What changed in this filing

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Item 1A. Risk Factors

2021-05-14 compared with 2020-11-09 · 5 added, 69 removed, 13 unchanged (85% of the section changed)

Risk Factors.

Except as provided below, there have not

been any material changes from the risk factors previously disclosed in the Trust’s response to Item 1A to Part I of

the Form 10-K.

The COVID-19 pandemic could

materially adversely affect proceeds to the Trust and cash distributions to unitholders.

The recent outbreak

of the novel form of coronavirus known as COVID-19 and its development into a global pandemic has had, and continues

to have, a negative impact on worldwide economic and commercial activity and financial markets, as well as global demand for crude

oil and natural gas.

The West Texas Intermediate spot price of crude oil has declined since the beginning of 2020, from $63.27

per barrel on January 6, 2020 to $38.79 per barrel on November 5, 2020.

During this time frame, the monthly average price, which

is the base price that crude oil sales are based on, reached a low of $16.70 per barrel for April 2020.

The decline in oil

prices is primarily attributable to the economic effects of the COVID-19 pandemic and the dispute over production levels between

Russia and the members of the Organization of Petroleum Exporting Countries (“OPEC”), which resulted in an oversupply

of crude oil and exacerbated the decline in crude oil prices.

COVID-19 and the responses by federal, state and local governmental

authorities to the pandemic have also resulted in significant business and operational disruptions, including business closures,

supply chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces.

The full impact of COVID-19 is unknown and is rapidly evolving.

The extent to which COVID-19 negatively impacts

the operators of and production from the underlying properties will depend on the severity, location and duration of the effects

and spread of COVID-19, the actions undertaken by federal, state and local governments and health officials to contain

the virus or treat its effects, and how quickly and to what extent economic conditions improve and normal business and operating

conditions resume.

A prolonged period of low crude oil prices will adversely affect the operators of the underlying properties.

a result of the decreased price of crude oil during the second quarter of 2020, there was no distribution made to unitholders in

the third quarter of 2020.

If commodity prices for crude oil remain at reduced levels, quarterly cash distributions to unitholders

will be substantially lower than historical distributions, and in certain periods there may be no distribution to unitholders.

Continued low prices of oil may ultimately reduce the amount of oil that is economic to produce

from the underlying properties.

As a result, the operator of the underlying properties could determine, during periods of low commodity

prices, to shut in or curtail production on the underlying properties.

In addition, the operator of the underlying properties could

determine, during periods of low commodity prices, to plug and abandon marginal wells that otherwise may have been allowed to continue

to produce for a longer period under conditions of higher prices.

the extent COVID-19 adversely affects production from the underlying properties or the business, results of operations and financial

condition of the operators of the underlying properties, it may also have the effect of heightening many of the other risks described

in the Form 10-K.

The ability or willingness of OPEC

and other oil exporting nations to set and maintain production levels has a significant impact on oil and natural gas commodity

prices, which could reduce the amount of cash available for distribution to Trust unitholders.

OPEC is an intergovernmental

organization that seeks to manage the price and supply of oil on the global energy market.

Actions taken by OPEC members, including

those taken alongside other oil exporting nations, have a significant impact on global oil supply and pricing.

For example, OPEC

and certain other oil exporting nations have previously agreed to take measures, including production cuts, to support crude oil

In March 2020, members of OPEC and Russia considered extending and potentially increasing these oil production cuts.

those negotiations were unsuccessful.

As a result, Saudi Arabia announced an immediate reduction in export prices and Russia announced

that all previously agreed upon oil production cuts would expire on April 1, 2020.

These actions led to an immediate and steep

decrease in oil prices, which reached a closing NYMEX price low of negative $37.63 per barrel of crude oil in April 2020.

OPEC has since agreed to certain production cuts, prices in the oil and gas market have remained depressed, as the oversupply and

lack of demand in the market persist.

There can be no assurance that OPEC members and other oil exporting nations will agree to

future production cuts or other actions to support and stabilize oil prices, nor can there be any assurance that they will not

further reduce oil prices or increase production.

Uncertainty regarding future actions to be taken by OPEC members or other oil

exporting countries could lead to increased volatility in the price of oil, which could adversely affect the financial condition

and economic performance of the operators of the underlying properties and may reduce the net proceeds to which the Trust is entitled,

which could materially reduce or completely eliminate the amount of cash available for distribution to Trust unitholders.

There have not been any material changes from the

risk factors previously disclosed in the Trust’s response to Item 1A to Part I of the Form 10-K.

The exhibits listed below are filed or furnished

5 unchanged sentences

The Bank of New York Mellon Trust Company, N.A., as Trustee

/s/ MICHAEL J.

/s/ ELAINA C.

Vice President

November 9, 2020

The Registrant, MV Oil Trust, has no principal

2 unchanged sentences

signatures are available and none have been provided.

In signing the report above, the Trustee does not imply that it has performed

any such function or that such function exists pursuant to the terms of the Trust Agreement under which it serves.

In signing the report above, the Trustee does not imply that it has performed any

such function or that such function exists pursuant to the terms of the Trust Agreement under which it serves.

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 1A. Risk Factors