukraine;

armed conflicts in oil producing regions, including the war in Ukraine and the Israel-Hamas war;

worldwide economic conditions;

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As stated in the Indenture, there is no requirement for capital due to the limited purpose of the Trust.

The Trusts only obligation is to

distribute the distributable income that is actually collected to unitholders.

As an administrator of oil and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net royalties that are

collected to its unitholders each quarter, subject to the availability of distributable income on the distribution date after the payment of expenses.

The Indenture (and MPCs charter and by-laws) expressly prohibits the operation of any kind of

trade or business.

The Trusts only

obligation is to distribute the distributable income that is actually collected to unitholders.

As an administrator of oil and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net

royalties that are collected to its unitholders each quarter, subject to the availability of distributable income on the distribution date after the payment of expenses.

The Indenture (and MPCs charter and by-laws)

expressly prohibits the operation of any kind of trade or business.

The Trusts 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

These restrictions, along with other

factors, allow the Trust to be treated as a grantor trust.

As a grantor trust, all income and deductions for state and U.S.

federal income tax purposes generally flow through to each individual unitholder.

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 income is from passive sources.

Please see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for further information.

a taxable entity that pays state and U.S.

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 income is from passive sources.

Please see Marines Annual Report on Form 10-K for the fiscal year ended

June 30, 2023 for further information.

MPC is a taxable entity that pays state and U.S.

federal income taxes and state franchise taxes.

However, MPCs 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 Trusts net profits interest.

However, MPCs 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 Trusts net profits interest.

Marine relies on public records for information regarding drilling and workover operations.

The public records available up to the date of this

report indicate that there were no new well completions made during the three months ended September 30, 2023 on leases in which Marine has an interest.

As of November 1, 2023, public records indicated that there was one well in the

process of being drilled or recompleted on other leases in which Marine has an interest.

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 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

report indicate that there was one new well completion made during the three months ended December 31, 2023 on leases in which Marine has an interest.

As of February 1, 2024, public records also indicated that there were no new wells in

the process of being drilled or recompleted on other leases in which Marine has an interest.

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 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

Marines overriding royalty interest applies only to existing leases and does not apply to any new leases that the Interest Owners may acquire.

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Cash reserves are permitted to be established by the Trustee for certain contingencies that would not be recorded under generally accepted accounting principles in the United States.

Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2023.

see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a detailed discussion of its critical accounting policies.

Marine did not have any changes in its critical accounting policies or estimates during the three and six months ended December 31, 2023.

Please see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a detailed discussion of its critical accounting policies.

New Accounting Pronouncements

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time from such wells and the prices at which the oil and natural gas from such wells are sold.

Important aspects of Marines operations are conducted by third parties.

royalty income is dependent on the operations of the working interest owners of the leases on which Marine has an overriding royalty interest.

The oil and natural gas companies that lease tracts subject to Marines interests are responsible for

the production and sale of oil and natural gas and the calculation of royalty payments to Marine.

The only obligation of the working interest owners to Marine is to make monthly overriding royalty payments that reflect Marines interest in the

oil and natural gas sold.

Marines distributions are processed and paid by its transfer agent, American Stock Transfer & Trust Company, LLC.

The volume of oil and natural gas produced and the selling prices of such oil and natural gas are the primary factors in calculating

overriding royalty payments.

Production is affected by the natural production decline of the producing wells, the number of new wells drilled and the number of existing wells that are re-worked and placed back

in production on the leases.

Important aspects of Marines

operations are conducted by third parties.

Marines royalty income is dependent on the operations of the working interest owners of the leases on which Marine has an overriding royalty interest.

The oil and natural gas companies that lease

tracts subject to Marines interests are responsible for the production and sale of oil and natural gas and the calculation of royalty payments to Marine.

The only obligation of the working interest owners to Marine is to make monthly

overriding royalty payments that reflect Marines interest in the oil and natural gas sold.

Marines distributions are processed and paid by its transfer agent, Equiniti Trust Company.

The volume of oil and natural gas produced and the selling prices of such oil and natural

gas are the primary factors in calculating overriding royalty payments.

Production is affected by the natural production decline of the producing wells, the number of new wells drilled and the number of existing wells that are re-worked and placed back in production on the leases.

Production from existing wells is anticipated to decrease in the future due to normal well depletion.

The operators do not provide Marine with information regarding future drilling or

re-working operations that could impact the oil and natural gas production from the leases for which Marine has an overriding royalty interest.

The operators do not provide Marine with information

regarding future drilling or re-working operations that could impact the oil and natural gas production from the leases for which Marine has an overriding royalty interest.

Summary of Operating Results

three months ended September 30, 2023, the Trust realized approximately 97% of its royalty income from the sale of oil and approximately 3% of its royalty income from the sale of natural gas.

During the three months ended September 30,

2022, 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.

six months ended 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.

During the six months ended December 31, 2022, 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.

Royalty income includes royalties from oil and natural gas received from producers.

Distributable income per unit for the three months ended September 30, 2023 was $0.11 as compared to $0.26 for the comparable period in

Distributions per unit amounted to $0.12 per unit for the three months ended September 30, 2023, a decrease from distributions of $0.26 per unit for the comparable period in 2022.

During the three months ended September 30, 2023, the

difference between distributable income per unit and distributions per unit resulted from timing differences between the closing of the financial statements and the determination date of the distribution amount to unitholders.

For the three months ended September 30, 2023, oil production decreased to 3,964 barrels (bbls) from 5,187 bbls and natural gas

production decreased to 3,148 thousand cubic feet (mcf) from 4,417 mcf as compared to the comparable period in 2022.

For the three months ended September 30, 2023, the average price realized for oil decreased to $72.19 per bbl as compared

to the price of $107.70 realized for the comparable period in 2022 and the average price realized for natural gas (net of expenses) decreased to $1.54 per mcf as compared to the average price of $8.39 realized for the comparable period in 2022.

Distributable income per unit for the six months ended December 31, 2023 was $0.21 as compared to $0.45 for the comparable period in

Distributions per unit also amounted to approximately $0.21 per unit for the six months ended December 31, 2023, a decrease from distributions of $0.51 per unit for the comparable period in 2022.

For the six months ended December 31, 2023, oil production decreased to 7,041 barrels (bbls) from 9,499 bbls and natural gas production

decreased to 5,439 thousand cubic feet (mcf) from 7,738 mcf as compared to the comparable period in 2022.

For the six months ended December 31, 2023, the average price realized for oil decreased to $75.71 per bbl as compared to the price

of $100.65 realized for the comparable period in 2022 and the average price realized for natural gas (net of expenses) decreased to $1.31 per mcf as compared to the average price of $8.40 realized for the comparable period in 2022.

The following table presents the net production quantities of oil and natural gas and distributable income and distributions per unit for the

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Distributions

June 30, 2022

September 30, 2022

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September 30, 2023

Results of OperationsThree Months Ended September 30, 2023 Compared to the Three Months Ended

September 30, 2022

Income from oil and natural gas royalties, decreased to $291,021 during the three months ended

September 30, 2023 from $595,719 realized for the comparable period in 2022.

Royalties decreased for the three months ended September 30, 2023 as compared to the comparable period in 2022 primarily due to a decrease in production of oil

and gas, as well as by lower prices for both oil and gas.

Distributable income decreased to $228,057 for the three months ended

September 30, 2023 from $522,369 realized for the comparable period in 2022.

Income from oil royalties, for the three months ended

September 30, 2023 decreased to $286,168 from $558,640 realized for the comparable period in 2022.

The volume of oil sold in the three months ended September 30, 2023 decreased to 3,964 bbls from 5,187 bbls realized for the comparable

period in 2022, and the average price realized for oil decreased to $72.19 per bbl for the three months ended September 30, 2023 from $107.70 per bbl realized for the comparable period in 2022.

Income from natural gas royalties (net of expenses), for the three months ended September 30, 2023 decreased to $4,852 from $37,079 for

December 31, 2023

Results of OperationsThree Months Ended December 31, 2023 Compared to the Three Months Ended December 31,

Income from oil and natural gas royalties decreased to $249,200 during the three months ended December 31, 2023 from

$425,321 realized for the comparable period in 2022.

Royalties decreased for the three months ended December 31, 2023 as compared to the comparable period in 2022 primarily due to a decrease in the production and price of oil and natural gas.

Distributable income decreased to $199,238 for the three months ended December 31, 2023

from $378,969 realized for the comparable period in 2022.

Income from oil royalties, for the three months ended December 31, 2023

decreased to $246,941 from $397,391 realized for the comparable period in 2022.

The volume of oil sold in the three months ended December 31, 2023 decreased to 3,077 bbls from 4,311 bbls realized for the comparable period in 2022, and the

average price realized for oil decreased to $80.25 per bbl for the three months ended December 31, 2023 from $92.18 per bbl realized for the comparable period in 2022.

Income from natural gas royalties (net of expenses), for the three months ended December 31, 2023 decreased to $2,259 from $27,931 for

the comparable period in 2022.

The volume of natural gas sold in the three months ended September 30, 2023 decreased to 3,148 mcf from 4,417 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of

expenses) decreased to $1.54 per mcf for the three months ended September 30, 2023 from $8.39 per mcf realized for the comparable period in 2022.

The volume of natural gas sold in the three months ended December 31, 2023 decreased to 2,291 mcf from 3,321 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of

expenses) decreased to $0.99 per mcf for the three months ended December 31, 2023 from $8.41 per mcf realized for the comparable period in 2022.

The following table presents the quantities of oil and natural gas sold and the average price realized for the three months ended

September 30, 2023, and those realized for the comparable period in 2022.

Three Months Ended September 30,

December 31, 2023, and those realized for the comparable period in 2022.

Three Months Ended December 31,

Average price

Average price, net of expenses

General and administrative expenses decreased to $76,618 for the three months ended September 30, 2023

from $78,081 for the comparable period of 2022, primarily due to the timing of payment of professional expenses.

General and administrative expenses increased to $63,676 for the three months ended December 31, 2023

from $56,160 for the comparable period of 2022, primarily due to the timing of payment of professional fees.

Results of OperationsSix Months

Ended December 31, 2023 Compared to the Six Months Ended December 31, 2022

Income from oil and natural gas royalties

decreased to $540,221 during the six months ended December 31, 2023 from $1,021,040 realized for the comparable period in 2022.

Royalties decreased for the six months ended December 31, 2022 primarily due to a decrease in the price and

production of oil and natural gas.

Distributable income decreased to $427,295 for the six months ended December 31, 2023 from

$901,338 realized for the comparable period in 2022.

Income from oil royalties for the six months ended December 31, 2023 decreased

to $533,109 from $956,030 realized for the comparable period in 2022.

The volume of oil sold in the six months ended December 31, 2023 decreased to 7,041 bbls from 9,499 bbls realized for the comparable period in 2022, and the average price

realized for oil decreased to $75.71 per bbl for the six months ended December 31, 2023 from $100.65 per bbl realized for the comparable period in 2022.

Income from natural gas royalties (net of expenses) for the six months ended December 31, 2023 decreased to $7,112 from $65,010 for the

comparable period in 2022.

The volume of natural gas sold in the six months ended December 31, 2023 decreased to 5,439 mcf from 7,738 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of

expenses) decreased to $1.31 per mcf for the six months ended December 31, 2023 from $8.40 per mcf realized for the comparable period in 2022.

The following table presents the quantities of oil and natural gas sold and the average

price realized for the six months ended December 31, 2023, and those realized for the comparable period in 2022.

Six Months Ended December 31,

Average price

Average price, net of expenses

General and administrative expenses increased to $140,294 for the six months ended December 31, 2023 from

$134,241 for the comparable period of 2022, primarily due to an increase in professional fees incurred due to the change in Trustee and timing of payment of professional expenses.

Forward-Looking Statements

The statements discussed in this Quarterly Report on Form 10-Q regarding Marines 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 Exchange Act.

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 Marines financial condition, and/or state other forward-looking information.

Actual results may differ

from expected results because of:

reductions in price or demand for oil and natural gas, which might then lead to decreased production or impair Marines ability to make distributions;

the impact of

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,

other production accidents, or geological changes such as cratering of productive formations;

statements discussed in this Quarterly Report on Form 10-Q regarding Marines 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 Exchange Act.

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 Marines financial condition, and/or state other forward-looking information.

Actual results may differ from expected results because of:

reductions in price or demand for oil and natural gas,

which might then lead to decreased production or impair Marines ability to make distributions;

the impact of 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

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 Marines interests.

Additional risks are set forth in Marines Annual

Report on Form 10-K for the fiscal year ended June 30, 2023.

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.

required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.

Marine makes available, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such reports at its website 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.

and Qualitative Disclosures About Market Risk

There has been no material change from the information provided in Marines

Annual Report on Form 10-K, Item 7A:

and the expiration, termination or release of leases subject to Marines

Additional risks are set forth in Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2023.

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.

Marine makes available, free of

charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such

reports at its website 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.

Quantitative and Qualitative Disclosures About Market Risk

There has been no material change from the information provided in Marines Annual Report on

Form 10-K, Item 7A:

Quantitative and Qualitative Disclosures About Market Risk, for the fiscal year ended June 30, 2023.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements